I like wirth usenaked chart analysis in my daily tarding activities, often at first time as beginner seeking good indicator that gibing accurate sisgnal confirmation but no perfect indicator available, and learn candleticks pattern combine with price action make more simple in analysis
I agree with you. It's a slight digression, arguably, but I actually prefer bars to candles. Both give the same information, of course (the high, low, open and close over a specified time-period, number of ticks or volume traded), but they display it with different visual emphases. For myself, I prefer the chart's visual emphasis to be on highs and lows, which I consider to be more objective and factual, rather than on opens and closes, which I think are more subjective and user-defined.
I am rarely to use bar chart, but usually first time open mt4 and open pair, often that appear is bar chart and then usually I will change to use candlestick chart, I like with candlestick visual price, I like this because I can use different colour for bull and bear candle
Al Brooks, who I believe is a very successful price action trader, bases most of his trades off the 5 minute candlesticks and a 20 period EMA and there are plenty of others who do essentially the same thing. The short answer is yes and the slightly longer answer is that the type of pure (or nearly pure) PA trading you describe can be a great way to go.
You need volume. Knowing whether volume is increasing or decreasing into new highs and whether demand or supply is decreasing in accumulation / distribution areas is critical to being able to navigate price action properly
I am now skeptical how important or significant volume is since 70% of activity is HFT algo related. As far as candlesticks, here is my reply from another thread: http://www.elitetrader.com/et/index.php?threads/steven-nison.163533/page-4#post-4286957
Very much so. Bob Volman is another who does essentially the same thing, and one of his two main books is exclusively about trading 5-minute candlestick PA (he also uses a 20-period EMA in his own trading). Brooks and Volman have kind of "got it covered", between them, for "learning overview purposes", for price action.
I enjoyed Bob's second book although as with everything it attracted some critics. Some claim he's cherry picking but I didn't find that. I struggle with Al's books because he's so wordy but found some gems. You might also consider Lance Beggs. His first course is a good multi-timeframe structured approach to PA analysis with a fondness for candlesticks .
Nobody can ever call Al Brooks' texts "written to be easy to follow", can they? The content, on the other hand, is outstanding. I got on well with Lance Beggs' stuff, as well. There's a huge PDF download of his available free, titled "Lost Blog Posts" or something very like that: I think it was the entire content of an earlier website of his, before his current one, and he's made it available in PDF form. Also quite interesting but an enormous amount to plough through.
good, remain skeptical as I take your money when volume is giving me the clues I need. Of course it doesn't work every time. With all good trading, you need to know when it works