Identifying the kind of day early on - Traders Hideout | futures io social day trading
futures io futures trading


Identifying the kind of day early on
Updated: Views / Replies:2,063 / 16
Created: by DarkPoolTrading Attachments:2

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 2  
 
Thread Tools Search this Thread
 

Identifying the kind of day early on

  #1 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
Futures Experience: Advanced
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,304 received

Identifying the kind of day early on

Hi all,

What are some of the techniques that you use to identify what kind of day you believe it is going to be. Im talking in terms of will it be a mostly choppy/range bound day, or will it be a trending day.

Obviously there's no method that will always be correct, but what are some of the things you look for in the first hour or so of the day to give you an idea of what kind of day it is going to be.

One of the techniques im aware of (which I haven't used or tested), is to determine the high/low range for the 1st hour or so and make assumptions based on that eg: opening range breakout.

cheers.

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,697 since Oct 2009
Thanks: 3,041 given, 4,496 received


Why do you need to identify what kind of day you believe it is going to be ahead of time? If you trade areas of demand and supply then all you need to care about is to not initiate a trade while price is in the middle.

Reply With Quote
The following user says Thank You to trendisyourfriend for this post:
 
  #4 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
Futures Experience: Advanced
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,304 received


trendisyourfriend View Post
Why do you need to identify what kind of day you believe it is going to be ahead of time? If you trade areas of demand and supply then all you need to care about is to not initiate a trade while price is in the middle.

Hi,

Because as a system (algo) trader, knowing this kind of information early on is extremely useful.

cheers.

Reply With Quote
 
  #5 (permalink)
Elite Member
Bala, PA, USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Futures: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,276 received


DarkPoolTrading View Post
Hi all,

What are some of the techniques that you use to identify what kind of day you believe it is going to be. Im talking in terms of will it be a mostly choppy/range bound day, or will it be a trending day.

Obviously there's no method that will always be correct, but what are some of the things you look for in the first hour or so of the day to give you an idea of what kind of day it is going to be.

One of the techniques im aware of (which I haven't used or tested), is to determine the high/low range for the 1st hour or so and make assumptions based on that eg: opening range breakout.

cheers.

Get a good psychic

Reply With Quote
 
  #6 (permalink)
Elite Member
Hartford, CT
 
Futures Experience: Intermediate
Platform: Tradestation
Favorite Futures: stocks
 
Future's Avatar
 
Posts: 18 since Jan 2012
Thanks: 22 given, 5 received

1. Tick levels
2. Strength of advance/decline line
3. What was character of previous day(s) trading range
i.e., small range vs large range
4. On a daily chart where is price relative to a trading band such as
a keltner channel or bollinger band
5. How deep are the pullbacks and how do indicators act during a
shallow pullback

Reply With Quote
The following user says Thank You to Future for this post:
 
  #7 (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, 83,221 received

I think if you are overly concerned with chop, you are trading too small of a chart. You should trade bigger time frames (my smallest is 60 min), and then just reduce risk $$ by trading micro currencies with CME FX, spot forex, or ETF's.

I can't really remember the last time I was concerned about chop or range bound days. Well actually, yes I can. It was when I used to trade a small 6 range chart.

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
The following 2 users say Thank You to Big Mike for this post:
 
  #8 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,697 since Oct 2009
Thanks: 3,041 given, 4,496 received

I thought you might like to read this tutorial on the pivot range. It might help you form some hypotheses for the next day.

Pivot Width Analysis (Part 1 of 3) | PivotBoss

Reply With Quote
The following user says Thank You to trendisyourfriend for this post:
 
  #9 (permalink)
Market Wizard
Bangkok
 
Futures Experience: Intermediate
Platform: MultiCharts.NET, S5, Ninj
Broker/Data: AMP, S5, IB
Favorite Futures: ES
 
DionysusToast's Avatar
 
Posts: 2,669 since Nov 2010
Thanks: 776 given, 8,725 received
Forum Reputation: Legendary

Well - the 'type' of day can change but I use:

- average volume - cumulative volume for the time of day - average cumulative volume for past 60 days. Not so much the actual number but whether we are moving up - more than average volume coming in or moving down.
- shift in cumulative delta - look @ yesterday AM, 4k up, 4k down on the ES - nothing at all, then later it picked up and we saw a delta shift up

Reply With Quote
 
  #10 (permalink)
Market Wizard
Bangkok
 
Futures Experience: Intermediate
Platform: MultiCharts.NET, S5, Ninj
Broker/Data: AMP, S5, IB
Favorite Futures: ES
 
DionysusToast's Avatar
 
Posts: 2,669 since Nov 2010
Thanks: 776 given, 8,725 received
Forum Reputation: Legendary



Big Mike View Post
I think if you are overly concerned with chop, you are trading too small of a chart. You should trade bigger time frames (my smallest is 60 min), and then just reduce risk $$ by trading micro currencies with CME FX, spot forex, or ETF's.

I can't really remember the last time I was concerned about chop or range bound days. Well actually, yes I can. It was when I used to trade a small 6 range chart.

Mike

one mans chop is another mans trend...

Reply With Quote
The following 2 users say Thank You to DionysusToast for this post:

Reply



futures io > > > Identifying the kind of day early on

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
kind of automatic trailing stop andreas NinjaTrader 3 May 21st, 2012 05:21 AM
What kind of day will we have today? keymoo Traders Hideout 3 April 3rd, 2012 02:06 PM
What kind of Mac do you have? Big Mike Off-Topic 9 April 3rd, 2012 01:29 PM
Identifying market cycle Azharr Traders Hideout 1 January 28th, 2012 07:11 AM
My kind of dentist kbit Off-Topic 2 May 12th, 2011 04:13 AM


All times are GMT -4. The time now is 05:19 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-13 in 0.08 seconds with 19 queries on phoenix via your IP 54.92.194.75