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Like a turtle to his balcony...


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Like a turtle to his balcony...

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  #1171 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
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GaryD's Avatar
 
Posts: 6,462 since May 2011

scalped it back + 7. Bad habit, I know, but a lot easier.




There was another absorbtion bar. Countertrend for sure at this point, riding +2 SD on both ETH and RTH vwap.

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  #1172 (permalink)
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Price came back into value, then tested the TPO VAH. Short 2, may take one off. Going to ride the other.

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  #1173 (permalink)
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1 off 90.12, BE stop the 2nd

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  #1174 (permalink)
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  #1175 (permalink)
Legendary Market Wizard
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@GaryD, recently Sierra added a background type to the Number Bars V2 study called "Ask/Bid Volume Split Profile" which I requested them to do, because of some of greenr's cool looking charts. It is similar to what you have here, except that there is a separate profile per bar for bid and ask, and it shows very clearly which side the volume was on (though yours shows it with the dominant coloring as well). I just wanted to mention it since it's a new addition and something you might enjoy trying. Cheers mate!


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  #1176 (permalink)
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Silver Dragon View Post
@GaryD

All this stuff seems complicated compared to what you used to trade: Does it work? Not criticizing, just curious.

Edit: didnt finish my thought.. Does it work as well as your old system?

Robert


The short answer is NO.

The long answer;

I am trying to rewire some things that cause me to have more fear than I think is needed, and the goal is to have a better understanding of what to expect and why. In the process I find myself doing all kinds of things that are not productive.
  • I view the market from two separate perspectives, my old one and this new one. I trust new things when I shouldn't and then don't trust them when I should.
  • I misinterpret information based on context.
  • I think I am going to follow one thing and wind up fading it instead.
  • I let one profitable scalp after another turn on me.


But staying with it.

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  #1177 (permalink)
Orlando, Florida
 
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Silver Dragon View Post
@GaryD

All this stuff seems complicated compared to what you used to trade: https://futures.io/trading-journals/12409-catching-big-waves-traders-journal-surfing-markets-188.html#post207763 Does it work? Not criticizing, just curious.

Edit: didnt finish my thought.. Does it work as well as your old system?

Robert


Here is an example of how I am attempting to define resistance in terms of MP and it is not working.





Versus a 6 range chart


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  #1178 (permalink)
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GaryD View Post
Here is an example of how I am attempting to define resistance in terms of MP and it is not working.





Versus a 6 range chart


Hey Gary, I've been following your journal for awhile and have gained some wonderful insights from it. In an effort to give back, I'd like to offer my humble opinion regarding your recent MP support/resistance comments.

Just a small note... This is all based on my (limited) knowledge and experience with market profile. So don't just take my word for it

Simply defining excess (in the terms of buying or selling tails, gaps, spikes, etc...) and trying to trade solely off of those references may not be effective in the long run. Everything must be taken in context.

For instance...

I don't personally trade CL, but from the chart you posted it looks like crude opened out of range, leaving a six day balance in the dust. You are obviously much more involved in the CL market than I, and I'm sure you had your reasons for the trade decisions you made today, but based on that information alone, I'd be stalking a long right from the open (of course, it's rather easy for me to say that in hindsight )

You may already consider all this, I admittedly haven't kept up with your new thread, so I don't know. But I thought I'd throw it out there.

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  #1179 (permalink)
Orlando, Florida
 
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zander931 View Post
Hey Gary, I've been following your journal for awhile and have gained some wonderful insights from it. In an effort to give back, I'd like to offer my humble opinion regarding your recent MP support/resistance comments.

Just a small note... This is all based on my (limited) knowledge and experience with market profile. So don't just take my word for it

Simply defining excess (in the terms of buying or selling tails, gaps, spikes, etc...) and trying to trade solely off of those references may not be effective in the long run. Everything must be taken in context.

For instance...

I don't personally trade CL, but from the chart you posted it looks like crude opened out of range, leaving a six day balance in the dust. You are obviously much more involved in the CL market than I, and I'm sure you had your reasons for the trade decisions you made today, but based on that information alone, I'd be stalking a long right from the open (of course, it's rather easy for me to say that in hindsight )

You may already consider all this, I admittedly haven't kept up with your new thread, so I don't know. But I thought I'd throw it out there.


My nemesis is fear. It was a learned behavior for me, but I have adopted it as my own. I am trying to replace it with better understanding.

My trading developed out of some weird circumstances, a lot of trial and error, and a need to survive. I developed a sense of some things but not others, and even what I felt I "knew", I was not always sure why. Then as I was casually reading some posts, catching up with what I had missed over how ever many months, I read something that sounded completely foreign to me in the language but was putting things I "knew" into order and giving them definitions that I lacked. So I have decided to go hard core down that path to obtaining a greater depth of knowledge. I have removed almost everything I watched previously, believing it is making room for new information, but it leaves me feeling a bit lost some days.

The 5-day balance, I see now, I guess I saw then. I am digesting as I watch. Sometimes I see myself doing things that make no sense to me afterwards, something to do with stirring the pot. It is frustrating for sure. But I am not getting "hurt" exactly. I was wrong today, but bailed fast. And I watch a lot more than I trade.

The good news, I am learning a lot. And the books I am reading now are far beyond what I could even begin to assimilate a few years ago. At least what I read makes sense immediately. But in real time I still hesitate, stumble, contradict, etc.

If I were scalping as usual I would be doing much better, that is a fact. I do find myself "scalping back" a lot of my learning mishaps. But I never really had a lot of confidence in that style. It was a lot of fight or flight, and extremely stressful on me to stay in that zone for any length of time. Hopefully this year I will bring it all back together and come out stronger, calmer, better clarity, more confidence.

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  #1180 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
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Posts: 6,462 since May 2011


There is a very lonely looking profile bar, whose NPOC seemed to be calling the market today. I watched price just stay pressed hard against the top until it finally hit, and then in near perfect synchronicity it let off, as I assume savvy traders took their profits.





That area coincides with the 618 of what was recently defined as W3, and the 50% of the major move down, as well as the bottom of W1 (not to be exceeded...) which was also the major neckline that appears to have been a catalyst for the major drop.





Of course, there is always another story, and in this case a MAJOR abc might have completed...

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