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Hello traders, I have a couple of questions and I hope some of the experienced traders might help me
so the 1st question is, there are breakout videos where Al says big bars, medium bars and small bars does that mean he count how far the bars have traded? like he says "if one big bar ends out side of TR or two medium sized bar ending outside TR means there is a good chance that the market is going to have a measured move even if it has a deep pullback(context: 47D trading in trading ranges) so, lets assume the size of an average bar is 10pips if the BO bar is 20pips(2 times the average length of a bar) is that bar a big bar? and if the bar is only 10pips tall is it medium sized bar? and lesser than 10pips is small bar?
2nd question, How do people find minimum scalp using ATR? I have seen Rose do it in one trading room video but can't figure out how she did it.
Thanks in advance traders for giving me the answer.
Al defines scalp size as:
5-10% of the average daily range,
or
Average height of recent bars
...whichever is higher.
See: 31C, around 17:03.
This leaves some room for individual interpretation, because it's up to you what value you choose between 5 and 10%, and what "recent" means to you.
1. What i gather ... the big bars are either exhaustion or measuring. Within the range bars tend to accelerate toward the magnets
2. ATRs are the average size across x number of last bars printed - it helps with scalping - quick in, quick out
Could be wrong
Thank you Mr. PB, Think I do understand what you say and I have no doubt on the minimum scalp using the size of bars, Recent for me is about 20 bars. but, what about the 1st question? do you have any personal experience or input that can help?
Thank you Mr. PB, Think I do understand what you say and I have no doubt on the minimum scalp using the size of bars, Recent for me is about 20 bars. but, what about the 1st question? do you have any personal experience or input that can help?
There is a difference between the two situations.
On the second question, we have to decide a scalp size as per our own choices of percentage and recent number of bars, because that scalp size is then (often) used to set protective stops. So there is a need to be exact.
On the first question there is no such need. If you eyeball the bars so far, and a breakout bar looks big to you, then it's big. If you want you can use some kind of average bar size, but there's really no need.
