Danny has been kind enough to allow me to post some information about using Scorpion 3 and Scorpion Breakout Scalper to trade a "new" chart type. Actually, it is not new at all, but most traders are not familiar with it. The chart type is called a Line Break or Line Break Wicked chart. They are somewhat similar to a Point and Figure chart - which I never could figure out - and is easier for me to read.

Let's use the example of a 200 Tick 5 Line Break Wicked chart. Using this example, a new candle will not be formed until the close of the "emerging" candle is either greater than or less than the closes of the prior 5 candles. If greater, an up candle is formed. If less, a down candle is formed. The number of line breaks is up to you. I usually use 3 or 5 line breaks - 5 to show longer intraday trends and 3 for shorter intraday trends. You can use 2 or you can use 119...lol...that would be a REALLY long term chart. You can use line break charts for time, volume, and tick based charts.

For us Ninja users, Ninja now has a standard Line Break chart type. It is fine as long as you are aware that the candles do not have wicks so they do not show a complete picture of price movement for that candle. I much prefer to use the Line Break Wicked chart type which may be found in the Elite download section at Big Mike's. Also, there is a counter available in the store here, IT_UniCounter, that is compatible with LB and LBW charts as well as most other charts. There will be more posts to come but to illustrate the power of this chart type and Scorpion 3, I am attaching my "big trend" chart of the CL today, Thursday, 10/20/2011.

The following 3 attachments show the Data Series, Indicator List, and chart sample of my "Big Trend" chart setup using Scorpion 3. A note about lower panel indicators: I am NOT saying you need to use all four indicators. I am just trying to show some possibilities. You can use none of them or choose some that are more to your liking.

Revs_CCI and IT_TRSI are from Danny. anaHeikenAshi, anaSuperTrend, and Macd de Luxe 3.2 are from Big Mike's - some may be Elite only. DM is standard Ninja.

Here are the same images for my Intermediate Trend chart. Note that the indicators are slightly different. This chart can be used to fine tune entries/exits. The tick periods shown are not necessarily what I use or would suggest. Depends on the instrument.

Google for RJay HybridRenko Tick Bars for me the best one, see chart. RJay is also in the Big Mike Forum

See my CL Chart with RJay's HybridRenko 6 Tick..
Happy Trading
Ganymed

Could you easily trade this?