GRaB charts to help me grab pips.

In my office here we call my green, red, and blue charts “GRaB” candles or grab charts; green, red, and blue.

So since I have been having troubles with some blurry vision, all my charts right now are grab charts because they are easier on my eyes.  For those of you who have seen me present or been in my chatroom over the past six years these charts should familiar.  I like using these charts because as I believe that candlesticks visually tell a better story about price action, grab candlestick charts tell an even better story.  At a glance I can tell whether price action is trending or neutral and whether it’s on the strong or weak side of the Wave.  All good things.

If you already read my Wave entry article then you saw my grab charts at work and how simple they are to read – with or without the Wave.  I prefer to keep the Wave on my grab charts but since the color coding is there it’s not always necessary even though market cycles reading WITH the Wave are much more accurate.  I do realize though that for some traders, the clarity is helpful.

Over the next few weeks I will be outlining some nifty things I do with the grab charts and you can see how and whether you want to implement some of the ideas to your own trading.  Just remember, it’s nothing but a visual cue.  You don’t need the color coding to know whether price is trading above, below, or within the Wave.  but I won’t kid you…visually it’s easier to clarify with the grab charts.

I am working with a programmer who can set this up potentially in MT4, I don’t know much about the MT4 platform as I am a die-hard eSignal user, and I already have this working for me on eSignal.  Once it’s available — or rather if I can make it happen — then I will make the study available to everyone.

I’ll keep you updated…