I joined a google group of traders that trades with price action alone. They use support and resistance areas from higher time frames and use multiple time frames down to 5, 8 or 16 tic charts for entry. The theory is based on six possible scenarios. A double top or lower high, these are both high failures, a double bottom or higher low, these are both low failures and higher highs and lower lows. If the low or high failure takes place at significant enough support or resistance there may be a trade to be had. I've attached (hopfully) 3 charts of 777 tic, 110 tic and 16 tic that is annotated. This is not something I put together. One of the traders in the group did to describe the method they trade by. I posted it for the interest of others and I'm also curious of the opinons of the followers of TL. I for one have struggled a great deal with the right indicator, TS add-on, timeframe blah blah blah and to tell you the truth this makes very good sense to me and If I use it with pivots and
VAL POC and
VAH for S/R I'm hoping it will have some merit. I'm fairly new to trading, so I'm hoping others with more experience will give thier thoughts.
David