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

  #31 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
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Platform: ninja
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nakachalet's Avatar
 
Posts: 512 since Aug 2011
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thx mike, excellent sum

thx mike, excellent sum


Big Mike View Post
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


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  #32 (permalink)
Membership Temporarily Revoked
siam, west coast andaman sea
 
Futures Experience: Master
Platform: ninja
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nakachalet's Avatar
 
Posts: 512 since Aug 2011
Thanks: 559 given, 200 received

isn't it also true that....

isn't it also true that...

likewise; statistically, overnight sessions also tests or breaks the day sessions high or low....

in perpetuation?

just a thought, mike.


Big Mike View Post
Statistically the day session tests or breaks the overnight high or low 96% of the time.

Mike


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  #33 (permalink)
Elite Member
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Thank you FT71 for this excellent webinar and thank you Mike for making it possible!

Malvolio

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  #34 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
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Key Points extract

Homework is most important

What happened after HFT came in?
A strategic game of play is needed for every individual trader

Trader needs a game plan for the next trading day

Trading relying on knowledge of basics

Risk is key… never forget!

What is more likely to happen in the market?

With homework done no more work needed

1) Information risk versus
2) Price risk

Context - try to figure out the where the mariet goes
"what is your timeframe?"
- swing trader?
- scalper?
- daytrader?


________________

Thanks FT71 and BigMike for the very interesting webinar

GFIs1

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  #35 (permalink)
Site Administrator
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Platform: My own custom solution
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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.

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  #36 (permalink)
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Big Mike View Post

Thank you for the prompt upload.
I only was able to watch it live for a few minutes and was waiting for the replay really bad..

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  #37 (permalink)
Site Administrator
Manta, Ecuador
 
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Platform: My own custom solution
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Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received

For those who watched the entire webinar, what did you think?

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
 
  #38 (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: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received

@Private Banker, can I ask if you watched the webinar -- and if so, what did you think? I ask because I know you incorporate a lot of the same ideas.

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
 
  #39 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
Favorite Futures: CL, NG
 
Private Banker's Avatar
 
Posts: 1,040 since Jul 2010
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Big Mike View Post
@Private Banker, can I ask if you watched the webinar -- and if so, what did you think? I ask because I know you incorporate a lot of the same ideas.

Mike

Hi Mike,

I have not had a chance to watch it yet. I'll watch it and report back here with my thoughts. Sounds interesting though.

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  #40 (permalink)
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Milan Italy
 
Futures Experience: Intermediate
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Big Mike View Post
For those who watched the entire webinar, what did you think?

Mike

I've now seen a lot of his webinars, and I think this was his best presentation of his method.

It was also interesting that he said it didn't matter what method you adopt, as long as you stick with it and master it.

I suspect he'll get a lot of new clients for the brokerage, too.

Perhaps you could convince him to do one focused on reading the DOM next time?

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