Price action setups work on all chart types (time charts, volume charts, tick charts, etc.). Find one that suits you and stick to it. The goal is to pick a chart that has enough setups and isn't too fast for you to process.
The following 2 users say Thank You to mangolassi for this post:
Hi Brian, I see that Mack now has a video course in his premium membership. I'm no longer scalping, As Laqiuc said you need to be genius to be a scalper, that I am most definitely not , but I use the same principles on a larger chart
I know you made this comment a couple of months ago, now, but I've only just seen it (sorry) and was wondering if you've been trying this and how it's going?
I think the principle of substituting a tick chart for Volman's M5 charts is a perfectly valid one (and I think he'd say that, too), but he says that a 30-second chart is the RTH equivalent to a 70-tick chart, on the Euro ... so that would put his 5-minute set-ups onto more like a 700-tick chart, I think?
I guess it depends on your brokers feed but I traded a 200 tick on EU for a few months. which is about a 2,5 min chart. I didn't trade Volmans setups and I had only read his first book at the time, not the 5 min one, so I don't really know the setups.
I was trading a version of Macks "PAT" that I modified to fit forex. The first break and second break trade types of Volmans are similar to how I traded. I did not trade range breaks at all.
I find that the 200 tick charts is not very different from the 70 tick in that you will have as many setups the info is just a bit filtered which I prefer. Personally I don't think a single candle can justify a good entry i'd say context and area are far more important. At the moment I'm trading with 30 min tick charts as a guide then I use a combination of smaller charts to trade the turns of the bigger chart. So I'd say tick charts are effective no matter what "timeframe" you use.
Anyways sorry I couldn't be much help, maybe send me a PM and we can discuss ideas
The following user says Thank You to 00cedge for this post:
I got over scalping.. finally. you either have it or you don't. Swing trading is 100 times easier and hence more profitable (at least for me)
I know Mike tells people all the time to trade longer term - I second that!
i'm not convinced that a particular style is easier tbh. i'm also medium term macro focused, but when markets are tightly range-bound and vol is low, or worse sporadic, short-term trading is one of the few methods that delivers returns.
That's sounds like a good way to do it. I find that the smaller I go the tighter my R/R becomes and win-rate drops mainly due to ill discipline. but that's just me. All the best man and let us know how it goes.