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Like a turtle to his balcony...
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Like a turtle to his balcony...

  #1401 (permalink)
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GaryD View Post
And, I stopped staring at footprint. It is there, but I am more interested in the bigger charts, and only watch footprint to pinpoint an entry. The 240m defines the big picture structure, the profile is next, defining structure deeper, then the 5m, and then footprint, or vsa and then footprint. Greater and greater detail gearing up for entry.

@GaryD,

I have been following your thread with interest. I am a price action trader that has a scalping plan for CL. I have studied MP and VWAP for a couple of months with my interest being to help me identify possible Market direction, bias, and key levels before the market opens.

My intention is to be able to identify areas where I can trade with a higher probability of getting a larger Reward:Risk . Dalton calls these destination trades I believe..There are secondary reasons to look at MP which include trading less times during the day and being able to look at several markets..

Question for you that I am debating.. Did you integrate some of your previous trading processes with this or did you throw most of it out and start from a fresh slate? I am reasonably knowledgeable of price action and hate to throw that part out as I look into MP further. I have seen the situations though where they are in conflict which can lead to paralysis.

Wolf

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Question for you that I am debating.. Did you integrate some of your previous trading processes with this or did you throw most of it out and start from a fresh slate? I am reasonably knowledgeable of price action and hate to throw that part out as I look into MP further. I have seen the situations though where they are in conflict which can lead to paralysis.

Wolf



Both.

Trading is an ongoing accumulation of knowledge and edges. Much of what I had before there was no reason to let it go, other things I wanted to see something different today than what I used to want to see (which took time to understand in itself), and some things slowly get replaced as I learn to consolidate information or find an easier way to look at it.

Understanding price action is transferrable to other charts or indicators, you just have to get used to how price responds with the changed environment. Ultimately we want our charts to show us something; direction, intensity, structure, participation, a visual of risk versus reward.

But, at the same time, to learn something new you have to be open to it. And no indicator by itself is good or bad, the way you utilize it is good or bad. So, if there are things you are not benefitting from currently, or you are trying to correct about what you do now, allowing new layouts to be a fresh look at how something works or where to get in/out can be healthy.

That is why I am doing so many replays; I understand price action, I understand support and resistance, I am decent at reading volume... but I did not understand how it related/reacted to profile or vwap. So I am giving myself an intense starter course of "experience" by trading 10-30 different days in one evening/weekend.

If what you have now offers an advantage that is quantifiable, keep it. If through your own discovery you find something that helps you more, go for it.


Last edited by GaryD; May 17th, 2013 at 12:59 AM.
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My TUT email of the day is not that elaborate, but touches on one of the most important things about a trading mindset;


"Everyone's scared, Gary. Few carry on.

Keep calm,

The Universe"




That ties into the closing comments of "Markets In Profile"

"It’s a simple thing to say, “Clear your mind.” It’s quite another to put into practice. Giving up an idea that you have clung to for a long time can be extremely painful, and it is labor intensive to replace it with another—especially one that lacks clear, easily parsed directives. You have to be secure in yourself to let go of the status quo; secure people have confidence that they will assimilate new information and processes and get back on an even keel.

The key to unraveling the flux of market-generated information, as understood from the context of your own evolving emotional and cognitive makeup, is to accept the fact that all decisions are made under some degree of uncertainty. That is the fundamental nature of humanity.

Nothing is certain. The agile mind, however, when properly trained and prepared, can discern in the elegant array of evolving market-generated information occasional patterns—like oases of opportunity—that enable the execution of trades that offer greater reward with diminished risk. That beats average any day."

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I have seen the situations though where they are in conflict which can lead to paralysis.

Wolf


Analysis Paralysis is simply when we don't understand everything as we should, and so our confidence is lower than required to trade with authority. In those situations, sitting out can be the best thing until we advance to being able to make decisions without hesitation. There is no rush to make a trade.

When I see two sources of information in conflict today, I just wait. I use that time of being flat (aka having no desired outcome), but still an attentive witness, to sort out what the conflict was and gain a deeper level of understanding for the next time.

As we learn more and more about trading, there are so many times where one thing will contradict another, and the goal is to get to where it is no longer thought of that way, but seen as one complete picture. Developing a holistic approach to trading requires that you eventually allow all of the information to be present, be familiar enough with it all that is becomes a multidimensional interpretation that occurs in real time, in which state there is no "conflict", only yes or no.

That is possibly what makes trading so difficult, that there are no black and white answers. There is only interpretation. And we derive that through our own views and experience.

In a world where uncertainty rules, gaining that level of understanding takes time, and a lot of mistakes are made along the way that continue to put pressure on our confidence. Tear down, build back up, tear down, build back up... that cycle can feel like it never ends.

But that is how strength is built.


Last edited by GaryD; May 17th, 2013 at 08:50 AM. Reason: typos, re-reading, messing with it
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When I see two sources of information in conflict today, I just wait. I use that time of being flat (aka having no desired outcome), but still an attentive witness, to sort out what the conflict was and gain a deeper level of understanding for the next time.

Well said Gary.

Wolf

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Both sides of direction have a corrective vibe to them, so I have deleted the drawings and started over with some key lines with no fibs for today. Friday is an unusual day to do that, but it is becoming a mess.

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rollover issues...

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I am staying on June

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Good morning crude oil. What is the freak out about?

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