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hi jokertrader - I'll give you my 2 cents although I don't really scalp myself. Yet.
Firstly I'm assuming that by 'scalping' we are talking about the activity that people used to do with many lots and attempting to buy at the bid and sell at the ask. That activity which now in electronic form is what, as I see it, many prop shops teach people to do. Of course with the electronic form if you have the right skills you can scalp more than just bid/ask spread.
Within that context, I think the volatility of CL makes it very impractical to scalp. You could be up 3 ticks and in the next 5 seconds could be down 10 ticks, just like that.
My take is that high-liquidity products are much more suited to being scalped. Products such as ZN/ZB or the ES and the Bund/Eurostoxx in Europe.
All the documentation I've read about scalping says to leave the charts alone, and the methodology as I understand it is being able to spot certain 'setups' that may take place at critical junctures of the market. Junctures being prior days' highs/lows; today's highs/lows; Ranges forming around Point of Control, or High Value Areas; significant changes in volume profile, and so on.
If you have John's basic course you will see that he presents a number of 'setups' and probably that's the basis for initial understanding of scalping, but that is not a complete methodology in itself. However his book explains how an aspiring scalper should position himself/herself if they intend to give scalping a try.
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I decided to start a thread on No BS Day Trading since I mentioned on another thread I am taking the course and have had several PM's asking me how it is going.
A little background - John Grady who owns the site was a former Prop Trader who focused …
I watched this video and it makes so much sense to watch the DOM for the # of buy bids and sell offers at each price. I've been using this to make better entries, where previously I would have set an arbitrary limit order, often too far away from the action, so I would miss the move. I found several other videos by John Grady on youtube and they are also helpful.