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

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  #301 (permalink)
 TrendTraderBH 
Detroit, Michigan
 
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"....but I didnt beleive we were going lower."

Why?

 
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  #302 (permalink)
 trendisyourfriend 
Legendary Market Wizard
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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)
 VinceVirgil 
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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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  #304 (permalink)
 VinceVirgil 
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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)
 VinceVirgil 
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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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  #306 (permalink)
 VinceVirgil 
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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.

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.

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  #307 (permalink)
 VinceVirgil 
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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.

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.

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  #308 (permalink)
 VinceVirgil 
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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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  #309 (permalink)
 ThatManFromTexas 
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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)
 VinceVirgil 
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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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  #311 (permalink)
 VinceVirgil 
Toronto, Canada
 
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Traded around DOE report today.

After the high close of yesterday and the price decline overnight and the DOE report, was expecting a tight range day today, so was consious of using a smaller target, and to take profits earlier, and more agressive with a tighter stop.

In addition, I wanted to see a Ninja Trader webinar presented by Rancho Dinero. My new brokerage account is Zen-Fire, and as such, I have some questions as to whether I can use ust the Zen-Fire feed for market profile . Kinetic has histrical end of day feed data, therfore I really dont think i need real time historical, but I may need historical price and ticks data to build a composite, if I need to go that route, or I think it will be helpful. Right now, I dont think it really is, but things may change.

As long as PB still has his blog, I will follow his lead on market context. Of course, I need to understand this on my own, but I am still taking small steps with this.

Was out for the DOE report.

5 trades. (didnt mark the BE trade. It was really the same area as my 3 and 4 the trade, just BE. I had interest in going long at 105.00 - 105.20 later in the session.


+58 ticks. No losers today.

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  #312 (permalink)
 ThatManFromTexas 
Houston,Tx
 
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VinceVirgil View Post
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.

Based on that.. I guess I should give up my dream of playing in the NBA since I am an old, short guy that can't jump...

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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  #313 (permalink)
 VinceVirgil 
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ThatManFromTexas View Post
Based on that.. I guess I should give up my dream of playing in the NBA since I am an old, short guy that can't jump...

Perhaps thats true, but if you love the sport and you want to be around it, you could buy yourself a team, like Mark Cuban and the Mavs.

Does it have to be the NBA? How about a semi pro team?

I have an aquaintance that owned a Ontario Hockey League team for a few years. Its junior, but its a stepping stone to the NHL...a future stars league. He couldnt play the game, but he loved being around it, at least for a little while.

Only cost him a couple million, which he got most of it back when he sold the team. kind of an ego thing anyway.

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  #314 (permalink)
 ThatManFromTexas 
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VinceVirgil View Post
Perhaps thats true, but if you love the sport and you want to be around it, you could buy yourself a team, like Mark Cuban and the Mavs.

Does it have to be the NBA? How about a semi pro team?

I have an aquaintance that owned a Ontario Hockey League team for a few years. Its junior, but its a stepping stone to the NHL...a future stars league. He couldnt play the game, but he loved being around it, at least for a little while.

Only cost him a couple million, which he got most of it back when he sold the team. kind of an ego thing anyway.


Ego? Surely traders don't have ego's ...

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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  #315 (permalink)
 plethora 
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VinceVirgil View Post
Does it have to be the NBA? How about a semi pro team?


I might be mistaken but think this was exactly TMFT's tongue and cheek point with his earlier response.
How good of a trader (with a big ego) does one really have to be? Say, three points with 10 contracts.
It's not professional-in-the-pit but will pay the bills and then some.

 
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  #316 (permalink)
 VinceVirgil 
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ThatManFromTexas View Post
Ego? Surely traders don't have ego's ...

There is danger in cultivating a large ego... not least amoung them is risk of ruin.

When a Texan encounters an ego, he likely sums it up this way.

" Big hat, no cattle...Little hat, lots of cattle"

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  #317 (permalink)
 VinceVirgil 
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Last night I am setting up some new charts with Rancho Dinero on my Ninja Trader platform. I am slowly incorporating market Profile concepts into my trading over the past few weeks, and the early returns indicate it is helpful to me. Market Profile appeals to my logical statistical right brain side personality. But rancho Dinero is extremely elaborate. Reminds me of Microsft Word in that there are likely 20,000 different functions in Microsft word, but I am likely hardpressed if I use 100 different ones. But it is very cool software, if a little expensive.

Today I am finished after 2 trades.

Trade 1 -13

Trade 2 +126 Yes, thats not a typo. Heres the story.

Price reached the 106.46 on the 1st. Yesterday was a balance day. And a news days, so TTRD. For this morning, near the open, 105.00 level is an important number, based on my 30 minute. An S/R level.

I went long , got stopped right at the opening. (had a 15 ticks SL, but I cut it short because I saw sell pressure on the DOM) When the level 105 broke, I shorted. From then on, it was a matter of managng the trade. Was in the trade for an hour. +126 ticks.

Its great to have a trade like that, but, at the same time, its a little unerving. Its really because it is a semi outilier event as the market went farther than i expect it would on that time frame, and though , as a trader, one should always anticipate the unexpected, when it does occur, I feel like I have to take time to digest what just happened. its not that crude cannot move like that, but when i benefit, I am a little stunned, despite the fact that this is the evnt that I want to happen.

In some ways, getting my stop hit is easier, mainly because it is more familiar. I have losses most every day. And they dont ussually take as long. (yesterday was a very rare exception)

Nothing wrong with taking the rest of the day off. If it wasnt pouring rain outside, I would hit the golf course.

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  #318 (permalink)
 PandaWarrior 
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VinceVirgil View Post
Last night I am setting up some new charts with Rancho Dinero on my Ninja Trader platform. I am slowly incorporating market Profile concepts into my trading over the past few weeks, and the early returns indicate it is helpful to me. Market Profile appeals to my logical statistical right brain side personality. But rancho Dinero is extremely elaborate. Reminds me of Microsft Word in that there are likely 20,000 different functions in Microsft word, but I am likely hardpressed if I use 100 different ones. But it is very cool software, if a little expensive.

Today I am finished after 2 trades.

Trade 1 -13

Trade 2 +126 Yes, thats not a typo. Heres the story.

Price reached the 106.46 on the 1st. Yesterday was a balance day. And a news days, so TTRD. For this morning, near the open, 105.00 level is an important number, based on my 30 minute. An S/R level.

I went long , got stopped right at the opening. (had a 15 ticks SL, but I cut it short because I saw sell pressure on the DOM) When the level 105 broke, I shorted. From then on, it was a matter of managng the trade. Was in the trade for an hour. +126 ticks.

Its great to have a trade like that, but, at the same time, its a little unerving. Its really because it is a semi outilier event as the market went farther than i expect it would on that time frame, and though , as a trader, one should always anticipate the unexpected, when it does occur, I feel like I have to take time to digest what just happened. its not that crude cannot move like that, but when i benefit, I am a little stunned, despite the fact that this is the evnt that I want to happen.

In some ways, getting my stop hit is easier, mainly because it is more familiar. I have losses most every day. And they dont ussually take as long. (yesterday was a very rare exception)

Nothing wrong with taking the rest of the day off. If it wasnt pouring rain outside, I would hit the golf course.

Very nicely done....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 VinceVirgil 
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A couipleof my new composite studies on the CL.

30 minute and 5 minute.

Still trying to figure out what it all means, but they are pretty cool to look at, if nothing else.

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 PandaWarrior 
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A couipleof my new composite studies on the CL.

30 minute and 5 minute.

Still trying to figure out what it all means, but they are pretty cool to look at, if nothing else.


Ranch Dinero????????

Simplicity is the ultimate sophistication, Leonardo da Vinci


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 tderrick 
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VinceVirgil View Post
A couipleof my new composite studies on the CL.

30 minute and 5 minute.

Still trying to figure out what it all means, but they are pretty cool to look at, if nothing else.


Somewhere in there is excellent data!! lol

I like it - high tech clean


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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 VinceVirgil 
Toronto, Canada
 
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Ranch Dinero????????

Yeah...Rancho Dinero and Acme Market Analytics. Go figure...gotta be a story behind it somewhere.

3rd party add on for Ninja Trader Platform.

Being a Canuck, I am operating under some restictions. I only have a limited number of brokers that I can chose from that are can allow clients to open accounts in the US. And only some platforms, not all, are available to me.

I was thinking of changing to Market Delta because of their Market Profile suite, but I like Ninja Trader and I decided to try the 3rd party Market Profile stuff from Rancho Dinero. (Thats a cool name, dont you think?)

Rancho Dinero | and Acme Market Analytics

Heard a programmer trader of the suite speak on a Webinar yesterday, and I siged up for the membership. Still getting a feel for it.

It makes me look like an instant expert. But all the templates and the packages are based on market profile and contains TPO studies as well as trade planning.

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 VinceVirgil 
Toronto, Canada
 
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Well, today was a down day, and i didnt take 1 short, unlike yesterday. I wasnt thinking we were going to keep going down and that the CL was oversold overnight. Boy, that was wrong.

All day long, I am trying to find a reversal, and finally, a wide range established price at around 97.50 to 98.50, on uncharacteristically big CL volume on a Friday, And a ton of volatility, 30 to 70 tick candles on the 5 minute. Today was a day not to watch the chart. A tiny small bodied doji was 20 ticks long!

Today, because of the fierce volatility, I tightened my stop...why you ask? Because I use a 15 ticks stop normally, and a 25 ticks stop wasnt enough, so my thinking is, if I am right, I will be right quick, and if i am wrong, my stop is hit in a blink.

Did it work, yeah, sortof. I stuck around way longer than I intended, only because i thought i was seeing history being made, and i want to be able to tell my grandchildren...I was trading the market the day crude went from 100.00 dollars a barrel to ____ (pick your number)

price went way farther than it should have, but thats the nature of investments...they always oversell at some point. The biggest up days in the market are historically after the biggest down days in the market. I thought today was going to be an up day, but now, its likely next week. CL has the weekend to think about where it wants to go from here.

10 trades

-10+16-12+15-12+18+32+8+15+24= +96

Monday 95
Tuesday 87
Wednesday 58
Thursday 113
Friday 96
--------------
Total 449
===========

29 trades this week. 68.97 % efficiency.

142 trades for last 4 weeks. 73.24% efficiency

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 PandaWarrior 
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VinceVirgil View Post
Well, today was a down day, and i didnt take 1 short, unlike yesterday. I wasnt thinking we were going to keep going down and that the CL was oversold overnight. Boy, that was wrong.

All day long, I am trying to find a reversal, and finally, a wide range established price at around 97.50 to 98.50, on uncharacteristically big CL volume on a Friday, And a ton of volatility, 30 to 70 tick candles on the 5 minute. Today was a day not to watch the chart. A tiny small bodied doji was 20 ticks long!

Today, because of the fierce volatility, I tightened my stop...why you ask? Because I use a 15 ticks stop normally, and a 25 ticks stop wasnt enough, so my thinking is, if I am right, I will be right quick, and if i am wrong, my stop is hit in a blink.

Did it work, yeah, sortof. I stuck around way longer than I intended, only because i thought i was seeing history being made, and i want to be able to tell my grandchildren...I was trading the market the day crude went from 100.00 dollars a barrel to ____ (pick your number)

price went way farther than it should have, but thats the nature of investments...they always oversell at some point. The biggest up days in the market are historically after the biggest down days in the market. I thought today was going to be an up day, but now, its likely next week. CL has the weekend to think about where it wants to go from here.

10 trades

-10+16-12+15-12+18+32+8+15+24= +96

Monday 95
Tuesday 87
Wednesday 58
Thursday 113
Friday 96
--------------
Total 449
===========

29 trades this week. 68.97 % efficiency.

142 trades for last 4 weeks. 73.24% efficiency

This just goes to prove you can make money fighting the trend....hard way to make a living but very possible.....

Nice job going long in a very bearish market....

IF the trades were market profile driven, and I am not sure they were, days like yesterday remind me why I thought MP was the ultimate counter trend trading method.....support and resistance are supposed to hold except when they don't....and it seems like you can get run over on days like yesterday if you're not out quick if the trade stalls out..... this could be my unfamiliarity with MP speaking but I seem to remember wondering why the MP guy I was studying with didn't trade the trend that was very clearly unfolding and why he kept taking what appeared to me to be counter trend trades. Its why I bailed on MP......

Your thoughts????????????

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #325 (permalink)
 VinceVirgil 
Toronto, Canada
 
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PandaWarrior View Post
This just goes to prove you can make money fighting the trend....hard way to make a living but very possible.....

Nice job going long in a very bearish market....

IF the trades were market profile driven, and I am not sure they were, days like yesterday remind me why I thought MP was the ultimate counter trend trading method.....support and resistance are supposed to hold except when they don't....and it seems like you can get run over on days like yesterday if you're not out quick if the trade stalls out..... this could be my unfamiliarity with MP speaking but I seem to remember wondering why the MP guy I was studying with didn't trade the trend that was very clearly unfolding and why he kept taking what appeared to me to be counter trend trades. Its why I bailed on MP......

Your thoughts????????????

First off, was the guy profitable? I assume he was, but just a lousy teacher. There are no bad students, only bad teachers.

Got a while? Keep in mind that as far as Market Profile is concerned, I am not nearly as experienced as many. But the concepts reverberate with me, because it attempts to quantify the market in terms of an auction process.

I think the best way to describe what I did yesterday is to call up my Time Price Opportunity chart. Each letter, if you are not familiar with it, coresponds to a different time on the chart divided into 1/2 hour increments. The purple highlight is the Value Point Of Control.

In Mind Over Markets, Jim Dalton describes 2 big questions that we want to answer so that we can trade profitable. they are.

1.Which way is the market trying to go?

2. Is it doing a good job in its attempt to get there?

On Thursday and Friday,the range was extended down in the early going, and then balanced on a tighter range after that. Firday was characterized by much more volatility and more volume than is generally. I missed the big range extention down, because the previous sessions market profiles didnt indicate price would collapse as it did, but the poor economic numbers on Friday likley had the effect of increasing the downward pressure that was residual from Thursday. Overnight we dropped 200 ticks. Thats a lot, and the market can run farther and faster than we can anticipate. I felt that after the open, I was anticipating a move to fill the overnight gap closer to Thursdays close. Thats why I was long on the first 3 trades, and I was not expecting the selloff.

Therefore, after 10.30 on, I beleived there was support. And as the session went on, it held. So I was long 97.70 to 98.20, when the price action on the 5 minute warranted. But if you look at the 5 minute, you will see, my 15 tick stop was bellow the support I had drawn, or the DB of the signal bar, and was taken right on that support. But if it moved up 5 ticks initially, then I would close to -10. I was trying to keep a 15 tick trail stop, and if I hit a 15 initial target, I moved to BE. I managed the trade manually from there.

It was an actively intense day of trading, not like Thursday where it was 2 trades and finished. I hung around a lot longer than I intended because I wanted to gain the experience of all markets, and no 2 days are identical.

I dont know if you have read it, but Mind Over Markets is a good book for understanding the method. Its seems to be working for me, but I come back to the fact that I havent been using it very long, nonetheless, I find it extremely helpful. Used in conjunction with PA on the 5 minute for entries, I am growing more and more comfortable with the technique.

It also have provided me the confidence to trade less, because now i am more confident of my entries and exits. Less anxiety there as well.

And i am liking the new Rancho Dinero suite.

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 PandaWarrior 
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VinceVirgil View Post
First off, was the guy profitable? I assume he was, but just a lousy teacher. There are no bad students, only bad teachers.

Got a while? Keep in mind that as far as Market Profile is concerned, I am not nearly as experienced as many. But the concepts reverberate with me, because it attempts to quantify the market in terms of an auction process.

I think the best way to describe what I did yesterday is to call up my Time Price Opportunity chart. Each letter, if you are not familiar with it, coresponds to a different time on the chart divided into 1/2 hour increments. The purple highlight is the Value Point Of Control.

In Mind Over Markets, Jim Dalton describes 2 big questions that we want to answer so that we can trade profitable. they are.

1.Which way is the market trying to go?

2. Is it doing a good job in its attempt to get there?

On Thursday and Friday,the range was extended down in the early going, and then balanced on a tighter range after that. Firday was characterized by much more volatility and more volume than is generally. I missed the big range extention down, because the previous sessions market profiles didnt indicate price would collapse as it did, but the poor economic numbers on Friday likley had the effect of increasing the downward pressure that was residual from Thursday. Overnight we dropped 200 ticks. Thats a lot, and the market can run farther and faster than we can anticipate. I felt that after the open, I was anticipating a move to fill the overnight gap closer to Thursdays close. Thats why I was long on the first 3 trades, and I was not expecting the selloff.

Therefore, after 10.30 on, I beleived there was support. And as the session went on, it held. So I was long 97.70 to 98.20, when the price action on the 5 minute warranted. But if you look at the 5 minute, you will see, my 15 tick stop was bellow the support I had drawn, or the DB of the signal bar, and was taken right on that support. But if it moved up 5 ticks initially, then I would close to -10. I was trying to keep a 15 tick trail stop, and if I hit a 15 initial target, I moved to BE. I managed the trade manually from there.

It was an actively intense day of trading, not like Thursday where it was 2 trades and finished. I hung around a lot longer than I intended because I wanted to gain the experience of all markets, and no 2 days are identical.

I dont know if you have read it, but Mind Over Markets is a good book for understanding the method. Its seems to be working for me, but I come back to the fact that I havent been using it very long, nonetheless, I find it extremely helpful. Used in conjunction with PA on the 5 minute for entries, I am growing more and more comfortable with the technique.

It also have provided me the confidence to trade less, because now i am more confident of my entries and exits. Less anxiety there as well.

And i am liking the new Rancho Dinero suite.


The teacher was profitable. He was a straight scalper using MP and I think a volume or tick chart. I can't really remember. I gave up when I could see a well defined intra day trend move in the direction of the extreme IB levels. He would limit order those levels and simply wait for price to get there. Some days he got filled and others he didn't. On the days he got filled, he sometimes got stopped out. Small stops to be sure because he was at the extremes but he also got ran over sometimes and slippage on his stops would be more than he was bargained for. On the days he got filled and made a profit, I can only remember on day where he held a trade further than 5 ticks on ES. That day he got like 40 ticks.....it was a pretty trendy day he happened to get lucky on I think.

On the other hand, I could see "signals" to follow a trend that ended up at his IB levels and a trader could be out of the trade by the time he was in it. I just couldn't see the logic.... Perhaps it was the teacher.

I've read Mind Over Markets twice. I get what he's talking about and I find the MP chart to be beneficial on the 30M chart for overall larger picture type stuff. I know Jim talked about trend days, rotation days, etc and how to identify them on the MP chart and how to take advantage of them. So far, I've not seen anyone make a good case for trend days on MP. Rotation days make a ton of sense from an auction market theory but these last two days seem to perform outside the auction theory at least in the smaller time frames.

Secondly, I agree with your support areas. I had them drawn as well and I even took a trade late in the day off one of those areas.....However, those areas look more like break down trend continuation areas than places to buy against the trend to me....I saw a HH/HL combination only once........however, if you made money, who cares what it looks like.... someone once said, do you want to be right or do you want to make money? In the end, who cares how it ended up in the account, only that its there.

I think I've been conditioned for so long to "trade the trend" that when something appears to contradict that thinking, I have a hard time seeing the logic or rational behind it.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 VinceVirgil 
Toronto, Canada
 
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PandaWarrior View Post
The teacher was profitable. He was a straight scalper using MP and I think a volume or tick chart. I can't really remember. I gave up when I could see a well defined intra day trend move in the direction of the extreme IB levels. He would limit order those levels and simply wait for price to get there. Some days he got filled and others he didn't. On the days he got filled, he sometimes got stopped out. Small stops to be sure because he was at the extremes but he also got ran over sometimes and slippage on his stops would be more than he was bargained for. On the days he got filled and made a profit, I can only remember on day where he held a trade further than 5 ticks on ES. That day he got like 40 ticks.....it was a pretty trendy day he happened to get lucky on I think.

On the other hand, I could see "signals" to follow a trend that ended up at his IB levels and a trader could be out of the trade by the time he was in it. I just couldn't see the logic.... Perhaps it was the teacher.

I've read Mind Over Markets twice. I get what he's talking about and I find the MP chart to be beneficial on the 30M chart for overall larger picture type stuff. I know Jim talked about trend days, rotation days, etc and how to identify them on the MP chart and how to take advantage of them. So far, I've not seen anyone make a good case for trend days on MP. Rotation days make a ton of sense from an auction market theory but these last two days seem to perform outside the auction theory at least in the smaller time frames.

Secondly, I agree with your support areas. I had them drawn as well and I even took a trade late in the day off one of those areas.....However, those areas look more like break down trend continuation areas than places to buy against the trend to me....I saw a HH/HL combination only once........however, if you made money, who cares what it looks like.... someone once said, do you want to be right or do you want to make money? In the end, who cares how it ended up in the account, only that its there.

I think I've been conditioned for so long to "trade the trend" that when something appears to contradict that thinking, I have a hard time seeing the logic or rational behind it.


As Friday unfolded, I kept trading cause it was working.

Price was respecting the level at the support level later in the day, so i kept taking my swings.

The only reason I thought they wouldnt breakdown and further was because of the distance price already migtraed, and buying volum kept coming in to restrain price from migrating lower.

Now, as of tonight, there is a large gap dow, essentially the 4th day in row. I am going to keep a real tight eye on levels tommorrow.

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 VinceVirgil 
Toronto, Canada
 
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Large gap down and huge overnight selloff, at least for the overnight sessions. Continuation of Friday? Are we going to test the lows of this year? Where is the bottom?

i have to admit, that much of my analysis is really out the window, because the last few days really dont conform to anything I have traded in the CL. Black September 1986...( I wasnt around in investments back then, but I read about it) All that merger aquisition collapse...Michael Milken, junk Bond Financing and the insider trader stuff with Ivan Boskey, and the RJR Nabisco merger with KKR, Ted Forstman, Greenmail...blah blah.

Well, i think oil isnt going to 0...or even 50 anytime soon. The world runs on oil...30% of our daily living expendetures are directly tied to the price of pertroleum. (I had a introductory seminar that I gave to prospective clients where I used that line...Surviving in Todays Economy)

Anyway...I took 8 trades. First 2 failed...a long and a short. -30 on those 2. If my 3rd one failed, i was going to call it a day and wait till tommorrow.

it didnt, and I survived to trade again.

8 trades, the later session trades off a S/R level that I viewed as 96.90 - 97.50.

-15-15+16+47+27+9-12+14= +71

No chart marked with entries today. I had it drawn, but I erased the thing after I had it all ready to go...hit the wrong icon, and poof. I wasnt about to redraw the thig from scratch. Not the first time it has happenned, just didnt feel like redoing it today.

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 VinceVirgil 
Toronto, Canada
 
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PandaWarrior View Post
The teacher was profitable. He was a straight scalper using MP and I think a volume or tick chart. I can't really remember. I gave up when I could see a well defined intra day trend move in the direction of the extreme IB levels. He would limit order those levels and simply wait for price to get there. Some days he got filled and others he didn't. On the days he got filled, he sometimes got stopped out. Small stops to be sure because he was at the extremes but he also got ran over sometimes and slippage on his stops would be more than he was bargained for. On the days he got filled and made a profit, I can only remember on day where he held a trade further than 5 ticks on ES. That day he got like 40 ticks.....it was a pretty trendy day he happened to get lucky on I think.

On the other hand, I could see "signals" to follow a trend that ended up at his IB levels and a trader could be out of the trade by the time he was in it. I just couldn't see the logic.... Perhaps it was the teacher.

I've read Mind Over Markets twice. I get what he's talking about and I find the MP chart to be beneficial on the 30M chart for overall larger picture type stuff. I know Jim talked about trend days, rotation days, etc and how to identify them on the MP chart and how to take advantage of them. So far, I've not seen anyone make a good case for trend days on MP. Rotation days make a ton of sense from an auction market theory but these last two days seem to perform outside the auction theory at least in the smaller time frames.

Secondly, I agree with your support areas. I had them drawn as well and I even took a trade late in the day off one of those areas.....However, those areas look more like break down trend continuation areas than places to buy against the trend to me....I saw a HH/HL combination only once........however, if you made money, who cares what it looks like.... someone once said, do you want to be right or do you want to make money? In the end, who cares how it ended up in the account, only that its there.

I think I've been conditioned for so long to "trade the trend" that when something appears to contradict that thinking, I have a hard time seeing the logic or rational behind it.

It comes down to what you are comfortable. I can only speak for myself, and I have a short record in trading the CL. I know what I would like to do. Take only the trades that are successfull. I beleive fewer trades is better, and I think back a few months ago where I would be trading like mad...20 to 30 trades a day, which, when I look back, is laughable. not that there are those that are successfull trading that way, but for me, it just wasnt comfortable.

Now I feel much more comfortable, only because Market Profile has helped me to see the market in a clearer way. It has me focus on my risk ratio in a salient way, and has helped me recognise over all market structure and to pay closer attention to areas of suppoort and resistance. Seems to be working...

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 Private Banker 
La Jolla, CA
 
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VinceVirgil View Post
Large gap down and huge overnight selloff, at least for the overnight sessions. Continuation of Friday? Are we going to test the lows of this year? Where is the bottom?

i have to admit, that much of my analysis is really out the window, because the last few days really dont conform to anything I have traded in the CL. Black September 1986...( I wasnt around in investments back then, but I read about it) All theat merger aquisition collapse...Michael Milken, junk Bond Financing and the insider trader stuff with Ivan Boskey, and the RJR Nabisco merger with KKR, Ted Forstman, Greenmail...blah blah.

Well, i think oil isnt going to 0...or even 50 anytime soon. The world runs on oil...30% of ouredaily living expendetures are directly tied to the price of pertroleum. (I had a introductory seminar that I gave to prospective clients where I used that line...Surviving in Todays Economy)

Anyway...I took 9 trades. First 2 failed...a long and a short. -30 on those 2. If my 3rd one failed, i was going to call it aday and wait till tommorrow.

it didnt, and I survived to trade again.

8 trades, the later session trades off a S/R level that I viewed as 96.90 - 97.50.

-15-15+16+47+27+9-12+14= +71

No chart marked with entries today. I had it drawn, but I erased teh thing after I had it all ready to go...hit the wrong icon, and poof. I wasnt about to redraw the thig from scratch. Not the first time it has happenned, just didnt feel like redoing it today.

VV,

Does that TPO allow you to adjust the font size? Just curious. Also, if you ever wanted to only look at the TPO's (without the 30 minute bars), try and change the bar setting to "Line on Close" and just color it "White" to blend into the background. Maybe you have a feature on that indicator to hide the bars already but just a thought.

Great trading today!

PB

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 VinceVirgil 
Toronto, Canada
 
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Private Banker View Post
VV,

Does that TPO allow you to adjust the font size? Just curious. Also, if you ever wanted to only look at the TPO's (without the 30 minute bars), try and change the bar setting to "Line on Close" and just color it "White" to blend into the background. Maybe you have a feature on that indicator to hide the bars already but just a thought.

Great trading today!

PB

Oh yes, it allows font size adjustment

It has way more features than I can wrap my head around. I can increase font size as well, but with the large moves and wide range of the last 2 days I couldnt get many days on my monitors...24 inches x 3.

lol...one step at a time...I was high fiving myself after I got it to work. Now I dont have to plot the TPO on graph paper.

Thanks for the suggestion on the line on close and whiting it out....that will work.

Its very cool, and I cant say enough about it. Customer service has been great to get me going.

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 PandaWarrior 
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Not sure if you saw this or how much you might be paying for the Rancho Dinero thing but I know this guy has been around for a long time and it seems reasonable...his TPO product is a one time fee and the volume ladder is monthly....

Final - Products

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 VinceVirgil 
Toronto, Canada
 
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PandaWarrior View Post
Not sure if you saw this or how much you might be paying for the Rancho Dinero thing but I know this guy has been around for a long time and it seems reasonable...his TPO product is a one time fee and the volume ladder is monthly....

Final - Products

I got it on a deal because i signed up for a webinar through Ninja Trader. I looked into them based on their recomendation, and the webinar had the programmer showing varioous features. Its a little bit more, but includes lifetime updates as well as support for members.

Its around the same price, give or take.

Thanks for the suggestion. I appreciate it.

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 Big Mike 
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I would appreciate it if you would start a thread in the Vendor Reviews section to discuss Rancho Dinero / Acme. I see their name more and more, so a good review thread would be beneficial to many.

Mike

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 VinceVirgil 
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Big Mike View Post
I would appreciate it if you would start a thread in the Vendor Reviews section to discuss Rancho Dinero / Acme. I see their name more and more, so a good review thread would be beneficial to many.

Mike

Be happy to start a thred and relate my personal experince with how i came to use them.

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 VinceVirgil 
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Going off the reservation for a few days, as I have a few business issues to take care of the other job I have) as well as some platform, trading integration challenges.

In addition, I have a few home renos that are happening close to my home office, and the workman are going to be stomping around outside my door, as well as various construction issues., which will be distracting. Not condusive to focused concentration.. But its only 2 day job...stating today...as we speak.

I also have a couple of meetings with a lawyer over my Aunts estate. I may have mentioed it some time ago. Well, now the mouthpieces are getting involved. Should be interesting at 300 and hour.Its not competing relatives, but rather family needing infoemation from the Public Guardian and Trustee, as my Aunts has been declared incompetent to manage her own affairs. She is 74, and she is now in a home. Well, her estate is worth close to 2 MM, and she has no spouse or children, just my mother. And my brothers and I. If nothing is done, the state could potentially wind up with the money. Anyway, its a barrel of laughs to deal with.

I will be in touch...will check in, but likely wont be trading again till Thursday...

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 VinceVirgil 
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Private Banker View Post
VV,

Does that TPO allow you to adjust the font size? Just curious. Also, if you ever wanted to only look at the TPO's (without the 30 minute bars), try and change the bar setting to "Line on Close" and just color it "White" to blend into the background. Maybe you have a feature on that indicator to hide the bars already but just a thought.

Great trading today!

PB

Here are the prints from today and yesterday, without the bars...

Almost makes me look like I know what I am doing.

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 VinceVirgil 
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Had a couple days off from trading as I had some guys fixing my house. I can do most of the work, but it takes me 3 times as long, and I spend all the time and mileage back and forth to Home Depot... Hire the pros...its easier, I can help a bit if I want, and I get to tell them what to do. For an egomaniac, its the perfect arrangement.

Doing a few other things as well. Really liking the Rancho Dinero Suite, it looks cool. Not using volume for entries, yet. relying on a moomnetun chart for some of that, but my entry are off the 5 min. Same old same old. Over these last few months I have been adding enhancements to my strategy as I gain experience.

Been trading off the DOM in Ninja Trader, as opposed to off the chart. By doing so, I can calculate my risk in a trade better, and as such, adjust my stops on the fly, based on the risk in the trade. At least, thats the theory. My mental math skills need some honing.

Also, I am determined to trade less. Less than 5 trades. thagts the plan. Also, I have revised my SL strategy, and added another rule to deal with big wins. I have had a couple of major tick runners over the last couple weeks, and immediatley afterward, I fell a little unsettled. turns out, this is quite normal. Must be the adrenaline rush. anyway, if I sep away for a few minutes, it should help me to reframe and refocus.

So 4 trades today.

First trade was a loss, but I stepped back in, at the same price, and it turned out to be the trade of the day.

Next trade I had working to gain 15 ticks, and the last trade, near the HOD popped for another 15 ticks. Considered a short from there, but decided against it because of the thin volume. Sure is a lot different day than last Friday.

Gonna hit the driving range this afternoon. I need to get my game in shape for golf season.

-13+45+15+15=+62

Monday 71
Tuesday No trades
Wednesday "
Thursday "
Friday 62
-----------------------
Total 133
==============

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 VinceVirgil 
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Article from the Saturday Ticket


Visualization: How Closing Your Eyes Could Make You A Better Athlete



Bubba Watson won this year's Masters on the strength of a 155-foot gap wedge shot, hit out of the pine straw, that hooked 40 yards to land on the green he couldn't even see.

It was one of the most spectacular shots ever made at Augusta. It was a shot that seemed to defy all physical logic. But to Watson, who has never had a golf lesson in his life, it made perfect sense. Prior to stepping up to make his shot, he visualized the outcome. Exactly.

"I just got into the trees, saw a crazy shot in my head, and now I'm wearing the Green Jacket," Watson said afterwards.

Sheesh, if only it was that easy for the rest of us.

Truth is, Watson is among a growing number of athletes who use visualization and imagery to create successful outcomes. Amateur and professional athletes alike are embracing the latest developments in scientific research to feel better about themselves, to improve their confidence, which in turn enhances their performance.

The use of visualization is particularly prominent in sports such as golf and tennis, as well as individual Olympic sports such as gymnastics and track and field. Jack Nicklaus, who has won more than 100 PGA tournaments, admits he has never hit a shot - not even in practice - without first visualizing its outcome. Tiger Woods, legendary for his mechanical approach to his swing, has long embraced visualization. Michael Jordan and Michael Phelps are other athletes who have spoken openly about the benefits of visualization.

Visualization at its most basic level is a learned technique where a person closes their eyes and actually imagines themselves succeeding in a particular situation. Essentially, they are watching themselves from afar. An athlete, for a example, might picture watching their performance on television. Imagery, by comparison, is an extension of visualization where an individual imagines a successful outcome from their own point of view using all five senses. The more detail they incorporate, the greater their chance of being successful. A golfer, for instance, would imagine not only making a great shot, but the euphoric feeling of walking up the green as the crowd cheers enthusiastically.

"The use of visualization and imagery does not guarantee success, but it guarantees the chance to be successful" said Dr. Paul Dennis, one of Canada's most renowned sports psychologists."If an athlete is struggling mentally, if they've lost confidence and are not feeling good about themselves, then they have no chance."

Dennis has been teaching visualization and imagery techniques to amateur and professional athletes for more than two decades. He spent 20 years as the player development coach with the Toronto Maple Leafs where he worked closely with players to help them reach their potential. Dennis has also worked with Canada's World Junior Hockey team to help young players deal with the incredible pressure of performing on such a large scale. He now teaches sports psychology at the University of Toronto where he researches the latest advancements in the field.

"I train athletes to use visualization and imagery, but ultimately it comes down to what an athlete needs at a particular time," said Dennis. "As an example, when I worked for the Leafs, I worked with players based on their unique roles on the team. Some players found value in imaging the finer points of a game, such as winning a faceoff, or picking up their man in the neutral zone, while other players imaged themselves breaking down the right wing and beating a goalie with a slap shot in the top corner," he said.

"The idea was to create an expectation of success in their mind based on them experiencing the emotions associated with success."

Mike Cammalleri, now with the Calgary Flames, is famous for his use of visualization and imagery. During the Montreal Canadiens 'playoff run in 2010, television cameras caught Cammalleri sitting on the players bench a couple of hours before a game, his eyes closed and head moving from side to side. He scored a two goals in that game and later revealed he was imaging his success. Cammalleri scored 13 goals in 19 games that Spring.

Amazingly, research has found that the brain uses the exact same process during visualization and imagery as it does performing a particular task. There is absolutely no difference in brain function when visualizing success as there is in achieving it.

Virtually all Olympic athletes now incorporate some form of visualization into their training routine. Peter Vidmar and Tim Daggett, American gymnasts, were among the first to realize success using it. For years, they ended their workouts by imaging a perfect routine, actually hearing the roar of the crowd and the sound of the American anthem as they stood on the gold medal podium, next to the Chinese team, who were heavily favoured to win gold. During the 1984 Olympics, the exact scene played itself out as the American team won the gold medal in front of an appreciative home crowd.

In professional sports, athletes are way ahead of the curve when it comes to using psychology to their advantage than coaches. Most coaches are still old school, clinging to the idea that their players are well-oiled robotic machines. They don't exactly reject advances in sports psychology, but they are so concerned with X's and O's that often neglect a player's psychological needs, leaving it to player development coaches like Dennis.

In professional hockey, only a handful of coaches are on the cutting edge of sports psychology. Tampa Bay coach Guy Boucher is one of them, as is Nashville's Barry Trotz and Dallas Eakins, who coaches the AHL's Toronto Marlies.

But with so many players turning to sports psychologists for an extra edge, it's only a matter of time before coaches and general managers alter their motivational approach. After all, if a southerner named Bubba can win the Masters because he saw himself making an improbable shot, then perhaps there really is something to visualization stuff.




I spoke about Bubba a few weeks ago right after the Masters about this very shot.

Interesting how this very technique could be very effective in trading.

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 VinceVirgil 
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TPO form this past week from my indicators.

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 Rad4633 
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VinceVirgil View Post
TPO form this past week from my indicators.

Nice trading this week, are you still liking Rancho Dindero stuff?

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 VinceVirgil 
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Rad4633 View Post
Nice trading this week, are you still liking Rancho Dindero stuff?

Yes, I find it very helpful for helping me plan my trades and help me to look for areas where I think I can can do buiness.

Where Market Profile is most helpful to me is in daily trade planning. Helps me to answer the 2 questions.

Where is the market going and how good a job is it doing getting there.

Virtually every technique wants answers to those same 2 questions, but if I have a plan, then I can go about executing that plane and not worry about each individual trade, but focus on the big picture.

Anyway, its working for me so far, so good. Rancho Dinero has been a tremendous time saver. I am a beleiver.

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 TrendTraderBH 
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VV,

Are you trading live or SIM or both?

Thanks!

 
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 VinceVirgil 
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Made a bit of a mistake today...re: overtraded.

I should have quit, but I was working on a theory, and i am using a new platform, so I am trading 2 contracts to get the hang of it. It is the CTS T4 order entry platform, but the order flow is better visually. Therfore, I have to alter my reporting stats, as they are diffrent from how they are recorded in Ninja Trader. Still will continue to use Ninja Trader for charting and for market Studies with the Rancho Dinero. I am liking it and it has some very cool templates.

9 trades today

+13-7+15+16+26-13+11-13+20=+68

The last 4 trades got 5 x 2 ticks, and cost 40 bucks in commissions. (5x4x2) All that noodling for net 60 bucks.

I was long off 94.00 to 94.25 all day after the gap down from Friday and the overnight.

Might get a gap fill tommorrow. And we have news early.

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 VinceVirgil 
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TrendTraderBH View Post
VV,

Are you trading live or SIM or both?

Thanks!

Hi TrendtraderBH,

My answer is yes, I am. I know, that it is ambiguous. Allow me to explain. This same question has been posed before on my journal some time ago.

I am a Canadian resident. I also am a investment advisor and stockbroker. Also, I have been a Branch manager ( not presently) on the investment side, and was responsible for compliance of the brokers under my direct supervision (it was only 8 brokers, small office).

I handle investments for cliients on the retail side, and all the futures trading i do is for my personal account. Securities regulations state that i cannot maintain any OBA (outside business interests) that are not reported to my carrying broker. i am in compliance with those regulations. My futures trading accounts are in the US, and therefore are personal in a foreign country and are not under the jurisdiction of Canadian securities laws. Of course, all income from those accounts is reportable as taxable foreign investment income.

I have a book of business that I manage for clients on a non discretionary basis. mostly this consists of bonds, stocks, mutual funds, and other wealth management instruments. most of these investments are of the buy and hold variety, generating dividend, interest and capital gains. Are you aware of the ROI of these types of instruments over the last 4 years? As one fellow trader put it, how owuld my clients feel if they knew my personal futures account is very profitable and their accounts a re BE after 8 years, yet they are restricted form investments like futures because they do not understand the risks involved?

The majority of my business life is involvement in the investment business. Thats how i make my living. Buying and selling invstments has paid for everything i have. All my personnal trades on any stock exchange in my canadian accounts must be marked PRO trades. And they are reviewed by compliance. Been doing it for almost 18 years. Its really the only real job I have ever had. Well, thats not entirely true, but it is certainly the longest. And, I am pretty good at it. Not the very best, but far from the bottom of the ladder. But, I have doen it so long, its gotten kinda stale for me. The compliance issues are a hassle. Thats one of the reasons I was attracted to futures trading in the first place. I have been rejuvenated, reinvigorated. It rekindled in me the reasons I got into the investment buisness in the first place. But, my job pays well, and i make my own hours, basically. i have an assistant that takes care of the day to day administation stuff. Books client appointemnts mostly in the afternoon. And it pays 6 figures. Low 6. used to be mid 6.

Futures trading is new to me, but the concepts of futures trading and active investment management are the same. i was familiar with much of it when i started. I have taken numerous courses for my liscencing. Branch Managers course, Register Representative which included options, continuing education and compliance.

I have been trading live almost my entire working life. More client money than my own, but real dollars.

I would like to make the jump to full time trading only at some point, but its a big step. Not right now. I have clients that I am truly fond of, they are friends, and have been with me for a long time. My first priority is insuring that my best clients are in the proper hands. I cant just walk away yet. I have an obligation toward them.

And it means I have to be in a position to replace my current manament salary/commission/bonus income with trading income, and then its all on me, and i have to be properly capitalized to do that. And once I do that, I no longer need my assistant, who has worked for me for 15 years. There is really no going back for me. For now, its working OK. When it dosn't I will do something about it then.

Now, if I can only figure out a way to start a Canadian hedge fund and fly under the radar...


VV

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 TrendTraderBH 
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Hi VV,

Thanks for taking time to answer. I totally understand if you can't specifically answer the question if it could cause trouble with the regulator.

The question was more posed as to whether the trading results you are reporting daily are SIM trades or LIVE trades.

Reason being I found that my results for SIM are better compared to LIVE no matter how carefully close to LIVE I try to trade SIM.

Your daily results are really impressive so that's why I asked the question.

Thanks again for your journal and wishing you continued success in your trading!

 
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 VinceVirgil 
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No trading today, as I had to be in the office early for a branch audit.

We have that every 18 months or so. The compliance guys come up from head office, ask for a few client files, randomly, and go through them. Have to answer questions about my practice. About pro accounts, leverage, products reccommended, professional affiliations, and directorships or officer positions in corporations, either private or public.

Most reps hate them, for obvious reasons. You dont want the security regulators knocking on your door looking for evidence.

At least they took me out for lunch.

Funny story. Met some clients this afternoon, and they are terrific people. He was wondering about this one account, and why it seemed to be down significantly.

I asked him what he thought it was worth...he said about 457K. I dont know how he added up his statements, but its actually worth 750K.

The funny part is that he has been wondering about this for weeks, and he never thought to call me and ask me about it when he first noticed it. He isnt a financial guy, but, thats a lot of doe. For anyone.

If you had a discrepancy of close to 300k, would you not call your advisor ASAP and ask what gives? I told him if this ever happens again, call me. If any account is down that much from one quster to the next, you will know something is up because i will be calling you. And look outside, because the sky is falling.

Back at it tommorrow morning. Trading, that is...

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 VinceVirgil 
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Tough day today trading. Traded a few shots with crude today, was flat going nto the news, and when things werent happening I shut it down.

5 trades.

15-15+15+16+15 = +46

The trade that was +16 was 1 tick slippage in my favour, otherwize that would have been 15 too.

Guess where my stop loss was today? And my target?

I start out trades at 1:2 risk, with my first target at 1:1. Trade risk on my account is 1-2%. And thats at the high end. Average is less than 1 percent on any particular trade. With 15 ticks stop, on 2 lots, my target is 30, 1 lot at 15, then tighten the 2nd lot to 15. This is on tight range days that I expect this. Like after a big move in price or overnight, and I expect some balance or consolidation. Or an a news day, or on Fridays.

If it appears price has solid support or resistance, my 2nd lot will go to BE and will traill around 15 ticks, moving up at areas of support or down fom areas of resistance.

That means to have a 15 tick stop loss on any particular trade, for 1% risk, account must be 15000.00. for 2 cars, 30,000, and so on. 1 additional contract for every 15000.00.

Using the CTS T4 platform for trading now. I wanted a few more features for trade management and more detail in order flow. There is a learning curve, so I am trading smaller size. Going slow to learn it well...

Ninja Trader i use for charting with the Rancho Dinero suite.

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 Big Mike 
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VinceVirgil View Post
Using the CTS T4 platform for trading now. I wanted a few more features for trade management and more detail in order flow.

I would be interested in any videos showing the T4 execution side.

Mike

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 VinceVirgil 
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Big Mike View Post
I would be interested in any videos showing the T4 execution side.

Mike


Lots of stuff available for execution, SL, trailing stops, market orders, lot sizes and the like.

Here's a link for all the videos from CTS. I have seen them all, and gone through them a number of times. also has a link for a 30 days demo to try it out in simulated trading.

CTS | Cunningham Trading Systems

vincevirgil

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 VinceVirgil 
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It was a tight rangy day today, and the really the big move of the day came before the open.

The context is....inventory number was higher than expected yesterday, China might be slowing, Europe is on the ropes still, and who knows what else.

Thats all points to crude balanceing at these levels or even selling off more. 1 more bad piece of news could send it down...

Quantitative...its down a lot....from may from May 4 is down 1300 ticks.

So, not an easy day...again.

4 trades

I was thinking longs, but by the end of the day, it wqa evident it was another inside day.

+30-13+15+37=+69

Last trade is of particular interest. I took that trade because I felt that it was just volume rush, and that there wws no real sutainabilty to it. Took and early long, on momentum with my stop loss of 15 ticks below the support/resistance of around 8:00 EST.

It was an early entry, a buy as the bear bar was pulling back. I felt the spike in bear volume was unsustainable, given price was stagnent for some time. I take this trade with some regularity, and it seems to work well.

What it really sets up like is generally its a tight range, often with longer bear tails (for a long) or longer bull wicks. The wicks are an indication of rejection of price. Brooks calls it a bull or bear spike, and he trades it for a scalp. For the CL, on a trend day, it can be a swing, countertrend or major reversal signa;l I look to take these at areas of support or resistance, generally will be at high value or low value areas. Its really a 5 minute candlestick take on absorbtion of price and rejection of price.

It really is trying to decide where does price want to go and how good of a job is it doimg to get there?

An indication is volume. But you have to make the decision very quickly, and the only way i can do that is have a limit order in at the price i want. For my trades, i place the order and wait for price to come to me. Its like having you foot hovering over the brake of your car coming to an uncontrolled intersection. If there is a problem, i can hit the brake a split second faster. Thats why I want to see the order flow on the DOM. You can only see the volume of trades on teh 5 minute after the bar closes. then, it is likely too late to get out if it goes bad.

I honed this skill as a snipe buyer on Ebay auctions. Got a pair of 600 dollar CCM skates for 125 dollars less than 5 seconds before the auction closed.

Anyway, thats what i did today.

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 VinceVirgil 
Toronto, Canada
 
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No commentary. long weekend in canada so i am heading out early.

6 trades...2 full stops

1BE

+33 ticks

+126 for the week

Missed 1 day because of a branch audit at my firm.

Was avery long difficult week. looking for the weekend to relax.

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  #353 (permalink)
 PandaWarrior 
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VinceVirgil View Post
It was a tight rangy day today, and the really the big move of the day came before the open.

The context is....inventory number was higher than expected yesterday, China might be slowing, Europe is on the ropes still, and who knows what else.

Thats all points to crude balanceing at these levels or even selling off more. 1 more bad piece of news could send it down...

Quantitative...its down a lot....from may from May 4 is down 1300 ticks.

So, not an easy day...again.

4 trades

I was thinking longs, but by the end of the day, it wqa evident it was another inside day.

+30-13+15+37=+69

Last trade is of particular interest. I took that trade because I felt that it was just volume rush, and that there wws no real sutainabilty to it. Took and early long, on momentum with my stop loss of 15 ticks below the support/resistance of around 8:00 EST.

It was an early entry, a buy as the bear bar was pulling back. I felt the spike in bear volume was unsustainable, given price was stagnent for some time. I take this trade with some regularity, and it seems to work well.

What it really sets up like is generally its a tight range, often with longer bear tails (for a long) or longer bull wicks. The wicks are an indication of rejection of price. Brooks calls it a bull or bear spike, and he trades it for a scalp. For the CL, on a trend day, it can be a swing, countertrend or major reversal signa;l I look to take these at areas of support or resistance, generally will be at high value or low value areas. Its really a 5 minute candlestick take on absorbtion of price and rejection of price.

It really is trying to decide where does price want to go and how good of a job is it doimg to get there?

An indication is volume. But you have to make the decision very quickly, and the only way i can do that is have a limit order in at the price i want. For my trades, i place the order and wait for price to come to me. Its like having you foot hovering over the brake of your car coming to an uncontrolled intersection. If there is a problem, i can hit the brake a split second faster. Thats why I want to see the order flow on the DOM. You can only see the volume of trades on teh 5 minute after the bar closes. then, it is likely too late to get out if it goes bad.

I honed this skill as a snipe buyer on Ebay auctions. Got a pair of 600 dollar CCM skates for 125 dollars less than 5 seconds before the auction closed.

Anyway, thats what i did today.

on your volume indicator, set the calculate on bar close to false and you can see the volume forming as the bar is forming....that might help you a bit.

Simplicity is the ultimate sophistication, Leonardo da Vinci


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  #354 (permalink)
 PandaWarrior 
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VinceVirgil View Post
No commentary. long weekend in canada so i am heading out early.

6 trades...2 full stops

1BE

+33 ticks

+126 for the week

Missed 1 day because of a branch audit at my firm.

Was avery long difficult week. looking for the weekend to relax.

Last few charts it looks like you've been fighting the trend. All longs on a down trending day. Am I missing something here?

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  #355 (permalink)
 VinceVirgil 
Toronto, Canada
 
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Yes, it looks like it on the 5 minute. I do certainly have a long bias, only because of the major selloff in CL.

Anything below 100 dollars a barrel means shut in time for oil companies, or should I say, oil exploration companies.

Finding and development costs are around 75 bucks a barrel. Anything below 90, for any extended period means companies start to cut back.

102-105 is prime real estate when it come to oil company revenue.

Anyway, I beleive we are close to a turnaround in price. I get the sense its that 1 piece of news. S and P is at historical lows on the PE multiple. Right now, I beleive its thre Greece situation that is causing all markets to depress. No big news there.

Thats why my context is higher oil price. I am bottom fishing...

Intraday, I beleive we are in for a big move to the upside. Today, the july contract may have affected it a bit. The last couple sessions the overnight was pretty tight to the previous day close on the RTH. that wasnt the case earlier in the week.

On the TPO, I was looking for longs around 92.00. I wasnt around for teh price breakdown at At 2:00pm. I had shut it down and was out by then.

Thats what I think now...come Sunday night, this could all change... I may get a little tied of tredding water. I have to admit, there were a couple of moments wthis week where ai felt i was the only person holding prices up! Not a healthy feeling to have, i assure you.

Anyway, that was my reasoning and my homework.

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 PandaWarrior 
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Yes, it looks like it on the 5 minute. I do certainly have a long bias, only because of the major selloff in CL.

Anything below 100 dollars a barrel means shut in time for oil companies, or should I say, oil exploration companies.

Finding and development costs are around 75 bucks a barrel. Anything below 90, for any extended period means companies start to cut back.

102-105 is prime real estate when it come to oil company revenue.

Anyway, I beleive we are close to a turnaround in price. I get the sense its that 1 piece of news. S and P is at historical lows on the PE multiple. Right now, I beleive its thre Greece situation that is causing all markets to depress. No big news there.

Thats why my context is higher oil price. I am bottom fishing...

Intraday, I beleive we are in for a big move to the upside. Today, the july contract may have affected it a bit. The last couple sessions the overnight was pretty tight to the previous day close on the RTH. that wasnt the case earlier in the week.

On the TPO, I was looking for longs around 92.00. I wasnt around for teh price breakdown at At 2:00pm. I had shut it down and was out by then.

Thats what I think now...come Sunday night, this could all change... I may get a little tied of tredding water. I have to admit, there were a couple of moments wthis week where ai felt i was the only person holding prices up! Not a healthy feeling to have, i assure you.

Anyway, that was my reasoning and my homework.

I had a case of the shorts on the euro a year and a half ago. I could not seem to trade long because of my macro view the euro was about to collapse. Guess what??? Turns out we are not global macro traders. We are indeed intra day traders and therefore we don't give a crap about what the macro picture is doing at this very moment.

I happen to agree with your views on oil. They're dead on. I too have a long bias from this area but like my euro experience from a year and a half ago, its real easy to be right about the global picture and be dead wrong about the 5M chart in front of me.

Forgive me for being direct here but don't fight the trend, its bad for your mental health. Put your macro views aside and trade the chart in front of you. Don't be long until the market is long. Stop trying to pick bottoms on the macro level here. As my friend @Zondor says, the only thing bottom pickers get are smelly fingers. Right now the market is short and I think its short to around 85-88 and then a rebound.....but look at the daily chart, all the support levels got smashed. And we're close to smashing a couple more. IF we get a reversal signal on the daily chart, then maybe you can afford to have a long bias but in all reality, a bias for a short term trader like us is a death sentence. Trade the chart and let the big boys decide the macro stuff.

Sorry to come on so strong but someone else chewed on me for having a short bias in a long market....it really helped me. I still have a bias sometimes but its a rare thing now.

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  #357 (permalink)
 VinceVirgil 
Toronto, Canada
 
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PandaWarrior View Post
I had a case of the shorts on the euro a year and a half ago. I could not seem to trade long because of my macro view the euro was about to collapse. Guess what??? Turns out we are not global macro traders. We are indeed intra day traders and therefore we don't give a crap about what the macro picture is doing at this very moment.

I happen to agree with your views on oil. They're dead on. I too have a long bias from this area but like my euro experience from a year and a half ago, its real easy to be right about the global picture and be dead wrong about the 5M chart in front of me.

Forgive me for being direct here but don't fight the trend, its bad for your mental health. Put your macro views aside and trade the chart in front of you. Don't be long until the market is long. Stop trying to pick bottoms on the macro level here. As my friend @Zondor says, the only thing bottom pickers get are smelly fingers. Right now the market is short and I think its short to around 85-88 and then a rebound.....but look at the daily chart, all the support levels got smashed. And we're close to smashing a couple more. IF we get a reversal signal on the daily chart, then maybe you can afford to have a long bias but in all reality, a bias for a short term trader like us is a death sentence. Trade the chart and let the big boys decide the macro stuff.

Sorry to come on so strong but someone else chewed on me for having a short bias in a long market....it really helped me. I still have a bias sometimes but its a rare thing now.

You make some very good points.

I want to keep the areas of interest in mind, but I want to be flexible to change.

I trade each day with a plan, and then i look for corroberation of that plan. Pretty simple stuff really, but I figure a bad plan is better than no plan at all.

I try to trade what i see, and i am willing to adapt if the structure warrants. But when? My wealth management background...predict something long enough, it will happen.

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  #358 (permalink)
 VinceVirgil 
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havnt posted in the last 5 days.

Still here, havnt gone anywhere, however, i have had to take care of a number of personal as well as professional issues that arose at the office.

I have many things to do, and seemingly, not enough time in the the day to attend to them all adequately.

Have been some fireworks at the office. A coworker was unceremoniously discharged, and there are closed mouths all around the office from mangement and HO, and of course, many speculative senarios as to why he was terminated.Will find out soon enough. investigations are never conducted in a complete cone of silence. Something always gets out...

My assistant is out witht he flu. A few weeks back, she had pnuemonia, and now, she has flu like symptoms. I depend on her for the day to day admin, therefore, when she is out, I have to step in and share the administration. A few days is OK, it just that it is a major disruption when it is unexpected.

I am trying this combine trading thing at Top Step Trader. Its a competition, in that Top Step is looking for traders for their equity partners. There is a certain criteria (rules) thata trader has to follow in order to "qualify" for funding or going live with their clients money. I thought, how hard can it be? It was liek an amature golf tournement for traders. Kind of a competition. I like contests.

Turns out...very hard... Trading within the parameters of a new set of rules, cold turkey, is very difficult. One needs to practice with the rules in order to make them part of ones trading regime (no surprize there) Trying to do this right out of the box is challenging to say the least.

Mucho stress...a definate disadvantage in trading. Anyway, i wasnt successful. Which comes as a shook. I thought this was going to be a piece of cake. No chance. I still have a couple of days left, but there is no way i can make the parameters. It isnt about making positive returns. ( of course, you have to be positive) there is a list of other criteria, which is totally logical. I am just unfamiliar with these metrics, and to follow them simultaneeously withing my personal trading rules is overwhelming. Not that they are bad rules. they arent. In fact, they are good. just that, they arent mine, yet. In thinking this over, the only way i could have a chance at success is incorporate them into my own trading rulles, slowly...1 at a time, untill they are part of my strtegy. This will take time. Which I may do. i think i can learn a lot from the exersize.

Tommorrow the markets are closed. Lots to do today, so I may take an early weekend. US holiday, but that means Canadian market will move at a snails pace...

Thats it for now...hopefully things will be back to normal next week.

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  #359 (permalink)
 bijeremiad 
San Francisco, CA
 
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Interesting competition. I was looking at the scouting rules. Are those the ones you were referring to?

* Trade only products permitted to trade (you trade CL, so ok)
* Do not hold a position into the electronic close of the product trading (you do this)
* Trade all 10 days of the Combine (you trade daily, no problem)
* Always use stops with an open position (I assume you do this)
* Do not hit or exceed the daily loss limit ($1,000 is the default, depending on the # of cars, that is 7 full stops for you.)
Additionally, each product traded during the Combine must meet at least TWO of the performance requirements listed below AND have a trading average greater than zero ($0):
* Overall Average Win greater than Overall Average Loss (you do this)
* Overall Average Win Duration greater than Overall Average Loss Duration (don't know your timing, but just cutting losers or getting stopped out quickly will do.
* Total Win % greater than 45 (you do this too)

Seems like your system would fit like a glove in these parameters. Which ones did you find most difficult?

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  #360 (permalink)
 VinceVirgil 
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bijeremiad View Post
Interesting competition. I was looking at the scouting rules. Are those the ones you were referring to?

* Trade only products permitted to trade (you trade CL, so ok)
* Do not hold a position into the electronic close of the product trading (you do this)
* Trade all 10 days of the Combine (you trade daily, no problem)
* Always use stops with an open position (I assume you do this)
* Do not hit or exceed the daily loss limit ($1,000 is the default, depending on the # of cars, that is 7 full stops for you.)
Additionally, each product traded during the Combine must meet at least TWO of the performance requirements listed below AND have a trading average greater than zero ($0):
* Overall Average Win greater than Overall Average Loss (you do this)
* Overall Average Win Duration greater than Overall Average Loss Duration (don't know your timing, but just cutting losers or getting stopped out quickly will do.
* Total Win % greater than 45 (you do this too)

Seems like your system would fit like a glove in these parameters. Which ones did you find most difficult?

Yes...thats the one..

Where to begin. The rules themselves are not the real problem. the trouble, I found, is to encorporate them into my trading so as to hit the numbers.

I found it was like the circus guy spinning the plates and tryuing to keep them all going as long as possible.

Overall win greater than overall loss. Depends on average. 6 wins average 200, 2 losses average 300. BE is countted as a win. But cuts into average. Average loss greater than average win. -1 criteria. Even tho you traded at 75 %.

75% is good...45% is minimun...so you get that 1.

Win duration...thats a tough one...its really a time stop. How long is too long. Generally, i get stopped out quick if I am wrong, so that one is OK for me. I guess tey are looking for how you manage the trade. But if your chopping around, below BE, i found i was watching the clock. Anyway, tha I found a challenge.

Daily loss limit. i dont trade 1 lot. Say a minimum of 3. 15-20 SL on the CL. Get close to the 1000 limit (make sure you add commissions) and I found I was tightening to get it under the wire. Thats only 2 full stops at 15 ticks.

And the average. 350 per day for 10 days...no more than 10 days... loss on 1 day, then you have a big hole to dig out of.

Take a 50,000.00 account. Net .70% per day over 10 days. In the next 20. Factor in commission. Thats 350 a day.

If you are BE the first 4 days, that means you have to place bigger trades to get to your target.

After 4 days, lets say you are BE.

That means you have to net 1.05% over the next 6 days to make the average. ( I dint compound the gains, but I wanted the math simple) Wait till the last day, its 7%. 3500 on a 50000 account in 1 day (once you place the first trade) trading only 5 cars max with 1000 SL.

Try doing it your self, with their criteria, on Sim.

I didnt, and it is really tough. Only because I wasnt really prepared...

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 bijeremiad 
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Quoting 
Try doing it your self, with their criteria, on Sim.

I have no doubts that I am not there yet. Hence I am reading your journal, not vice versa.

It is amazing how even the slightest change can throw you off balance. I remember I changed the stocks I was following from the random order I had loaded them on my platform (and left them for 1 month) to alphabetized. I made several trade errors just getting used to the more intuitive order of tickers.

I guess what surprises me about your struggle is that you are there on your journal trades. Here are your trades from the last 10 days or so up above in this journal. 3 cars per trade, $5.50/car/round trip for commission. You came close, but not over $1000 for max daily loss. 70% win, check. Winners > losers, check

Not saying the Combine wasn't tough. Just surprised because you just have to keep doing what you have been doing. You pretty much hit $3500 in about two days...

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  #362 (permalink)
 VinceVirgil 
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bijeremiad View Post
I have no doubts that I am not there yet. Hence I am reading your journal, not vice versa.

It is amazing how even the slightest change can throw you off balance. I remember I changed the stocks I was following from the random order I had loaded them on my platform (and left them for 1 month) to alphabetized. I made several trade errors just getting used to the more intuitive order of tickers.

I guess what surprises me about your struggle is that you are there on your journal trades. Here are your trades from the last 10 days or so up above in this journal. 3 cars per trade, $5.50/car/round trip for commission. You came close, but not over $1000 for max daily loss. 70% win, check. Winners > losers, check

Not saying the Combine wasn't tough. Just surprised because you just have to keep doing what you have been doing. You pretty much hit $3500 in about two days...

If only they accepted that.

I went in truly with the thought that this was going to be a piece of cake. Any experienced trader will tell you that this kind of thinking is deadly to your performance.

I am glad I wasnt successful in the combine, now that i think about it. It has revealed to me a few things about my pattern of trading. In fact, a few signigficant lapses...call it complacency.

In the combine, I was forcing trades.

I'll give you a brief synopsis. cant get my actual trade report up, but suffice to say, the first 4 days are the most important.

Day 1 +920...Almost 1/3 of my goal

Day 2 +470 so far so good...40% of total target in 2 days.

Day 3 -830 Oh Oh.. Finished by 9:30 am...no more room. No time to trade, no way to make it back without risking over 1000 down and thats it...no more combine.

Day 4...1st trade was a loss... now I am full stop on 3 cars. So now I am break even after 4 days, 1 full stop out left...so now i trade less contracts with a tighter stop.

Day 5 I was profitable, but only 500 or so....but now i need around 3000 in 5 days with no heat. More than 1 %.

The rest dosnt matter.

Hindsight is 20/20...real time is much different. It is really very challenging. Seems simple, but I encourage you to try it in sim, and follow the rules exactly as printed out on the site.

In hindsight, I was done by day 4 at 9:30 am. I never gave up and it didnt work. I am fine with it. In fact, I am grateful because I learned some valuable lessons that didnt cost me a whole lot.

It was really the hardest thing in trading i have ever done.

There are people that are successfull at it. They do want to get traders to go live. but I realized, i am truly a rookie when it come to futures. I am glad it took this combine to help me realize this...and before i blew out my futures account. i realize i was living on borrowed time, and that i have a number of glaring errors in my approach to trading, even though I have enjoyed a modest amount of success. And I do mean modest.

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  #363 (permalink)
 VinceVirgil 
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Took a few days off, for the long weekend.

Had a ton of rain up here in my part of Canada. Some flooding and there was a state of emergency declared in some parts of the city. I am fine in my place...way up on a hill in the city. If I get flooded, the entire city is under water. cant say it will never happen, but very very unlikely.

Over the weekend, i reveiewed my trading very closely, and I have deceided to make a change in my entries. I am going to be more agressive in grabbing profits, and I am going to be much more didligent with reguard to R:R. I am not going to place a trade unless the R:R is at least 1:2, and then i am am going to be more agressive in moving my stop to BE after the trade is green.

Upon reviewing the last couple of weeks, i have been trading back and forth with teh market, adnd as well, the MFE on a large number of trades far exceeded the MAE, yet I took a number of full stops. Therefore, i am going to concentrarte on better trade management .

I beleive this will lead me to more BE trades.
I figure that I can get back in after a BE trade if the conditions still look favourable.

Had 1 full stop at -16.

+64 on 5 trades

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  #364 (permalink)
 Jedi 
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VinceVirgil View Post
If only they accepted that.

I went in truly with the thought that this was going to be a piece of cake. Any experienced trader will tell you that this kind of thinking is deadly to your performance.

I am glad I wasnt successful in the combine, now that i think about it. It has revealed to me a few things about my pattern of trading. In fact, a few signigficant lapses...call it complacency.

In the combine, I was forcing trades.

I'll give you a brief synopsis. cant get my actual trade report up, but suffice to say, the first 4 days are the most important.

Day 1 +920...Almost 1/3 of my goal

Day 2 +470 so far so good...40% of total target in 2 days.

Day 3 -830 Oh Oh.. Finished by 9:30 am...no more room. No time to trade, no way to make it back without risking over 1000 down and thats it...no more combine.

Day 4...1st trade was a loss... now I am full stop on 3 cars. So now I am break even after 4 days, 1 full stop out left...so now i trade less contracts with a tighter stop.

Day 5 I was profitable, but only 500 or so....but now i need around 3000 in 5 days with no heat. More than 1 %.

The rest dosnt matter.

Hindsight is 20/20...real time is much different. It is really very challenging. Seems simple, but I encourage you to try it in sim, and follow the rules exactly as printed out on the site.

In hindsight, I was done by day 4 at 9:30 am. I never gave up and it didnt work. I am fine with it. In fact, I am grateful because I learned some valuable lessons that didnt cost me a whole lot.

It was really the hardest thing in trading i have ever done.

There are people that are successfull at it. They do want to get traders to go live. but I realized, i am truly a rookie when it come to futures. I am glad it took this combine to help me realize this...and before i blew out my futures account. i realize i was living on borrowed time, and that i have a number of glaring errors in my approach to trading, even though I have enjoyed a modest amount of success. And I do mean modest.

I think the big mistake is to trade more than 1 car on CL and most of us are probably used to trading more than 1 car.. My average stop is about 20 ticks and that means on 1 car, 4 stop outs in a row allowed and 2 cars, 2 stop outs in a row.. 2 stop outs in a row is a tight noose for even the best traders.. Even the best traders can't cherry pick entries, they take their set ups and expect their edge to kick in.. However, 4 consecutive stop outs should be the exception not the norm on a day to day basis.. 2 stop outs on the other hand can be very random and you lose your edge if you must stop trading after 2 stop outs.... On ES, if you trade 3 cars and have a 2pt stop loss, that's 3 stop outs, which becomes more doable.. If you're a good trader, trading 1 car on CL or 2 cars on ES, you should be able to hit those goals, but absolutely no more if you're to have a statistical chance to leverage your edge.. I think the mistake many otherwise good traders make at Topstep is to oversize because that's what they're used to..

Those stats posted are impressive nevertheless and show results from a trader that has reached a certain level in trading and need to go live if he ever wants to progress beyond sim and get the same results live. More sim trading is prob not going to improve those numbers.. Like athletics, once a certain skill level is reached, trading performance is differentiated thru psychological edge.. trust in your judgement and confidence to hold is VERY different live than in sim...

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  #365 (permalink)
 VinceVirgil 
Toronto, Canada
 
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Jedi View Post
I think the big mistake is to trade more than 1 car on CL and most of us are probably used to trading more than 1 car.. My average stop is about 20 ticks and that means on 1 car, 4 stop outs in a row allowed and 2 cars, 2 stop outs in a row.. 2 stop outs in a row is a tight noose for even the best traders.. Even the best traders can't cherry pick entries, they take their set ups and expect their edge to kick in.. However, 4 consecutive stop outs should be the exception not the norm on a day to day basis.. 2 stop outs on the other hand can be very random and you lose your edge if you must stop trading after 2 stop outs.... On ES, if you trade 3 cars and have a 2pt stop loss, that's 3 stop outs, which becomes more doable.. If you're a good trader, trading 1 car on CL or 2 cars on ES, you should be able to hit those goals, but absolutely no more if you're to have a statistical chance to leverage your edge.. I think the mistake many otherwise good traders make at Topstep is to oversize because that's what they're used to..

Those stats posted are impressive nevertheless and show results from a trader that has reached a certain level in trading and need to go live if he ever wants to progress beyond sim and get the same results live. More sim trading is prob not going to improve those numbers.. Like athletics, once a certain skill level is reached, trading performance is differentiated thru psychological edge.. trust in your judgement and confidence to hold is VERY different live than in sim...

Thats exactly what I found out....too late of course.

Bottom line, I tried to fit my trading to the rules instlead of fitting the rules to my trading....I think I can make it work that way. Going to try it on replay after market hours.

Thanks for your post.

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 VinceVirgil 
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Had a problem with the chart from yesterdays post, as well as commentary.

5 trades...+42 ticks

I am going to start to add my MAE to my trade reports in my journal to serve as a reminder to as to the amount of heat i took in a trade statistically. I have them on a spreadsheet, but I want to extract this number as a metric. I think it will be benificial.

A few months ago, I emailed Panda Warrior and we had discussion about stop tightening. It came to mind what he said with reference to targets and r:r. Once you are green, its time to get to BE.

Other traders have echoed those same sentiments. In fact one long time trader (over 20 years man) told me he seldom...seldom is down more than 500 dollars on his account after a day of trading. in fact, he cant remember the last time he was down that much. .

Losses are a fact of trading, they happen. But instead of letting my trade take me all teh way down to hit my stop, i am determined to cut my losses short when the trade isnt in my favour. Hence the MAE metric. It will show how much heat i took compared to any profits i acheive in a trade, wiutht eh goal of being 1:2 risk.

Today, i started doing just this.

I did have my full stop hit today on 1 trade.

Was flat going into the news .

Very fat proflile today. Except for the open drive and retracement in the first hour, price basically rotated around 8660.

Last trade caught a runner for 91 ticks. Havnt had one of those in a while.

7 trades

11-12+38-15+20+BE+91 = +133.

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 Jedi 
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VinceVirgil View Post
In fact one long time trader (over 20 years man) told me he seldom...seldom is down more than 500 dollars on his account after a day of trading. in fact, he cant remember the last time he was down that much. .

That's very impressive but that's different from max drawdown which is much more difficult to achieve.. Do you know his max DD? Also, what instrument does he trade and what size? and congrats on a good day!

 
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 TrendTraderBH 
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VV,

Great trading!

Can you give a bit more detail about your trailing stops? Are you using an auto ATM to trail or manually adjusting your stop as you trail a "runner"? Are you using a fixed trailing stop (ie. 10 ticks) or adjusting based on swings?

Thanks again!

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 VinceVirgil 
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TrendTraderBH View Post
VV,

Great trading!

Can you give a bit more detail about your trailing stops? Are you using an auto ATM to trail or manually adjusting your stop as you trail a "runner"? Are you using a fixed trailing stop (ie. 10 ticks) or adjusting based on swings?

Thanks again!

To answer your question...both.

For my runner, after my first target is hit, I will move it BE. I have a trail stop set at 15 ticks automatically, only because if it pops, I cannot move my stop up fast enough. I find that 15 ticks gives me time to adjust manually.

I will genneraly keep my stop 15 ticks away from the price, and I manage the trade while I am in it using a 5 momentum chart as well as VWAP as either a target or as a trail stop.

If volume starts to drop, I may tighten, depending on the magnitude of the move.

I will post an example of my last trade today, but I have to use my trading computer as that is where the momentum is saved.

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 VinceVirgil 
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Jedi View Post
That's very impressive but that's different from max drawdown which is much more difficult to achieve.. Do you know his max DD? Also, what instrument does he trade and what size? and congrats on a good day!

Trades the ES. Not sure of his max Draw Down, but from what I gathered, he trades less than 10 contracts. If it is more than a 2 point stop, i would be shocked. I never got into his method much, but he scales out on his trades.

He likely has a lot of scratch trades, and the discipline to stay out of the market if he dosnt get his setups.

He has all the rap down. Dont eat like a bird, and crap like an elephant. Protect your capital. Cant trade if you dont have capital. Dont worry about P and L, its about trading well. Never take a trade unless reward is 2 times your risk. Never ever add to a losing postion. You need to learn to take a loss, because taking a loss teaches you something about how to trade. He looks at losses as the cost of his education, and that that is the price you pay to trade, so learn something from it.

Easier said than done, of course.

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 VinceVirgil 
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Chart from today.

8 trades today

-13+44+BE+BE+15+12-1+37= +94

Average MAE over the 8 trades is 4.88.

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 VinceVirgil 
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One of those days when price was way down on the overnight sessions. In fact, price was off almost 150 ticks off of Fridays VPOC.

Looked over Panda Warriors post from last night, and he made some interesting comments as to what to expect Monday, based on previous price levels as well as current price.

I tick that most everyone agrees, price has gone to the downside, however, difficult to get a good read on where to from here as we have blown through most support levels. Overnight, it went even further.

Looked at price action closely, and in fact took a very early trade...short on thin volume, as I thought price would continue to break down.

It was an impatient trade, in hindsight, there were too many overlapping bars and very little momentum. too slow to close it out, and I got my full stop hit for -15.

I then turned my attention to the possibility that we would not retest the low, and that price indeed had gone much too far. I was looking long, with a potential short scalp if we ran into price resistance.

Trade of the day was at the opening.

Entry was 8227, Looked like price going lower was meeting resistance, and after the close of the 2 small dojis on the 5 minute, I went long with my SL at -15 ticks, 8212. if price collapsed to that level, i would have taken the stop.

As it was, i had only a 3 tick pullback before price popped higher.

Got stopped out on the pullback at 8325. +98.

After that trade, i took a breather to refocus...wasnt about to jump back in and gve achunk of that most excellent trade back.

+128 on 6 trades.

MAE average was 5.67. Average trade was 21.33 ticks.

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 Big Mike 
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VinceVirgil View Post
+128 on 6 trades.

MAE average was 5.67. Average trade was 21.33 ticks.

Congrats!



Mike

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 VinceVirgil 
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8:40 strong move up in price premarket. Is this the day we have price breakout to the upside.

Yesterday was a fairly typical day on the CL. RTH range roughly 2.25. Mostly to the upside. Today it wouldnt come as a surprize if we had an inside balance day. Range today in the RTH less than 100 ticks. Bottom was 83.70, top 8452.

nothing spectacular, but they were there.

Missed the big move pre market. That was basically the range for the day...

6 trades...

BE+28+BE 1+11+20+19=79 took 1 more trade at 200 PM that I didnt mark that netted me another 19

average trade was 14 ticks

Average MAE 4.20

Being consious of the MAE is a helpful statistic for me. I calculate my stop loss before I place my trade, and is helping me to get into trades a a more favourable price.

Areas of support and resistance I want to see tested twice. Breakouts ussually fail on the first attempt. best to wait for a pull back on the CL, unless there is strong momentum, which, as all CL traders know, can meant a 50 or 75 tick bar on the 5 minute. trading the CL does not give much time to make a decision. You have to anticipate price movement. If you are rattled by a 25 tick wick on a candlestick, then, CL is not the instument for you.

If the ES is a Cruise Ship, because of its volume, then the CL is a Sports Car.

CL requires that one make decisions quickly, which is OK by me, however, one can overtrade as a result.

Been looking at teh ES, as has been suggested by a fellow trader, only because it isnt as hands on as the CL, and the ES is influenced by oil, as there is a correlation. Dont want to be a bear on one instrument, and a bull on another. well, at least not premenantly.

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 researcher247 
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VinceVirgil View Post
8:40 strong move up in price premarket. Is this the day we have price breakout to the upside.

Yesterday was a fairly typical day on the CL. RTH range roughly 2.25. Mostly to the upside. Today it wouldnt come as a surprize if we had an inside balance day. Range today in the RTH less than 100 ticks. Bottom was 83.70, top 8452.

nothing spectacular, but they were there.

Missed the big move pre market. That was basically the range for the day...

6 trades...

BE+28+BE 1+11+20+19=79 took 1 more trade at 200 PM that I didnt mark that netted me another 19

average trade was 14 ticks

Average MAE 4.20

Being consious of the MAE is a helpful statistic for me. I calculate my stop loss before I place my trade, and is helping me to get into trades a a more favourable price.

Areas of support and resistance I want to see tested twice. Breakouts ussually fail on the first attempt. best to wait for a pull back on the CL, unless there is strong momentum, which, as all CL traders know, can meant a 50 or 75 tick bar on the 5 minute. trading the CL does not give much time to make a decision. You have to anticipate price movement. If you are rattled by a 25 tick wick on a candlestick, then, CL is not the instument for you.

If the ES is a Cruise Ship, because of its volume, then the CL is a Sports Car.

CL requires that one make decisions quickly, which is OK by me, however, one can overtrade as a result.

Been looking at teh ES, as has been suggested by a fellow trader, only because it isnt as hands on as the CL, and the ES is influenced by oil, as there is a correlation. Dont want to be a bear on one instrument, and a bull on another. well, at least not premenantly.

-----------
Hell; call me ill-informed.

Why not trade 20-50 AAPL 'Weekly Options' each day, intraday.

With your skill you'd be done in 90 minutes or less each day and be clearing 3K+ per day.

peace

hedvig

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 VinceVirgil 
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Its important to have rules when trading. In fact they are one of those important aspects of trading.

But how many is too many? If one has so many rules that need to be followed before a trade is placed, then one could wind up in paralysis by analysis. On the other hand, if one trades with no rules, overtrading could result.

And what rules does one use? At one time I thought rules for trading was based mainly on entries, however, I have modified this greatly over the last few months. In fact, I have come to realize that one should have rules governing each and every aspect of trading.

Quite a bit of my previous invesment experience is applicable to futures trading, particularily the money and risk management aspects of investment planning.

When building an investment portfolio, there are a number of questions that need to be answered, both personal as well as statistical. Personal includes what is important about money to them, what are there short and long term goals, what do they perceive as areas of concern. Is it capital accumulation, excessive taxation, comfortable retirement, childrens education, charitable contributions. etc, then there is the statistical...what is their income, how much have they currently accumulated in assets, do they anticipate an increase or decrease in income, what is their timeline. Then its on to what kind of investments are they comfortable with, risk profile, investor temperment etc. From this, an advisor can build a protfolio that meets the criteria of the investor. Its not perfect of course, and modifications need to be made, but its a comprehensive picture.

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 VinceVirgil 
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researcher247 View Post
-----------

Why not trade 20-50 AAPL 'Weekly Options' each day, intraday.

With your skill you'd be done in 90 minutes or less each day and be clearing 3K+ per day.

Sounds good, how does one do that? I am focused only on the CL, and it is all I can handle. Currently, I spend roughly 50 hrs a week on trading the CL (including weekends...I am an early riser), and around 30 hours a week in my wealth mangement buisness.

\my day typically starts at 6:30. EST. ussually some reading...mostly phsycology. Right now I am reading the daily trading coach. Just a few pages, it is inspiring. Homework for my trding plan. Pretty simple. previous levels, check the news events, look over my account statemnets. Fire up the computer, and make sure everything is in working order.

A few exersizes. Have a kettlebell that I lift for 20 minutes . Kinda fun, combination aerobic anarobic and resistance trainnig in something the shape of a cannonball with a handle.

breakfast...coffee, and such.

then its ready to go...I am ready to go by 8:15 and at my computer. there till 11:00 am. Then I have to check with my assistant. emails, appointments in the afternoon. Off tothe office ussually by 11:30. ts only a 10 minute drive.

I sometimes trade from 1 to 2:30. depends on the day. I will stay longer than 11:00 am if I beleive it warrants it.

Afternoons its investment stuff. Summers are ussually slower, people are at their cottages and on vacation. Short summer in Canada, so people thend to shut work related items down from late June till labour day.

late afternoon...webinars, chart building, review my trades for the day. Check out futures.io (formerly BMT) blogs.

I do stuff in the evenings as well, after dinner.

I would like to look at other instruments, but right now, I have enough on my plate. And I am getting better at trading... Right now, just building up my capital. I would like to sell my book at some time, but right now, its a steady paycheck, and once I sell it, there is no going back. I will eventually, but not right now. Beleive, I think about this often.

its a big step...and I am proceeding with caution.

5 trades today.

-15+10-1+BE+89= +83

MAE 6.8 If I have a full stop in 5 trades, and BE, right there my MAE is a minimum of 3.0.

Average trade 16.5.

Posted a chart of my last trade. Posted teh final recap after I was finished for the day.

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 researcher247 
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@VinceVirgil,

Thank you for telling your story. You do more in a day than I do in a about a week!



Good habits, indeed.

Keep building 'inventory & assets.'

peace

hedvig

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 VinceVirgil 
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Price of crude was up 200 ticks ON. Given we had strong pirce movement last week, and prices had a chance to think about it over the weekend, I looked like a may be a balance day at the least, or a gap fill back to last weeks VWAP

As it was, prices were bearish right from the opening...so shorts today.

Took a couple of longs, but for the most part I had a short bias. Worked out alright. Not a lot of sustined movement...price was mostley grinding down lower, so targets were tighter and I hd more trades as a result.

Using a Volume Impression Footprint from my Rancho Dinero suite, as per my plan, I am lookiing to use to help with entry and exit areas and getting on the right side of the trade using order flow.

9 trades +122.

I had a few BE trades, but I didnt want to add them in and clutter up my chart. No comission cost as they were all BE +1.

Average trade 13.76.

Average MAE was 7.76.

Have my new Volume Impression Footprint as awell as my TPO 30 minute that has last week and today RTH.

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 VinceVirgil 
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I trade Price action on the 5 minute, with MP to identify areas where i want to do business. I am using a new volume footprint to try to identify order flow and areas where buyers and sellers seem to be stepping in. So in a way, I use the volume profile and price momentum as an aid to price action on the 5 minute.

I have changed my background color to grey, as I find it easier on my eyes.

Took 7 trades today. A slow inside day basically. POC 8391, as the range was less than around 100 ticks.

Dark red dash lines on my chart are previous important areas where i want to see how price reacts.

My last 2 trades.

At the LOD, 8342, I looked to get long at 12:20.

8341 was the POC from yesterday, and the LOD. Also, on the 5 momneton, price had migrated a significant distnce from VWAP.

I initially went long at 8357, but price retraced and took out my runner at BE+1. But I immediately got back in 8365. Why at that price? Because 8350 is my stop price and that is below the close of the previous double bottom near the LOD. And a long bear tail is really bull bar on a shorter time frame.

I have a journal where I keep all my trades, and now I am going to keep a better week to week record of my performance, and attempt to get away from the day to day post in order to focus on the weekly, monthly and quarterly performance.

I am starting to repeat myself, so in an effort to keep my pasts more relevant, I will focus on only a couple of trades a few times a week. That way i beleive I can be more relevant.

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 VinceVirgil 
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ON high 8488. VWAP Friday RTH 8395.

opened at 8262.

Once price got near 8200, I wa looking long.

Gap fill to Friday VWAP, retarce to todays VWAP, and 8200 is close to the low of last week.

First 3 trades were really the same trade. i was going long untill there was a significant break lower below 8200.

When price broke down to VWAP at 11:17, went long and got stopped out. 30 minutes later, I had another entry, buy stop at 8285, stop loss of 15 ticks at 8260.

If price got to 8408, I thought we might run some stops near there, but never worked higher.

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 VinceVirgil 
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4 trades.

1 pre market.

Bullish from the open.

Short prior to open, retest of ON low. Failed -9. Every trade tells me something. The loss told me it wanst a short.

Went long based on incoming buy pressure.

MAE 9.1

4 trades, 98 ticks 24.05 ticks per trade

Fairly simple today.

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 VinceVirgil 
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Was short most of today, after 9:30.

Last rade was a countertrend trade. I saw sellers get bought up, and so I place a buy stop at 8194 at 1252, close of the bull bar on the 5 minute. Taken out on the pull back right at VWAP.

Included my momentum chart. The arrows are not all actual trades, just areas i marked as a reminder for me while I look at the 5 minute chart.

I have a TPO that I also have up, as well as a 1 minute volume ladder. All my trades are entered based on the 5 minute.

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 VinceVirgil 
Toronto, Canada
 
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Was today just like yesterday?

After yesterdays selloff, I was thinking an inside day, however, it wasnt the case.

Today, I was ready for it...

Took a long early, and late, but I drew a trend channel on my 5 minute and basically traded that all day. I was going short untill I had a compelling reason to go long...

Used VWAP as resistance.

Was a great day for me. If only every day was like this. I felt really connected to ther trnd today.

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 VinceVirgil 
Toronto, Canada
 
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Traders in the US are so fortunate. You have access to all the best software, and endless list of top quality brokers with access to millions of dollars of computer equipment. You have the largest most liquid, most sophisticated inevetment marketplace in the the world.

In comparison, we Canadians are still opreating by candle light. However, the great equalizer...the Internet!

Stop to think about it...15 years ago we had dial up networks, 10 years ago, a web page was mostly (gulp) text. If it had pictures, it would take minutes to load...remember?

Now we can see HD streaming movies...you know how much bandwidth that takes?

I am really enjoying this new venture that I have embarked on. And i really intend in turning into a full time occupation. All i need is a little more capital, a little better support system, ( office, assistant, LLC, board of directors)and I will be on my way.

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 Big Mike 
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VinceVirgil View Post
Traders in the US are so fortunate. You have access to all the best software, and endless list of top quality brokers with access to millions of dollars of computer equipment. You have the largest most liquid, most sophisticated inevetment marketplace in the the world.

In comparison, we Canadians are still opreating by candle light. However, the great equalizer...the Internet!

Stop to think about it...15 years ago we had dial up networks, 10 years ago, a web page was mostly (gulp) text. If it had pictures, it would take minutes to load...remember?

Now we can see HD streaming movies...you know how much bandwidth that takes?

I am really enjoying this new venture that I have embarked on. And i really intend in turning into a full time occupation. All i need is a little more capital, a little better support system, ( office, assistant, LLC, board of directors)and I will be on my way.

You could trade remotely through a VPS, like what @sam028 offers. Naturally if your local internet has a problem, it won't solve that, but at least your live trades will survive just fine.

And can't you incorporate in the US, and then trade via the corp? Thereby letting you choose from our "best top quality brokers" ?

Not an accountant, so what do I know... but seems logical.

Mike

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 VinceVirgil 
Toronto, Canada
 
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Big Mike View Post
You could trade remotely through a VPS, like what @sam028 offers. Naturally if your local internet has a problem, it won't solve that, but at least your live trades will survive just fine.

And can't you incorporate in the US, and then trade via the corp? Thereby letting you choose from our "best top quality brokers" ?

Not an accountant, so what do I know... but seems logical.

Mike

The only question is one of residency. I can open a Canadian LLC, and open a US account with the Canadian LLC. By opening a US LLC, I have to adhere to US tax law, and I think residency (or facimilie thereof) is a requirement. As well, US tax return filing.

I guess i could move to the US. My wife is a US citizen, i could get citizenship relatively easily.

As far as the internet is concerned, I am ok. High speed cable. What i was really referring to is the sophistication of your financial markets. When big companies trade commodities in Canada, they buy a US subsidiery and rely on US systems. As a result, the average Canadian cannot retail trade unless they open a US account, which is what I did. But I cant use just any broker. Some do not have approval for Ontario ( Like Velocity Futures)

Neither does Amp. Or a few others. Of course, I didnt find out till after I went though all teh aapplications, passport copies, proof of residency etc.

Thanks for the Reply.

Much Appreciated.

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 VinceVirgil 
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Now, if yesterday was a day to be short, it didnt carry on till today.

Home work was pretty simple.

ON sold off after asia opened to 7756. Thats pretty low.

But no lower. In fact, took 1 trade pre market, a short, because I expected price to retest the ON. HOD yesterday was
8095.

HOD on Wednesday was 8421.

My trades were based on yesterdays VWAP. I expected to get up there. Once I had a trend line, after a test of the ON high, I used yesterdays VWAP as my target, and i based all my trades off of that, the trend channel i drew, and Price Action on the 5 minute. Turned out to be the right thing to do.

I cannot control the market.

I can only control myself. The most difficult thing about trading is there are no rules. One has to create rules, and then stick to them, in order to evaluate the realtive success or failure of a strategy.

A beginning trader can identify a trend in hind sight very easily. The challenge is identifying it real time. Because, as James Dalton states in Mind over Markets, if you wait untill you can identify a trend easily, its too late. One has to determine it is a trend while it is developing. Much easier said than done.

Another important cocept in market profile is where is price going, and how good of a job is it doing in getting there.

Yesterdays VWAP at the close of the RTH was 7959, Low Value Price yesterday was 7902.

Once we hit thiose targets, I looked to VWAP of yesterday for my new target, and we hit yesterdays opening VWAP just after 1:00pm.

Took my second short of the day, close to the close, as by that time, thinking we might have short covering at that level, particularily after yesterdays massive sell off, going into the weekend.

Last 3 days have been pretty good. If yesterday was good, today was much better, only because I was determined to be more disciplined and thoughtfull.

From Steenbarger,

Poor execution, risk management and trade management is responsible for much emotional distress. The volatility of markets contributes to the volatiluity of mood because the potential risks and reward of any given trade change meaningfully.

The active trader is one who researches markets, identifies distinct areas of opportunity, and consiously executes and manages trades to maximize that opportunity. For the active trader, nothing is left to chance: where to pursue opportunity, where to sit back, where to take profits, where to limit losses-all are preplanned. This takes time, energy and sustained focus. Good trading, in this sense, is pure intentionality: it is a directed act of will.

Overall, I had a good week.

I was net positive, and I felt I did a pretty good job of taking only what the market was willing to give. Yesterday and today were my 2 best days...trading futures.

47 trades this week.

14 losers.

70.21 % win percentage.

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 JDNeeman 
El Salvador/Israel
 
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Hello,

Just a quick question, where do you get the indicator used in your second image??, the volume profile i guess..ive been looking for it for some time!!!


Thanks.!!

JDNeeman




VinceVirgil View Post
4 trades.

1 pre market.

Bullish from the open.

Short prior to open, retest of ON low. Failed -9. Every trade tells me something. The loss told me it wanst a short.

Went long based on incoming buy pressure.

MAE 9.1

4 trades, 98 ticks 24.05 ticks per trade

Fairly simple today.


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 trendisyourfriend 
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VinceVirgil View Post
Traders in the US are so fortunate. You have access to all the best software, and endless list of top quality brokers with access to millions of dollars of computer equipment. You have the largest most liquid, most sophisticated inevetment marketplace in the the world.
...

Can US residents trade the stock markets and not pay a single cent of taxe and retrieve money any time from their trading account without paying any taxes as we can in Canada?

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 trs3042 
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JDNeeman View Post
Hello,

Just a quick question, where do you get the indicator used in your second image??, the volume profile i guess..ive been looking for it for some time!!!


Thanks.!!

JDNeeman

Hello @JDNeeman,

I believe you are looking for @Fat Tails SessionVWAP indicator. I have it attached from the NT7 indicator download area.

Hope it helps,

Rick

"If you're going to panic during a trade............. panic early."
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 JDNeeman 
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Thanks!!!!!

It is the same that reads acmevolume impresion right??!!!


THanks!!! appreciate your help!!

JDNeeman



trs3042 View Post
Hello @JDNeeman,

I believe you are looking for @Fat Tails SessionVWAP indicator. I have it attached from the NT7 indicator download area.

Hope it helps,

Rick


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 VinceVirgil 
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trendisyourfriend View Post
Can US residents trade the stock markets and not pay a single cent of taxe and retrieve money any time from their trading account without paying any taxes as we can in Canada?

I am not overly familiar with US tax law with reguard to invesment income, but i beleive capital gains are fully taxable. It is up to the individual taxpayer to report all sources of income.

All income is reportable and therefore taxable, including investment income. There may not be a source deduction, but investment income is taxable.

In Canada, we have a capital gains exemption, where capital gains are only 50% taxable.

However, it could be argued that a pattern day trader is generating income from his activities, not capital gains, and therefore, the capital gains exemption does not apply.

If you make 10,000 a year for your investment account, I doubt there would be much inquiry. Multiply by 100, and i think Canada Revenue Agency would have something to say....Think audit.


"Yes i made 1 Million on my day trading account, but I am only want to pay tax on 500,000 because it is a capital gain."

Better to incorporate.

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 VinceVirgil 
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Hello,

Just a quick question, where do you get the indicator used in your second image??, the volume profile i guess..ive been looking for it for some time!!!


Thanks.!!

JDNeeman

Volume footprint impression from Rancho Dinero. I dont use it for entry and exits. Today was an excellent example just before the open or RTH on CL.

8:45 am, I was paying attention to where buyers were holding off sellers, had one sell flush down, but then volume came in on the buy side preventing price from going lower. On the 5 minute, i see that as long bear tails. But on smaller bars, or on thinner volume, it is a little hard to see on a 5 minute.

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 VinceVirgil 
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JDNeeman View Post
Thanks!!!!!

It is the same that reads acmevolume impresion right??!!!


THanks!!! appreciate your help!!

JDNeeman

ACME Volume impression chart and FatTails VWAP are 2 different indicators.


See my attachment to your inquiry.

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 VinceVirgil 
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9 trades today.

2 scratch trades, 1 - 8 tick loser.

Screen shot of my last 2.

And 1 earlier in the day.

Tight trading range until noon.

balance day, but went long off the 7800 area for my last 2 trades.

Opened gap down from Friday