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  #1 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
Market Wizard
 
Experience: None
Platform: NT 8, TOS
Trading: ES
Posts: 3,603 since Aug 2009
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lately I have seen many posts about following the pros and the smart money. not an easy task. when there's big activity, it's more than likely that pros are on both sides (buyer and seller). and not to forget there are different kind of pros, like the speculators and the hedgers. both can produce high volume, but with different objectives. another problem is how do they execute their orders. do they have resting orders or do they hit bid and ask. the answer is likely both.

one thing I feel pretty much useless is watching the DOM. you see a big block on the offer, conclusion the market is going to drop because there's a big seller. all the sudden that block is gone and the market moves higher. a very old trick, but still works. watching time and sales on the other hand will show you very important information. but I'm getting tired doing that for a long time.

so I prefer to watch the entire volume:

- how much volume did it take for a certain range.
- increased volume can indicate reversal points.
- volume based MA's can show S / R lines.

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Can you help answer these questions
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  #3 (permalink)
 zikonc 
san ramon
 
Experience: Beginner
Platform: ninja
Broker: zen
Trading: es, 6e
Posts: 136 since Oct 2009
Thanks Given: 98
Thanks Received: 76



Silvester17 View Post

so I prefer to watch the entire volume:

- how much volume did it take for a certain range.
- increased volume can indicate reversal points.
- volume based MA's can show S / R lines.

do you have explanations how to read the attached chart?..... .......thanks, zikonc

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  #4 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
Market Wizard
 
Experience: None
Platform: NT 8, TOS
Trading: ES
Posts: 3,603 since Aug 2009
Thanks Given: 5,139
Thanks Received: 11,527


zikonc View Post
do you have explanations how to read the attached chart?..... .......thanks, zikonc

1.) the PnF bars are helping to find a breakout

2.) it's difficult to see here. the trend was still up, but the down volume started to increase.
sign of possible reversal

3.) the VWTPO is a good indication for a pullback

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  #5 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
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Swing Trader
 
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Broker: IBKR
Trading: Stocks & Futures
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Silvester,

Can you post the VWTPO? I'm interested in trying to convert it to EasyLanguage for MultiCharts.

Mike

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  #6 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
Market Wizard
 
Experience: None
Platform: NT 8, TOS
Trading: ES
Posts: 3,603 since Aug 2009
Thanks Given: 5,139
Thanks Received: 11,527


Big Mike View Post
Silvester,

Can you post the VWTPO? I'm interested in trying to convert it to EasyLanguage for MultiCharts.

Mike

thanks goes to cory. the indicator is in the download section.


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  #7 (permalink)
 zikonc 
san ramon
 
Experience: Beginner
Platform: ninja
Broker: zen
Trading: es, 6e
Posts: 136 since Oct 2009
Thanks Given: 98
Thanks Received: 76

thanks ........... i have volume sum on ZigZag indicator....basically it sums the volume of all the bars in the run......I think attaching volume accumulation to some sort of oscillator would give volume info sooner.......

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  #8 (permalink)
pmccandless
Arizona
 
Posts: 14 since Apr 2010
Thanks Given: 0
Thanks Received: 17

I like ur thinking. We have sort of the same style. Good stuff.

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  #9 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
Market Wizard
 
Experience: None
Platform: NT 8, TOS
Trading: ES
Posts: 3,603 since Aug 2009
Thanks Given: 5,139
Thanks Received: 11,527

what is the market (ES) doing next? the pros going long or short?

according to the action we have seen the last few days, it looks like they will be LONG!

target around the 1220 area.

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  #10 (permalink)
 zikonc 
san ramon
 
Experience: Beginner
Platform: ninja
Broker: zen
Trading: es, 6e
Posts: 136 since Oct 2009
Thanks Given: 98
Thanks Received: 76



Silvester17 View Post
what is the market (ES) doing next? the pros going long or short?

according to the action we have seen the last few days, it looks like they will be LONG!

target around the 1220 area.

it certainly looks like that.................although I would not be surprised if we test 50s and 60s just a little more

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