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A CL Trading Journal


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A CL Trading Journal

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  #71 (permalink)
In the heat
 
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Private Banker View Post
That's a great point. BTW, my comment wasn't directed at your post but more of an overview type statement. When looking at the significance of tools to be used within trading, it's almost the chicken vs. the egg scenario. Does volume come before a price level or vice versa? Is price action a derivative from the market overall perception of price at it's current level? Or is volume pushing the market?

I'm of the opinion that moving price is simply a result of the most recent perception that a dominant party was able to cut off it's move in one direction. The key is identifying areas where dominant parties would be interested in taking a position to push the market in a certain direction. So, once a price level is determined, the reactionary volume comes in which then can play into price action traders. Don't get me wrong, trading PA is a perfectly acceptable way to trade. It can however, limit your overall profitability vs. a trader who only inititates a few trader per day.

Cheers,
PB

I know it wasnt directed at me, but you made an excellent point about price action being lagging and i hadnt thought of it that way before...it occured to me it was the least lagging of the lagging indicators though....just be aware of what you are actually trading....price action lagging levels.....its ok, just be aware.

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  #72 (permalink)
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Upupandaway View Post
ITrade2golf
What does that mean your script?

My script is a program written in the ESPL that calculates my setup methods within my system and when one of the conditions are true it signals me.

ESPL is the language that my charting software uses for writing scripts.

 
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  #73 (permalink)
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ITrade2Golf

Ok...but the 15 range chart you posted, those arrows and entries, are those yours? And the last chart you posted. Are all of those entries on the chart entries you take?

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  #74 (permalink)
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Upupandaway View Post
ITrade2Golf

Ok...but the 15 range chart you posted, those arrows and entries, are those yours? And the last chart you posted. Are all of those entries on the chart entries you take?


the 15 range chart you posted, those arrows and entries, are those yours?

Yes those are arrows that are automatically placed on the chart by my script to get my attention if a condition within my trading system is true. I did not put the arrows on my charts manually.


And the last chart you posted. Are all of those entries on the chart entries you take?

No, those are not entries, those are conditional arrows that signal a true condition within my system. I stripped the rest of the script out and just wanted you to see the difference between a very noisy chart and a chart with a higher time frame that is smoother and more manageable so you do not have to live and die with every tick.

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  #75 (permalink)
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ITrade2Golf

Ok I understand showing me the 15range chart. I get that. I'm still not clear on post #70, the picture of the 150 tick chart with your script on it, or some of it. I mean it's a 150 tick chart, that's what I use, so it's not different...so..what is the point? Sorry I just dont understand showing me a picture of a chart I use, with your script on it.

When I look at that picture in post #70 all I see is a 150tick chart, and alot of arrows. I dont see anything different their than what I do. Could you explain better. Thanks for your posts

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  #76 (permalink)
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Upupandaway View Post
ITrade2Golf

Ok I understand showing me the 15range chart. I get that. I'm still not clear on post #70, the picture of the 150 tick chart with your script on it, or some of it. I mean it's a 150 tick chart, that's what I use, so it's not different...so..what is the point? Sorry I just dont understand showing me a picture of a chart I use, with your script on it.

When I look at that picture in post #70 all I see is a 150tick chart, and alot of arrows. I dont see anything different their than what I do. Could you explain better. Thanks for your posts

I am saying that you are trying to trade a very fast chart and you are having to use bad risk management to accomplish. This is from using a chart that is too fast. You are having to have stops that are larger than you profit targets.

You also stated that you get so overwhelmed that you can't trade everyday. I was trying to introduce a larger time frame as a first step to help you with these problems that I noticed.

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  #77 (permalink)
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Upupandaway View Post
Private trader. I agree with you. But dang, you gotta know where those areas are. I dont know how you can know about something that a person is going to do, before they do it? Like the dominate players. How can you know what they are going to do before they do it and you see the reaction to it? Just saying.....

Private trader? Hmmm, that sounds like an interesting name, lol! Anyway, These levels are derived from my own research which is mainly from Market Profile structure. Maybe read a few books on it if you're interested in learning more. It's up to you of course. Would you rather walk in to each trading day with a game plan or would you rather just trade off a reactionary system?

Cheers,
PB

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  #78 (permalink)
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Private Banker...sorry about mixing your name up

Well I do walk in with a game plan. I have looked at MP alot. I've listened to FutureTraders71 webinars, and even paid for them that he also offers. That guy is a wealth of knowledge, I like him. Seems like a good dood. I aslo have up Gomis MP indicator too. I have not been able to find any pattern in market profile. Also I have found that these areas dont hold up alot. Not from day to day. Their isn't any consistency in them. I think reacting to something being done is how we all trade. Even if your placing an order prior to price getting their, your placement of the order is your reaction to what you think will happen once it get's their.

I added a picture see what you think

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  #79 (permalink)
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Hi Upupandaway, as a newcomer to MP and VP I also looked at and paid for FT71's webinars. As just a newbie, I came away with some ideas and some from other futures.io (formerly BMT) posts. One way I found it helpful are formation of s/r lines. If you extend the vpocs all the way to the right for say the week's worth of vpocs there are some s/r levels where it's likely price might stay around more or gravitate too. (Even at the least, yesterday's VPOC level drawn on the current chart can be helpful). As for a daily volume profile as FT71 said price tends to stay longer at those HighValueNodes as acceptance areas and gloss over or don't stay too long at LowValueNodes. I didn't see he mentioned entries either so I just assume one would have to use their own entry system whether it's PA or some indicator/oscillator system with VP vpocs and node levels as s/r or areas that help confirm a new entry or targets or possible highs or lows of the day. I've noticed some third party daily s/r level vendors such as https://jsservices.trade/ or ToTheTick | Support and Resistance Trading, Zones for Day Traders mention they use some historical analysis which "includes volume profile"; of course their methods are still black box , so they can have something to sell.

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  #80 (permalink)
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Upupandaway View Post
Private Banker...sorry about mixing your name up

Well I do walk in with a game plan. I have looked at MP alot. I've listened to FutureTraders71 webinars, and even paid for them that he also offers. That guy is a wealth of knowledge, I like him. Seems like a good dood. I aslo have up Gomis MP indicator too. I have not been able to find any pattern in market profile. Also I have found that these areas dont hold up alot. Not from day to day. Their isn't any consistency in them. I think reacting to something being done is how we all trade. Even if your placing an order prior to price getting their, your placement of the order is your reaction to what you think will happen once it get's their.

I added a picture see what you think

No worries! i was just joking around there.

Let me explain something here. There's a difference between Market Profile (TPO) and a Volume Profile. The concept is fairly similar and I use each but in different ways.

Market Profile (Time Price Opportinity) is the letter based profile that organizes price with the time spent at each level.



Volume Profile is the volume traded at each level.



Both are very important but for big picture structure, I lean on the TPO. You can get the same thing from either but the market tends to respect the TPO levels more in my opinion.

I realize many are following the volume profiling method but personally, I simply don't use volume profiles to find trade location. I'm not going to go over how I use all of this but my point is to clarify that there is a difference between the two in the way to use them. Again, this is just my opinion of course.

So, the Gom MP indicator is really a Volume profile indicator not a TPO. Also, don't look at a small chart interval to find the important levels to trade from. Look at the big picture. Take a look at the two charts above and tell me if there was an area that made the most sense to trade from today.

Cheers,
PB

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