[DbPhoenix]

Originally Posted by strtedat22 »

DB,

I trade the ES, and there was something to be had in the morning session if you glanced at the TS window between that time frame
...

7. No 1 tick chart for me, TS is just fine

PRICE ACTION ONLY!!!!!!

strtedat22

As I said, whether or not one uses a summary chart of one sort or another, he also needs either a T&S display or a 1t chart. If you prefer the T&S display, that's fine. However, you're not trading price action "only"; you're trading price action and contract volume. And that's all well and good if one is scalping. Otherwise, the contract volume is largely irrelevant. The trade was there regardless of whether or not one paid attention to volume of any kind at all.

Originally Posted by strtedat22 »

I thought the thread was about "price action". Tick charts dont have contract sizes included (not that i know of ) what can you possibly get out of a 1 tick chart without the contract size included?

Price movement, i.e., "action".

[strtedat22]

Trading just off of a 1 tick chart is a guessing game. With out the contract size along with the price youre setup for failure IMHO. I can be wrong Please provide a example of that type of trading skill.

strtedat22

[DbPhoenix]

Originally Posted by strtedat22 »

Trading just off of a 1 tick chart is a guessing game. With out the contract size along with the price youre setup for failure IMHO. I can be wrong Please provide a example of that type of trading skill.

strtedat22

Lots of examples in the Wyckoff Forum, if you're interested. Otherwise, what is the one element that cannot be ignored when one is trading price? Hint: it isn't volume. Which is not to say that you shouldn't use it if you love it. But it isn't necessary.

[strtedat22]

Originally Posted by DbPhoenix »

Lots of examples in the Wyckoff Forum, if you're interested. Otherwise, what is the one element that cannot be ignored when one is trading price? Hint: it isn't volume. Which is not to say that you shouldn't use it if you love it. But it isn't necessary.

You got me. Please, enlighten me.

strtedat22

[DbPhoenix]

Originally Posted by strtedat22 »

You got me. Please, enlighten me.

strtedat22

Price.

I'm not suggesting that you stop using volume if it benefits you. But, again, it isn't necessary. I took the same trade you did without considering volume at all. And there are trading instruments that don't provide volume, yet people trade them by price action only. One way of doing it can be found here:

[strtedat22]

Originally Posted by DbPhoenix »

Price.

I'm not suggesting that you stop using volume if it benefits you. But, again, it isn't necessary. I took the same trade you did without considering volume at all. And there are trading instruments that don't provide volume, yet people trade them by price action only. One way of doing it can be found here:

Ill take a look into the book. Thanks

strtedat22

[DbPhoenix]

Originally Posted by IsotoXin »

I don't think PA alone is sufficient.But in conjunction with other things like Auction Theory , it works pretty well for me.

Few traders are gifted enough to trade price without anything else added to the mix, or without at least some philosophy or theory of market structure to provide a framework. But the trader must understand that everything that he's adding on is just that: an add-on. An alleged trader on another site maintains a journal which tracks his progress with his "price action only" approach. He is now, he says, using price action only. All he has on his charts is price. Or at least a 5m bar representing price. And volume. And Bollinger Bands. And a couple of MAs. And VWAP. And Pivot Points (the calculated variety). And Fib levels.

And that's all.

Is all of that price action? You bet. If price were not an essential element of what he's plotted, it would all disappear. Is it price action only? Not by a long shot.

I follow price in the context of Wyckoff's view of auction market theory. Without it, I would be trading a lot more and making a lot less. But I'm fully aware that the context is applied by me and that price not only does not know what I'm doing but couldn't care less if it did. The transaction by transaction movement of price is the building block. Beginning with that, the trader creates an approach that suits himself.

I'm not sure why this thread was resurrected, but I made a couple of posts at the beginning of it, last year, that may be of interest to a new group of beginners:

here

and here.

And if one wants to play with PA, this game may be of interest. Just turn off all the indicators. Even the volume, if you like. Unfortunately, it doesn't allow the trader to short, but if you can't beat buy-and-hold, perhaps you should re-examine whatever it is you're thinking about when you trade.