I went through my notes (incl re-visiting the Universal website) again tonight. Once having the special reference points, for example, 1151.25 and 1163.50 as the Top VPOCs and yesterday's High @1161.75, Short when these prices got rejected.
For entry, I've prepared a simple chart based on Universal's suggestion, ie
- Keltner Channel for Exit
- Fast and Slow Stochs for Entry
Chart Part 1 indicated where to Short based on VPOC 1151.25 being rejected.
Chart Part 2 indicated where to Short based on yesterday's VAH 1156.75 and yesterday's High 1161.75 being rejected.
If I have faith in this set-up, I only need the enclosed LOL! Hey, on a second thought, I am going to create a simple strategy (manually input the special reference points the night before) and sim-trade it next week.
TAKE your time! dont have hurry, opportunities are behind the corner (any trades, any Long / Short ).
I am a humble fellow in this challenge, Remember ALWAYS dont trade just to trade, dont be supported or stimulated for a sort of challenge with the Market .
Having dreams it's correct, velleities are wrong, they drive to nothing. What the difference between dreams & velleities: the first is what gives us the strength to proceed in life going straight to the unknown looking for our targets, the second is just the willing to do something but in a philosophical way without a stated target: only words, to satisfy our EGO = the "I" part of the psyche.
If this game could be simple, do you know how many people could be successful, instead the reality is that a lot of persons are approaching this world leaving their capitals.
This said this world is extremely difficult to ride, and when you hear people saying I am a winner, be extremely carefull and sospicious, same when you hear a "Casino" gambler, more or less all these are saying around they are winners: they LIE !
Only a very long observation of the Market, better of a specific instrument, will deliver a quite good knowledge of it, then the friendship created between the trader and the instrument + related news and a good basic knowledge of the financial markets behaviour could deliver a possible success.
When you have in front of you a strong adversary, to definitely understand its level of potentiality will be of help during the fight, but be in any kind of hurry it is devastating.
So, training in SYM mode and trying and retrying every days determined way to approach the Market (instrument) is the best and literaly the only real way to establishing a method to strat trading without anxiety: and that time when you were thinking to enter and you hesitated for a while, then willing to enter anyway also late, this will be 99,9% a Loss.
Wait, if the Market is running away without you, no prob there will be soon another opportunity.
The only situation in which is corret to be in a "Great Hurry" is when the Market turns against you, you are conscious of that and then you must be determined in your decision within seconds .
My best wishes and sympathy for your feeling
What Life is ? Only two things are infinite: universe and human stupidity, about the first one I am not so sure ... (A. Einstein)
Last edited by Alinghy; May 12th, 2010 at 01:56 PM.
The following user says Thank You to Alinghy for this post:
1. Market Profile as the primary set-up. Followed the plan and executed a trade based on rules.
2. Predetermined PT and SL orders were intact - not a millisecond was spent on moving them until the first PT was hit LOL! I followed Big Mike's advice to give the trade enough room while setting SL according to Price Action.
Priority Item to Work On: HUMBLE trading on my pace!
Thanks everyone for standing by me.
Last edited by wgreenie; May 12th, 2010 at 12:46 PM.
Reason: Need to attach the enclosures again
The following user says Thank You to wgreenie for this post:
Thanks again ZCars! It's very user-friendly. The bracket orders (with predetermined PT and SL for 1 or multiple contracts) are placed upon trade execution. The Manual Trade Management window makes it very easy to change the order + it gives me an idea on how far or close the PT/SL are. I will try the breakout/fade orders next.
It's like having NJ ATM feature on IB and it's free & reliable LOL! Thanks ZCars for cheering me up!!
ES made an overnight high @1175 and currently trades above previous day's Value Area (1162.00-1169.50). Depend on the buying strength at Open, one may choose to go Long with the Initiative Buyers OR sell when it shows weakness and rejection.
If it continues to trade above 1164.50 when it opens, Bottom VPOC will be 1164.50 (then 1153.00). I also have 1186 (the most recent high on 4 May) in case it wants to get there.
Early Report .. haha .. I did two quick trades and 100% winning rate. Made $205 within 5 minutes .. Can't ask for more than that LOL!!!
1. Stayed with Market Profile Fade the Extremes set-up. To overcome "missing indicators on overbought/oversold and buy/sell volume", I paid more attention on Price Action and used MurreyMath for setting PT.
2. No Over-trade. Two is good and I just closed the SuperDOM.
1. I was a little slow in responding to the first Long opportunity, ie when price was getting close to 1162 (yesterday's low). I was checking the 4-Range chart for a Long signal .. mostly Red because price has been falling since the 8:30 am news! Then I reminded myself I should be watching Price Action to confirm acceptance or rejection! Caught up with the subsequent Long trades.
2. I started paying more attention to Price Action and used them for SL and PT. Having MurreyMath is good too (remember I removed it from the Market Profile chart) and am glad that I've kept it on the 4-Range chart.
3. I decided to go Long when my Entry set-up was mostly against me. Need to explore how to enhance it in 2 weeks. Yes, no addition or removal of indicators until 31 May.
Note: It's my intention to have the 4-Range set-up as one of the trading systems at a later date. I may as well include system review when I do the indicators' one! It's critical to use a system or systems I am comfortable to trade with. Make it/them MINE!!
Good news: My confidence is back!
Continue enjoying your day.
Beth (I will do some domestic functions now. For example, juicing and laundry .. haha ..)
Last edited by wgreenie; May 13th, 2010 at 03:11 PM.
The following 2 users say Thank You to wgreenie for this post: