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Like a turtle to his balcony...


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Like a turtle to his balcony...

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

My wife just woke me up. It has nothing to do wiht this, but another smilie that would be funny after something @greenr said recently, is someone getting into a pickle.

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  #672 (permalink)
San Diego, CA, USA
 
Experience: Intermediate
Platform: Sierra Chart
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Interesting video, but one thing they didn't mention that I thought they would, was the huge volume at the low of the bar (the 2nd example near the end). One of the things that confuses me about the use of this is to interpret what the volume means. Does high volume on the bid side mean aggressive sellers or a big limit buy order? Does high volume on the ask side mean aggressive buyers or a big limit sell order?

I'm still studying it, but my simplistic interpretation is if price is moving up and you see big volume coming in on a bar at a key level (doesn't matter which side the volume is on), and price doesn't continue to move in that direction, that means sellers are absorbing the orders and look for a reversal. Similarly on the down side move.

Not sure if that's the correct way to look at it. Just thought I'd share my thoughts.

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  #673 (permalink)
Orlando, Florida
 
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GaryD View Post
And, I have to post a second down week in a row. Tomorrow.



Really can't say why yet.

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Like a turtle to his balcony...-weekly-performance-summary.pdf  
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  #674 (permalink)
Orlando, Florida
 
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Private Banker View Post
Not sure if this was intentional but this reminded me of a Trading Places scene, lol!


What a weird coincidence, that movie was on when I woke up and turned the TV back on late last night. It made me think.

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


Tiger45 View Post
Interesting video, but one thing they didn't mention that I thought they would, was the huge volume at the low of the bar (the 2nd example near the end). One of the things that confuses me about the use of this is to interpret what the volume means. Does high volume on the bid side mean aggressive sellers or a big limit buy order? Does high volume on the ask side mean aggressive buyers or a big limit sell order?

I'm still studying it, but my simplistic interpretation is if price is moving up and you see big volume coming in on a bar at a key level (doesn't matter which side the volume is on), and price doesn't continue to move in that direction, that means sellers are absorbing the orders and look for a reversal. Similarly on the down side move.

Not sure if that's the correct way to look at it. Just thought I'd share my thoughts.

I have not gotten it yet, but have some idea what I would be looking for, I think.

I watch a 1 minute volume bar, and I look for high volume + low movement to spot potential turning points. I used to only see it after the bar closed, but now occasionally see it as the bar is forming, something about the motion.

What I am assuming I am looking for is either a) a lot of volume hitting one side but cannot move the market in that direction (iceberg), or b) heavy volume hitting the opposite side as an opportunity. I think it is reading the tape live that shows the most, but so far have not been able to interpret anything of value there. I am hoping reducing the colors, maybe even removing all color/max volume coloring, and just watching order flow without trading for awhile might help it to sink in.

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  #676 (permalink)
Orlando, Florida
 
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GaryD View Post


Really can't say why yet.

Yes I can.

I have put my focus on trying to hit reversals, expecting those areas to provide larger moves. It coincides with a desire to do less scalping and more position trading.

I see in past trades where I did enter right at a key reversal, exitted profitably, and then watched the trade run in my favor for 2x-5x what I made. That causes me to want to relive that moment, but each moment is unique, and having my head in the past reduces my awareness and increases my hopium dose. "Hidden Revenge Trading"

I am not as quick to decide I am wrong in a trade because I feel it needs more room to breathe if that is what I am going for.

That type of trading is not something I have done a lot of.

I start to see larger future profits and it clouds my immediate vision.

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  #677 (permalink)
Orlando, Florida
 
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Posts: 6,462 since May 2011

One thing that is immediately apparent in the test of Sierra Charts is it is requiring far less computer resources to have the exact same information open. SC is at 25,908k, where NT was at 184,000k+/- for the same charts.

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  #678 (permalink)
Legendary Data Wizard!!!
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GaryD View Post

I see in past trades where I did enter right at a key reversal, exitted profitably, and then watched the trade run in my favor for 2x-5x what I made.

So how do you find a happy middle ground? I have struggled with coming up with suitable exit strategy for some trades. Some are obvious, such as a trend line being 30 ticks above the entry but others which are not so clear are difficult to determine. Ironically these are the trades which tend to run..... hmmm... Maybe I have answered my own question... Trades which do not have a clear target should have a wider target with a trailing stop??

Robert

nosce te ipsum

You make your own opportunities in life.
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  #679 (permalink)
Orlando, Florida
 
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GaryD View Post

Reminiscent of green eggs and ham, with a collection of futures.io (formerly BMT) friends playing the role of Sam I Am...


Sierra really was no where near as complicated as I thought. The first couple hours were frustrating, but the help section is very good, and once I figured out a few things the rest got a lot easier. After having played with Sierra a few hours each day for three days in a row, it is not seeming to be lacking anything. It is full of options, editable beyond Ninja Trader in several areas.

Having tested FinAlgo's TPO chart for NT, I can't find a reason not to like Sierra's.

I still have not found out how to do a few things related to delta volume, cumulative delta, etc., but had plenty to do. They have similar indicators, but I could not get them to form a horizontal band across the screen.

Step two is tomorrow when I will find out how it trades in sim, after CL pit close. It may take all week to go through all the different trade possibilities. If it runs on the resource level it has maintained over the weekend, has similar ease to order management as NT, I will probably start talking to my broker about going live on it for a month. If @Big Mike is right about the CME fee waiver (know nothing about) and the pricing is the same, or even less as it seemed it might be, I may make the switch.

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  #680 (permalink)
Orlando, Florida
 
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I think I just found another reason I had such a poor week. Oil has been in a very aggressive up move, and my losses were on the short side. Easy to see after the fact...


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