Never came. I market-profiled myself right out of a decision. I knew I did not want to fade K period...
EDIT: I am not upset that I did not get a trade. I willingly tried to see if what I currently think I understand about market profile could coexist with some other reason to trade, and today I couldnt/ I did buy the ES going into the close for a $87.50 trade though, thinking who in their right miind would short that...
From a market profile perspective I did not understand today. "Neutral Extreme", I guess. But other than that it felt like a day where I was most likely to lose money. I don't have an explanation for that feeling, and think maybe market profile will help define that better.
I had thought this morning I wanted to sell 96.30 area. There was some question about data and rollover, and then the TPO was K period, not the right time for what I was seeing. Unless I was not afraid of holding through the ETH close. But I am.
I think you "Gary'd" yourself out of a decision using some MP terminology that you have not owned yet Meaning, personally, I don't put much weight at all into a P-formation, and to me it is a general indication of acceptance higher. The profile does not say "short covering," the profile simply tells you where the activity is. Drawing the conclusion that it's short-covering, or higher prices to come, is something that we individually do. Prices don't lie, volume doesn't lie, volume/time at price doesn't lie, it only reports info, and then we use our intuition to trade and the rest to confirm whether we are right or not. Just my 0.02.
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+ your trying to fade a 1 TF market off there lows
A lot more going to here too, i 100% would not be trying to fade these highs at this present time, untill we reject prices above yesterdays highs
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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I am going to go a step away from sim, just comment on the chart. I am trying to integrate something that I do not have any history with. I really like the concept of market profile, but am showing signs of being anxious to try out the new information. The process causes me to put less emphasis on things I do know, too much emphasis on things I don't.
This did not work. I thought we had a "poor low", and an "excess high", so I faded the high. And got run over. Market opened in balance, tested Y Vwap, rose to 1.5 SD, EIA took back to 2nd test, then price rose the remainder of the day on relatively low volume.
Zoom them charts out and focus on trade location and not price action
Dont try and fade a move into the closing periods when crazy things happen
I will be happy then lol
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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Finished down today, after holding a trade to a decent profit and then allowing to come back to breakeven. But I am going to continue to work with this concept. I did some more review today, saw where I am not understanding a few more things, made some chart changes to make me focus only on what I am trying to focus on... May go to sim. If I get to where I give back what I gained since I started back, that will be the trigger.
I edited the indicator to change the numbers to black, and then watched a video by @Private Banker to see if his color settings are easier on me than @greenr's. (I noticed white screens are less likely to give me headaches after long periods.)
I did not really notice this until after I made my own version, even though it seems ridiculously obvious, that his color scheme reduces colors to only one; red.
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You got it right there. I changed my color scheme to provide clarity obviously but also use colors that aren't stressful if that makes any sense. Trading can be stressful enough, lol! I'll admit I'm a bit artsy with everything in my life and really like clean modern looking things. This is my interpretation of what I like on to my charts.
I used to stare at black screens all day and it just destroyed my vision and then one day, I just decided I didn't have to deal with that anymore and changed everything to how it is currently. It makes a big difference in my opinion.
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I started with black backgrounds believing they were easier on my eyes, but now have experienced that they really they are harder on me.
I was on a mission to understand a volume ladder.
After I had your colors on MY charts (sounds like it would not be different), it took a different meaning. Simplicity. I have now recreated most of your charts since I did that, looked through them at what they do, how they might work together, saved as templates. This is my favorite so far:
They feel weird, and my guess is I will eventually shape them some, but I am questioning and rebuilding a lot of things so discomfort is expected. They are extremely uncluttered to me when trying to see "value", although I am not sure what I am doing with that yet... lol!
Still working through Jim Dalton material, fell asleep with my laptop last night.
I have on several occasions in the last couple of years tried to work with black backgrounds, because they look "cool" when I see others' charts. But they always look so different on my own screen. I have given them an honest try and concluded that the eye strain is just too much. I had success with an RGB of 50,50,50 to tone down the blackness, which was quite nice, but a 252,252,252 background with normal colors and black text is just so easy on the eyes. For those who turn from a black to a white/neutral background, at first it seems like it's way too bright, just like walking out of Plato's cave and into the sun would give one a temporary blindness because it's too bright, but that's just because of the contrast.
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Looks like you need to adjust the font size. Here's my settings for the ES. You can change what you want including the value area back to 70%. Hopefully that helps. Also, make sure to click and drag the X and Y axis to really bring it all together uniformly. For Crude, try a price/tick level of 3.
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Iv always thought stairing at bright white screen all day would give me head aches
May be ill try white charts if this is the case
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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I thought the same thing. You probably know I used nothing but black backgrounds for years. I only changed to white to remind myself I did not know the charts I was using, but then found out I "felt better" watching white charts all day.
I know that I have had eye strain headaches from black screens, and so far, not from white.
Gary, now you have me thinking because I thought white backgrounds were hard on the eyes because of the brightness. I was wondering if a light gray was the way to go like the pencil colors. looks good.
d
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Thanks for the settings, that was helpful. But my first problem was far more clueless than you are giving me credit for. I did not realize I was on a month chart for an embarrassingly long time.
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For the TPO chart, if you hold the control button down and click on the right side price column, you can drag the width of the screen out so the numbers aren't all crunched together.
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Sierra has so many differences in options that is makes me put a little more thought into everything as I work through it. It starts sometimes by not even understanding what a setting can do, and then having it show me things I have never seen as an option. "I never thought about it" has been a mantra all day.
Like this, for instance. I do not understand the benefit of volume ladder. I understand the concept, the math, etc. But use it for something???
And so what is cool about Sierra, from a NinjaTrader user point of view, is that it allows me to .... crap, just got a business call that I had to take and it threw me off track.
It allows me to construct an indicator from the ground up, without having to understand writing code. Mostly visually of course. But we learn visually. I have always joked with my wife that I don't "read", I like books with lots of pictures. Get to it, let's learn, and I learn by getting my hands into it. Observing. My favorite part of new computer hardware is the quick start visual.
So I sit here tonight as I wait for my wife to get home, changing one thing's color at a time. Just learning volume ladder at a more graphic pace...
What I think it is related to;
1) It is only to be watched at key moments/locations
2) You have to see it while it is turned on
And because of #2 above, Do not really get the significance of highlighting certain boxes, and feel that there is the visual of activity speed that plays into it.
And yes, I get that part of it. But still missing something.
This thought is on a roll... To me, VSA gives me some intense immediate information. Right or wrong, that is the place for it.
So I cling to that instead of using Volume Ladder. But I see where the information provided by Volume Ladder could add depth of information to a concept thtat I already do benefit from, but I am having a hard time finding the blend between the two.
It's like I could stare at this image all night and not stop coming up with "what do I want to see?" questions. But I have not come up with an answer to some of them.
And, just to put resistance to this thread(... no, my mistake, that would be "support" since the post comes below the previous post), I encapsulate it with another... The whole reason I started posting on futures.io (formerly BMT) was to force transparency to learn about my own weaknesses .
Yes, I did know the quote, but could not recall the scene. The fact you picked that up requires that I thank you for having me nearly spit beer out of my nose...
To re-phrase: The process is reducing the options by learning something about something, and then making a decision. And then listening to that decision, and/or obeying that decision, and/or having made the right one.
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.
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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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.
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.
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.
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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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.
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...
I think I know the reason for this. You are using Zen-Fire through Mirus, and according to the Zen-Fire subsection here, you are only provided with 1-minute resolution data for the backfill. See below for more info.
Have you looked at Sierra's Historical Intraday Futures Data service? You may want to try that, as it will provide you with tick-level backfill (I'm guessing 30 days?) for free, and you would not need IQFeed unless you have some specific reason for needing it...? I have CTS as my primary data provider and I get good backfill so I have never had to use this service, but you should consider trying it. IQfeed is pretty cheap (~$80 a month with CME fee waivers) and very good but I cancelled my subscription several months back because I simply didn't need it any longer.
It will run lean just as you have experienced. I am running two copies (one using CTS broker-supplied data, the other using Sierra's free FXCM data for various indexes like dax/euro/dow/nasdaq/etc), and combined they run just over 100K, and that's with 18 charts and 3 spreadsheets open. NT started on Monday running at about 200K with 8 charts, and by Friday was up to 400K. NT's answer was to always restart every day. But I digress.
As mentioned above, I don't know why you would need IQFeed except for cases where you need an immediate backfill of the current day's data if your zen connection were to crap out (but then, why would you need data immediately if you can't trade?).
For more info on running multiple copies of SC (one for backfill with SC's service or with IQfeed or barchart) and how to set it up, see here. If you use zen and want tick-level backfill, I think this is how you will have to set it up. Again, it may seem slightly tedious at first, but it's pretty much set-and-forget. The other alternative is to consider a broker switch for different data like Rithmic or CTS (or TT, if bid/ask is not important to you), but you are probably happy with where you are so this may be a bit extreme. The other option is that you accept the 1-minute backfill data resolution, if extreme volume profile reliability is not important to you, and if delta-based studies are not important, but again, that's just an option.
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Not that I USE that currently... lol!! But, if I am still giving that view a chance. I could take a year. I have not setup ZenFire yet, using all Sierra data.
Yes, that is very noticeable so far, but without live data the real test is still ahead of me. I have been having some resource issues recently, and believe NT to be a big part of the cause. Of course, it is just as likely that is the indicators I have, but I created the exact same workspaces on both NT and SC, and that 25k(k) vs 185k(k) is what I got.
What you want is the "Numbers Bars Calculated Values" study. Also, I have not yet tried "Numbers Bars V2" but it looks interesting, if this is a view you are looking to incorporate.
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This market is "overbought", but occassionally crude oil can use that to take the most money from me.
The task here is to determine a "reason" for looking at shorting. A trendline break, or a chart pattern, or a candlestick pattern, or whatever it is we believe in.
But until that, the direction is UP. Worst part of trading.
There is an invereted H&S playing out. The "target" (if there is one) of that pattern is in the range of completion (786+).
The move up is convincing. Volume shows herd "denial". Getting in an a long term W3 is a question of risk. A W5 would be the closest thing to exact calculation, but the may not come. Fear of missing out is in play as well.
The long term direction is up. And while overbought may be on a lot of indicators, it does not exist in the market.
Meaning, personally, I don't put much weight at all into a P-formation, and to me it is a general indication of acceptance higher. The profile does not say "
