But i want to know how long it took price to do what it did in fact do. I am more interested on what price did in time than what price does on volume. Time factors into momentum. Time is a component of momentum. Momentum is product of mass and velocity. Velocity is length or distance in a direction divided by time. So the dimensions of momentum are mass times a length divided by time. If you look at volume as mass then it too factors in. However, Look at this chart. I don’t need volume bars at the bottom of my chart to know that those first two bear BO bars (in the middle) were likely done on increasing volume. Adding volume just gives me something else that disturbs my decision making. Scalpers have to think quickly. I don’t need volume to scalp. I believe in volume. Hence my handle Volpri Lol I just find it isn’t that needful for me to “see” it scalping 1 to 8 points. After those three successive bear bars then the third on a smaller bear bar tells me the pause and sideways move that followed is profit taking from some of those bears that shorted on the two previous bars. I don’t need volume to “see” this. When the downward move begins again 7 bars later I don’t need to “see” volume to know the bulls are giving up and bears are winning and that new bears have come on the scene. DISTANCE traveled in a direction over time is more important to me than whether it was a large mass transfer truck moving in a direction or a mini cooper. The length of the move is what pays me not the size of the payload. Drop an apple from a hundred feet and a 3 ton block of cement together. Which one hits the ground first? Vertical motion is independent of horizontal motion. If I am looking at a 5 minute chart I want to see the price action (the vertical movement of price) ove time (5 minutes) because it tells me something about inertia. And vertical movement with inertia is what makes up probability. Distance traveled vertically is what makes me or loses me money. Momentum is what helps me see probability because of inertia. SEE that big bear bar in chart I referred to earlier? When that bar closed on it’s low i just know to short it. Inertia tells me it will most likely give me at least one scalpers profit or maybe three profitable trades. So, at it’s close I am shorting if I had not already shorted as it was forming. The bears are in control. My stop is above it’s high. Any internal PB within the same bar I am scaling in averaging down. Chances are I will get a scalpers profit very quickly. So I do not mind averaging down even martingaling. Odds are big it will be followef by more down movement. i do not need volume bars to see this! THIS WAS A BO BAR WITH FT. ( follow through)
Man, you and I really do think alike. Price, Momentum, and Time. That's all you need to become a successful trader.
Hello schizo, That is it sir. And most importantly all 3 only cost $0.00. Aren't we bless to be alive and clicking.
And in 10 years time I'll probably start another "whose read Brooks books" thread, as I'll still be trying to finish his first, fml.
There are some who can trade price alone. They are the exception. But by price alone I mean just that. Not price action on a chart. Price on a ladder, matrix, T&S window, etc. The rest of us need more than that. For some of us it includes volume. Though like a broken record not by using volume in isolation. Of course just because volume is moving higher doesn't not mean price movement will continue higher or lower depending the trend's current direction. Or flip side diminishing volume does not automatically mean current trend is about to end. The up/down volume percentage and where it happens within the trend does matter but it is only best used as a confirming not leading indicator. Of course nothing can lead price itself. Although lol price and time projections can sometimes. Line from classic Clint movie, Fistfull of Dollars - "duck you sucker".
In regular hour trading, Trading with volume bar and time bar don't make different to me. In Globlex hour, I found volume bar much better in reading price action.
Chart must have X and Y axis. X axis can be - time - volume - tick - or whatever Y axis is usually price You also can plot time based chart with volume histogram. But this is not a good idea for the day traders as you are looking at two things instead of one - ie precious time wasted You also can plot time based chart with no volume histogram. If you are a stocks trader, then you wouldn't be able to identify manipulated stocks and .... and .... and ... Manipulated stocks are easy to trade. Volume based chart is not suitable for CFDs (assuming you can get the data feed). CFD volume data is highly questionable. I doubt you can plot volume based chart for stocks. The last time I traded stocks was > 2 decades ago. So my stocks trading knowhow is rusty. There are many other types of charts. I only use volume based charts for trading futures.