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Webinar: FuturesTrader71 (FT71) on Volume Profile
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Webinar: FuturesTrader71 (FT71) on Volume Profile

  #11 (permalink)
Site Administrator
Manta, Ecuador
 
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Moderator Note


Please move Steidlmayer's Volume Strips discussion out of this thread, and into the main thread:




https://futures.io/traders-hideout/14477-steidlmayers-market-profile-evolves-volume-strips.html

Mike

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  #12 (permalink)
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futuretrader View Post
@Lornz, do you have a link for more information on the volume strips?

As I understood Steidlmayer's CME video, volume strips differ from VP in that they are exclusively intraday, and can be 'reset' by the trader when desired. So it seemed to me to be a subset of, or change in emphasis within VP, rather than something radically new. But the CME video is all I know of it.

Volume and market profile has always been an available intraday option, but relies on a normalized distribution with a single supply area in the center. One of the key ideas within volume strips is the concave distribution with multiple supply areas at the extremes of intraday movements.

Hth

Luck is what happens when preparation meets opportunity. ~ Seneca
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  #13 (permalink)
Elite Member
Tulsa, OK
 
Futures Experience: Beginner
Platform: Jigsaw, Ninja Trader, Sierra Chart
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Posts: 348 since Jan 2012
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My bad, will do. All I did initially was post a link.
Sent from my SGH-T959 using Tapatalk 2

Luck is what happens when preparation meets opportunity. ~ Seneca
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  #14 (permalink)
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I have opened the webinar room.

We will start in a few minutes.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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  #15 (permalink)
Site Administrator
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FT71: "Visualizing the day is an important piece of the puzzle."

You can see how I personally work through this process in this thread:
https://futures.io/traders-hideout/19279-tomorrows-chart.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #16 (permalink)
Site Administrator
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Posts: 46,238 since Jun 2009
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FT71: "I don't try to be right. I try to emphasize the probabilities. What is more likely to take place, in this area, right now that I designated to do business in, in my homework"

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #17 (permalink)
Site Administrator
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Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received

Homework objective: Goal is create a plan for the day, to see the move before or as soon as it starts happening

Live trading objective: Goal for day is to simply execute the plan in the market. It is not time to do more research once the market is already open.

FT71: "Once the move has happened, it is too late - you are taking too much price risk by waiting for too much information".

Focus during homework is to find in context and to be able to anticipate a move away from an area where you want to do business.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #18 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
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Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received

Create about 3-5 hypothesis for the day in homework to be prepared.

Context is king:
- Time Frame
- Relevance to method (scalper, daily, monthly?)

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #19 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received

FT71: "Most attention is being spent on the tip of the iceberg (what you can see above water). That is not the most important part. What's important is the foundation (unseen under water)."

Keep analysis relevant to your time frame.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #20 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received


Typical plan for the day. Brief example -- more details are in Webinar 4.1 on FT71's website. (Below is my assessment of what he describes)
  • Start by looking at trading calendar (news events etc)
  • Next look at Big Picture: FT71 uses a 405 minute day session only chart (1 bar = 1 RTH session)
  • Review the composite profile chart
  • Read the "story" the market is telling
  • When market is in balance: create a micro composite to show what prices were doing during the ranging/balance span of days - until the market breaks out of that range (no longer in balance)
  • (Why composite profiles? Want to see inside the bar, not just OHLC - at what prices did most of the trading take place?)
  • Determine "where did the market like prices, and where did it not?"

(Think from auction perspective: if iPhone were sold tomorrow at $50, how long will prices remain at $50? What is the fair price of an iPhone? (~$200). What happens if AT&T offered for $50, would you buy it? (Yes) What if the inventory @ $50 is limited, how much volume would happen (very limited - supply will be gone very quickly). That becomes an unfair price to the seller, so the seller will raise prices quickly. Prices will continue going up until the new price becomes unfair, and there are no new buyers.)

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote

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