One of the more commonly held beliefs is that time is constant. One hour is 60 minutes or 3,600 seconds. Furthermore, the equity trading day is 6.5 hours, 390 minutes, or 23,400 seconds. This we can all agree on. However, time, when measured by price, is no longer constant. Bear with me, I promise this is going somewhere very meaningful for a trader.
Price is determined by buyers and sellers acting on emotions, psychology, and information flow. Emotion and psychology are human, information flow is mechanical. Therefore, information flow is king when discussing time. Information can be a streaming chart, a tip from a friend, earnings, a news event that has crossed the wire, etc. Understanding the history of information is crucial to understanding how time, when it refers to price, is NOT constant.