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I have been demoing his Price Action method for a week now on the 10,000 Volume chart.It is a simple strategy,but it takes alot of practice,and chart studying to get familiar with the set-ups.He suggests using either a 2000 Tick chart,10,000 Volume chart or a 5Min chart. I like the Volume charts much better than Tick charts,alot less chop and fakes.
That is really interesting that you use the Volume chart. I opened up clean charts for 2000 tick and 10000 volume and looked at the first trade this morning during RTH.
On my charts once the signal bar has closed (the stop entry would be one tick above it @ 1368.75) - I noticed the subsequent bar on my TICK chart ranged from 1368.00 to 1369.50 and the same bar on the VOLUME chart ranged from 1368.25 to 1369.50.
Of course I know there is 2 different measurements in play here, but my question is...do you find yourself missing entries because your volume chart ticked a different range than the tick chart, i.e. in some cases too close to your entry on the signal bar and hence you miss it?
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- Trade what you see. Invest in what you believe -
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I dont really miss too many entries,and I didnt really notice too much of a tick difference until you mentioned it.I dont take all of the trades Mack takes shown at the end of the day review.If I miss some trades it was because I wasnt too comfortable with the trade or just skeptical of the price actions direction.
@capsmart; @Nicolas11, I've watched a number of his videos and found them to be quite good. Is it worthwhile getting the manual in your opinion? thanks
One passage in the article by Greg Capra sticks out: The enlightening moment came when I realize that the analysis of support and resistance is not to be done diagonally, it has to be done horizontally. It was so simple, but all the hocus-pocus analysis taught made it so hard to get to that point.
I suppose he meant supply and demand so it should rather be expressed like this: The enlightening moment came when I realize that the analysis of supply and demand is not to be done diagonally, it has to be done horizontally...
Which leads me to believe that maybe drawing trendlines is just an activity to stay engaged in the moment but has very little to do with locating valid areas of supply and demand. To be sure, just consider how two individuals would draw their lines at different angles using different pivots.