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This is good advise, so I will follow it...
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Created: by VinceVirgil Attachments:186

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This is good advise, so I will follow it...

  #301 (permalink)
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"....but I didnt beleive we were going lower."

Why?

 
  #302 (permalink)
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VinceVirgil View Post
Read them interesting information. I use a 5 minute chart, but I guess the analysis works on every time frame. the only problem i have with the volume is that it counts on close of the bar, so you may find yourself behind the trade.

Volume ladders allow a trader to get inside the bar, to see volume in a graphical way which is easier to digest than trying to recognise and remember order flow in a time and price box. At least thats the way its been explained to me.

I think the best way I have seen is Market profile, where time, price and volume are used to build a market context and to help a trader to recognise and anticipate the next logical migration of price.

Price rises when buyers > than sellers at a specific price. The best indication is an increase in volume. In its simplist form, it is an auction process. Just like Barret Jackson when they sell cars on the speed network. The auction price of the car will be dependent on its percieved value to the participants in the auction. More buyers making bids, price rises, till it hits a point where there is one bidder left, and he has the winning bid. A reverse auction would be the same for sellers.

The key is to get the data and interpret. Getting the data is simple, interpreting the data so that one can act to take advantage of the price discrepancy is hard.

Thanks again for the link..

I suppose after a while you can get rid of all these tools (footprint, Volume profile). I personnaly think they are great but take a considerable amount of space. I sometimes discuss with a guy who is very specialised with Market Profile and mentored me but for trading the ES, he uses something like 4 wide monitors to hold all his charts. Much too complex to my taste and unnecessary. People use Market Profile to find significant levels where to make business but trenlines and swing highs/lows give pretty much all you need to know. The footprint is like anything else, it gives plenty of false signals. You don't need it, to enter at wholesale price at a good setup area.

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  #303 (permalink)
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TrendTraderBH View Post
"....but I didnt beleive we were going lower."

Why?

A few reasons. I wrote an explanation on my chart.

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This is good advise, so I will follow it...-cl-06-12-5-min-ttexplain-25_04_2012.jpg  
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  #304 (permalink)
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trendisyourfriend View Post
I suppose after a while you can get rid of all these tools (footprint, Volume profile). I personnaly think they are great but take a considerable amount of space. I sometimes discuss with a guy who is very specialised with Market Profile and mentored me but for trading the ES, he uses something like 4 wide monitors to hold all his charts. Much too complex to my taste and unnecessary. People use Market Profile to find significant levels where to make business but trenlines and swing highs/lows give pretty much all you need to know. The footprint is like anything else, it gives plenty of false signals. You don't need it, to enter at wholesale price at a good setup area.

I grant you that. I want them to see if price action on the 5 minute bars is telling me is consistent with what the volume ladder data is generating. I believe it is, but I would like to picture it as the bar is painting. I dont think I will be using it to make entries, I dont think that is necessary.

Thanks for your comment.

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  #305 (permalink)
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26.4.2012

No trades today. Wasnt really planned that way, but I had connections problems, therfore...no connection, no trading.

I was dropped a couple of times, so it made me reluctant to try to continue. Once it happens, I wont continue until I find a reasonable explanation for the problem. Trouble is, when I called my ISP, they said there was no problem.

So I was a spectator today, and I did have a couple of of the orange flag in the left hand coner of my Ninja Trader, but that was it.

So no chart today... Call it a day off. Hope tommorow its buisness as usual.

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  #306 (permalink)
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27.4.2012

OK...Got my computer connection issues sorted out.

104.40 has been the price for the last couple of days. Low overnight was 103.74. My lan is to wait for the open, and see where price wnats to migrate.

104.92 was yesterdays high.

Will we make a run at 105 today? Or will price collapse below 104. Will we get a range greater that 1.25? All good questions which will be answered as the days progresses.

First trade premarket got my stop hit. Price was heading higher on thin volume, and ast few sessions there were big moves early. Full stop out. -15

Trade 2 also pre open. Based on the overnight and previous support would be 104.10-104.20. Therefore, my entries SL would preferable be in that area with a 15 tick stop. Entered at 104.25, putting my stop below the tail of the previous bear bar, and support of 104.10.

Taken out on the deep pullback, but not before I got 36 ticks.

Trade 3 was good for 18 ticks. Volatility hit my trailing stop.

Last trade was the trade of the day. Entry after the bear bar my SL of -15 ticks at 104.05. Below 104.10, which was close to a triple bottom. Was in that trade for almost 1 1/2 hours. Patience paid off, as I was able to capture 54 ticks.

-15+36+18+54=+93

Monday 67
Tuesday 28
Wednesday 73
Thursday no trades
Friday 93
------------------
Total 261
==============

So a little statistical analysis.

19 trades over the 4 trading days.

7 of these trades were losers.

63% efficiency.

Attached Thumbnails
This is good advise, so I will follow it...-cl-06-12-5-min-final-recap-27_04_2012.jpg  

Last edited by VinceVirgil; April 28th, 2012 at 12:48 AM. Reason: I wrote 3 days..it was 4 trading days
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  #307 (permalink)
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30.4.2012

OK...traced the computer issue...had another couple of drops today. It is a bad breaker on my electrical panel. itermitantly cutting out and knocking out the modem, but not enough to unseat the breaker comnpletely. The magentic switch is haywire, so...Home Depot run to get a new one and install it myself ( I watch This Old House...cant be that hard.

I re-routed the router (say that fast 10 times) to a better plug, and now I am fine.

Tight range day today. Price came off the overnight of 105.04.

Very little volume, however, my hypothesis is support is 104.20, much like it was for much of last week. LOD was 103.97, but I was looking for longs from that price.

Marked my entry price.

9 trades today, only because I was looking long, and price kept pulling back on thin volume. I was trying to get a setup for a longer move, but I kept getting stopped on the pullbacks after I went green.


Best trade was my last for +41.

Was trying to get a good entry at 104.10-104.25, with a 15 ticks SL. When price made broke above 104.40, I looked at that area as support.

Had 1 full stop out -15, 1 for -12 ticks ( tried to cut my loss there) and 1 BE trade.

9 Trades

10-12+16+31-15+15+9+BE(0)+41= 95

Proud of what I was able to do an a very tight range day. I felt I managed the trades as well as i could, except for the 2 pre-market trades that really didnt work out.

Attached Thumbnails
This is good advise, so I will follow it...-cl-06-12-5-min-final-recap-30_04_2012.jpg  

Last edited by VinceVirgil; May 1st, 2012 at 02:54 PM.
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  #308 (permalink)
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5.1.2012

1st of May. May Day...why is this date significant in history? Anyone? Answer only if you can with out looking on Wikipedia.

I'll give you a hint...think Chicago. no contest, just a trivia test.

Intersting day today.

3 trades...

-15, BE, +102

I had support at 104.60 to 104.70.

Last trade really ripped higher. It was just a matter of managing, and my SL was never in jepardy from off the hop.

What can I say? I knocked off after that.

Trading is really like farming. A farmer plants his crop, and he dosnt know how good it will be, but he manages it till harvest. he knows the sun will continue to rize in the east, set in the west and that his crop will grow. Some times great, sometimes not so great, but he takes the good with the not so good. That is the very essence of trading. Do your best, if it works, terrific, if it dosnt, well, there is always tommorrow. The key is not to get so caught up that you blow your account for want of a couple of trades.

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This is good advise, so I will follow it...-cl-06-12-5-min-final-recap-01_05_2012.jpg  
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  #309 (permalink)
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VinceVirgil View Post
No trades today. Wasnt really planned that way, but I had connections problems, therfore...no connection, no trading.

I was dropped a couple of times, so it made me reluctant to try to continue. Once it happens, I wont continue until I find a reasonable explanation for the problem. Trouble is, when I called my ISP, they said there was no problem.

So I was a spectator today, and I did have a couple of of the orange flag in the left hand coner of my Ninja Trader, but that was it.

So no chart today... Call it a day off. Hope tommorow its buisness as usual.

Sounds like a prudent move to me.


I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #310 (permalink)
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2.5.2012


Michael Archer wrote, in Forex Trading Startegies:

"It is mystery why some people excel at some tasks and others, with equal or superior intelligence, fail. Consider the game of chess. I've played for almost 40 years, and although I have attained a lower degree of competence-an "Expert" rating-it is abundantly clear, despite hundreds of hours of study, I will never succeed at the game in any big way.

In chess, the theory is that your brain is either wired for the tasks it demands, primarily visualizations skills, or it is not. If you are wired correctly, you play good chess, study or not. This explains the existence of child prodigies such as Capablanca and Rechevsky. World chhampion Garry Kasparov refers to it as "chess geometry" ability.

Trading may have a similar paradigm. There is proubly a neural wiring, or at least a set of inate traits or propensities, determining success or failure in the markets.

I have seen some very smart people try very hard, work extremely diligently, and still go bust in short order. I've also seen, less frequently, people take to trading as if were as natural as talking. What those traits or propensities are, I do not know. But without them, long term success may be difficult to acheive.

It is possible to develop those traits, to a degree; I have tried to assist you with that in this book. But, without the wiring, only so much may be possible. An acorn becomes an oak tree, not a blueberry bush."

Just typed this while hanging around till after the DOE report.

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