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Currency Futures

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  #1576 (permalink)

Miami FL USA
Trading Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
Cashish's Avatar
Posts: 803 since May 2011
Thanks: 811 given, 2,112 received

eminitrdr View Post
SIM trading...still working on entries, exits, trade management, and most important, patience and discipline.

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I noticed you posted a similar chart with a similar comment a week or so ago.
Your chart looks very familiar I hope you take my comments as intended. Your chart looks "busy," maybe you could clean it up a bit. You may be trying to focus on to many dynamically moving indicators and can't see the forest from the trees! In the "chart objects" window you can put an "X" in the box correlating to the study and it will NOT show on your chart, if you do choose to view it later just remove the "X."

What are the blue vertical lines, and what do they signify? Are these blue lines indicating signals for entries or exits?
I'm going to suggest you remove the bid/ask volume data from your chart, learning to read this data takes time and I believe you can do very well without it (for now) by focusing your attention on the VWAP, Volume Profile and price action.

Most everyone will agree, MOST breakouts fail. With this in mind if I look at my chart and price is trading at/near the +2 or-2 SD level of the VWAP AND this level is in alignment with the upper or lower value area of the volume profile.... I consider this is an area where "things happen." Most often, the market will either breakout or return to it's mean from this level. Since most breakouts fail the return to mean trade is usually the best play, however, it's usually the HARDER trade to take. As you said, "most important, patience and discipline." Another mention, the B Bands, IF the chart as described above ALSO shows price trading near the expanding 2nd SD level of the B Band this makes the entry more favorable.

Confused yet, the VWAP, Volume Profile and B Bands are dynamic and continuously change, what you may have seen as an entry a few minutes (seconds) ago can "disappear" if not acted upon. I like the old Welles Wilder Trend Reaction Numbers for support and resistance levels, they're basically the ONLY lines on my charts that STAY PUT!

One final question, how many monitors do you have, I ask because I find it helpful to view volume profiles from several previous days as I focus on trading the intra-day moves of today. If you have limited screen space Ensign allows you to "stack" charts. I can click between different time frames with all my studies locked across all the charts, I like that.

I hope you find this post helpful, and I hope it doesn't generate more questions or doubt for you.

This is a great example why I like those Welles Wilder Numbers.

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Last edited by Cashish; June 19th, 2012 at 07:01 PM.
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