Price bar charts paint a graphic picture of a stock's price movements both during the day with the 5 minute bars, and longer term with the daily bars. The picture unfolds showing short and long term supply and demand and how it has moved the stock's price. This helps pinpoint specific areas of buying or selling pressure as they develop. The bar charts alert you this „at a glance“ when the bars trade into a tight range that hugs up or down against a certain price (usually the day's current high or low). This consolidation creates a price „compression“ point where pressure builds and is finally released when the price level that held the stock is penetrated. Usually this penetration is a strong and quick „price spike“ that offers great scalping potential of 1/8 point or more.

By monitoring different stock charts throughout the day, a trader can quickly identify these scalping pattern setups. Since the trader knows which stocks are currently setting up for a price spike, he or she has the edge of catching a strong price move as it begins and then bidding or offering oul into the momentum as other traders rush in to participate in the price move. The advantages of using a daily bar chart in conjunction with the 5 minute bar chart gives you an edge over other market participants in 3 ways:

1. It allows you to follow more than just a very few stocks which must be micro-managed. With more stocks on your ticker, more scalping opportunities are uncovered and therefore more potential profits are available.
2. The specific price bar setups in the „Stock Patterns“ manual and in the scalping module make sure you are entering the stock at the beginning of the momentum surge. This leads to a higher success rate per trade and a larger average profit per trade.
3. Since these price pattern setups reflect compression built up against the day's current high or lows the breakout is a very high-odds trade. The success rate of a price spike out of these setups far exceeds the random movements („noise“) back and forth in price throughout most of the day.

Without charts you are only looking at a snapshot of price in time. So much more can be seen with charts to give you an edge. Trading without charts is like flying blind, even when scalping!