Any new good manual or book on "Scalping" for fresh perspectives? I mean no extreme scalping (like HFT or 15 trades per hour) but simple strategies on a 5-minute chart for an old-timer. P.S. I tried to digest Al Brook's methods but somehow its very hazy without any clear cut set of rules.
I have said elsewhere that Al Brook's materials, imo, are worth a look, especially his videos. He is a 5 minute PA trader. There is a guy named Volman or something like that who wrote a book on trading 5 minute charts. Perhaps you could find a free copy or sample somewhere to judge for yourself whether there is anything there for you. In my opinion, for a day trader, especially a stay-at-home index day trader, I think the 5 minute chart is king. I also think there is no better instruction on trading the 5 minute chart to be had than can be gotten by closing your trading account platform and forget about making money, and opening a 5 minute RTH chart, and just sitting there and observing for a month from bell to bell. If you do that and can't figure out some consistently profitable PA set ups, then you would be better off finding an indicator based method.
That’s proof of nothing. I took a pic of IBTWS Mosaic displayed on my laptop screen with my phone. With the news time stamps on the bottom right, and the time stamps matched the post time within three minutes. You pikers want an audit because you’ve never made more than a grand in a single day and never will. An audit on the day the money is made sounds reasonable. My audit is my tax return. I have offered, repeatedly, to allow ppl to login on the weekend to view my PNL and have had ONE taker... and the guy was a proponent. @MarkBrown is a piker joke. He will have an excuse until the day he kicks.
Reading this forum one can get the impression that it is an either/or decision as to use indicators or a naked price chart. I am predominantly an S/R PA only trader. I also use the DOM for entries and especially for profit taking. I've recently added the method used by @speedo which uses MA's and an oscillator in addition to my usual approach. The open minded who truly understand price activity and the nature of markets will be able to see the value in multiple approaches. For the many for whom market action remains a mystery filled with assumptions of back room intrigue and the fear that "They are gunning for my stop" ... well, for them it has often become all or nothing. Some will say indicators are a must, while others will say indicators are lagging garbage and only PA matters, and still another group (the smallest and grouchiest) linger here only to remind us that trading is a fool's errand and that literally nothing works.
Thank you so much NQurious for the response. Yes, it can be very misleading reading multiple people opinions and recommendations. Yes, right now my chart are naked, and I want to experiment with adding an indicator(s) to help me with defining trend as I trade. Of course, I have back test and sim anything i see will work, but if an indicator can keep me out of the guessing and totally relying on price action to get trend right, then I am definitely all for it. I believe adding an indicator will keep me patience.
humbletrader2016, Thank you. Regarding entry method, in your opinion or recommendation should entry method be very specific and rule based? with price action trader and entry on the lower time frame sometimes bars look different but mean the same.
I'm going to create a private thread so we can discuss further about this topic since I dislike to share it publicly to everyone. I'm going to show charts and stuff from time to time to help you improving your trading.
Sim-mode, jerkoff? With the same account number on every blotter. Hint, my account starts with the letter U.