I dont use his method, per se, however, I use Al Brooks as referrence for many of my setups on the CL, and Volmans explanation on price action shares many similarities, tho he uses different terms and trades the EUR/USD.
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Bob Volman uses ProRealTime.com for charting, and claims that during the most liquid hours the 70 tick chart is approximately equivalent to 30 second chart (120 bars per hour). I started counting the number of bars in each hour since last week (I only count bars between 8am and 12 noon EST, the London/NY overlap) and I found that 9-11 seems to have the most number of bars last week:
It is my understanding the chart size is mostly irrelevant. Trade the size most appropriate for your account and your personal trading style, setups should remain the same on any time frame.
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I asked him about this before, and here's what he said:
".....If you want to trade the CME then just experiment until you come up with a tick number that looks doable and produces bars of around 2-4 pip in height on average. The 70 tick in my book is nothing more than a nice setting to work with. Recently, I have had many feed back from traders who are doing just fine applying the principles from the book on a 1 minute chart, even on the 3 and 5. The trick is to produce a chart that overall shows nice setups, ranges, trends and pullbacks on an intraday basis, and that also aligns with your psychological make-up. ..."
I didn't have much success with his method. However, every time I asked him any question, I got quick replies and most of them were often 5+ paragraphs long with very detailed explanation. He really tries to help others, and I really appreciate it.
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