Scalping the 70 tick chart

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Good day everyone, my name Allen or traderallen on the forums. I'd like to start a thread to discuss Forex price action scalping on a tick chart. I have found that this is a great way to extract money from the markets. It requires an understanding of the market your trading. There is no hocus-pocus involved by that I mean historical indicators that I find totally worthless. I know that hurts a lot of people's feelings as 95% of traders love indicators which of course in my opinion is the leading cause of 95% of traders losing money. After all the interbanks don't use indicators, the pros don't use indicators, why would a retail trader want to use them. The answer is simple because they're sexy. Back to the topic at hand I use a 70 tick chart with no indicators for buying and selling I trade only price action and order flow. I average a 90% win rate month over month. And have grown my account at over 200% gain in under nine months. I'm not here to sell anything to anyone, just to have a discussion about price action scalping as it's my passion and something I love to do. The more I talk about it the more it the more I learn and I hope you do to. good trading, Traderallen

 

Can you tell us more about your methodology? Thanks.

 

I use the price action scalping method described by Bob Volman in his book “forex price action scalping” I have modified it a bit to fit my personality (make it mine). For example, I take into account order flow and volatility, and I also news trade. But I adhere to the 7 entry setups he points out . I detail everything on my blog (it’s too much info to keep rewriting on the forums) wallstreet2easystreet.com but easier to discuss here with other traders. Basically I look at the last 2 hours price action, decide where the price is likely to flow and scalp the Range breaks and pullback if there is enough order flow to move it 10 PIPs or more before hitting resistance. News trade are an added bonus which are usually a pullback entry on the spike.

 

Here is the brief explanation :smilingsynic trading observations etc. | DaytradingBias.com my question is where do you get the 70 tick chart and why 70 ?Thanks.

 
nevar:
Here is the brief explanation :smilingsynic trading observations etc. | DaytradingBias.com my question is where do you get the 70 tick chart and why 70 ?Thanks.

That's a good question Bob uses 70 tick charts and I just picked that up from his methodology and continue to use it seems to work well but as he explains you could use anywhere from 60 to 100 its pretty much up to you. I use ninja trader for all my charting and order execution.

 

If only trade were as easy as following someone cheat sheet. Although it covers the mechanics of the method a little. It does not cover the why and when very well at all. Also it is nothing like Al Brooks. The 70 tick chart might seem fast but it is really a slow way to trade.

 

Example of my trading style.

 

In fact I only trade on tick charts. They are similar to standard time-framed charts, and allow very similar setups, but on a tick chart you are earlier in the trade. It is because they finish the candle earlier if trading activity appears.

Regarding the magic 70. I do not use any static number, I just sum up tick volume for the last session(s) and divide it by a number of candles I prefer to have for a single session (usually averages 3 minute candles, depends on a ticker).

But I have no strictly mechanical setup - that is why I want to take part. So I am here and listen to a Sensei.

 

Not to many trades for March yet, buy here are a few.

 

Hey Allen, nice to see someone else trades off the tic charts. I have traded off the 15tic and 1tic, reading candle setup with very good results. I keep a daily free blog, check it out at apipthrowingparty.blogspot.com I use a few indicators but they are really a visualy tool to help other traders see the setups and to help keep me in existing trades a bit longer. Keep the thread going as scalping is a fantastic way to trade any market!

 

Any updates yet?

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