Multiple Time Frames
When analyzing markets it is important to look at multiple time frames. For instance if you are trading off of 5 minute chart, it is still very important to know where key levels are on bigger charts like hourly, daily or even weekly. If you are taking long set up right into short set up of bigger time frame, it severely decreases the probability of your smaller time frame trade.
That is the reason I feel it is important to look at monthly and weekly charts at least once a week, daily charts daily, and then keep all smaller time frames up on your screen for intraday analysis and looks for new levels as more price action.
When I do my analysis I like to start with largest time frames andd drill down to the smallest ones.
Tick frames are charts generating bars per particular number of transactions as opposed to time. For instance 100 tick chart will produce a bar for every 100 trades. Tick frames are great for charting pure price action, as during one 15 minute period during slow time of the day there might only be 200 trades that take place and during the busy time of the day over 2500. Here is a look at 15 minute and 2000 tick chart of two days of price action color coded are same exact amount of trade, but relayed very differently via tick and time frames