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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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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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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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.
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.
Thursday no trades
So a little statistical analysis.
19 trades over the 4 trading days.
7 of these trades were losers.
Last edited by VinceVirgil; April 27th, 2012 at 11:48 PM.
Reason: I wrote 3 days..it was 4 trading days
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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.
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.
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.
Last edited by VinceVirgil; May 1st, 2012 at 01:54 PM.
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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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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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