What I've learned from the VolumeLadder and Market Profile II Webinars
I accomplished the above to-do item last night. Learned a lot from ZTrade101 and Fiki. Certainly have clarified several myths from my pending list. From both gentlemen, I got more trading ideas incl when to trade and when NOT to trade (very important too).
If you are using Market Profile as your trading tool, I highly recommend your having them on your watch list incl those who would like to use the Gomi indicators.
For me, I plan to have 2 new Gomi indicators (VolumeLadder and Delta) on a third chart this coming week. Will go through the templates available (thanks again to ZTrade101) before finalizing the chart. My focus will still be on the primary two, ie
- a 30-minute chart with 2 MP indicators
- a 4-Range chart to spot entry points, then check volume/momentum on the Gomi chart
Enclosed is my new chart for the coming two weeks. Should be a 4-Range one .. not sure why it does not plot. Well, will try it when the market opens tonight.
Almost forgot the VolumeLadder indicator covers Delta, ie left ladder on volume and right ladder on Delta. You will see I have the ADXVMA indicator on the Gomi chart (as suggested by ZTrade101 in the webinar).
I'm happy that I now better understand the VolumeLadder indicator. For example,
- Red COT and Green COT numbers above and below each bar
- Left and Right ladders for each bar
- Golden box = Close (bid or ask)
- Cyan box = high volume
Hi Beth, i´d never seen your posts before... for what i´ve seen you started talking about your system and the indicators you use... some of them have the kpsnapback and swingprice, rigth?... but what are does that place a signal on the letf upper corner and the one that includes the chop signal on the price action?
and for what can see you follow the average crosses mainly, right?
Note: Perry posted 2 updated trading methods on his post Nos 71 and 72. His system is a stand-alone set-up which he's been trading live successfully.
For me, I am using Market Profile (30-minute chart) to analyze the market and get some special reference points before the market opens. Trade set-up mainly bases on Fade the Extremes (look for acceptance and rejection). Also plot price action labels (HH/HL/LL/LH) on the 4-Range set-up to detect high probability trades like breakout ones. The indicators on the 4-Range chart (such as ForceIndex on Panel 2 and DMPlus on Panel 3 - I believe one of them plotted "CHOP" or "TRADE" label on the top left) help confirming my trade signals.
Sincerely hope that the above clarifies your raised issue. In short, one does not need so many set-ups/indicators to find profitable trades. I am still learning and strive to create a system/set-up that I feel comfortable to trade with.
The following user says Thank You to wgreenie for this post:
I performed a crispy weekend performance review, ie
1. Trader "Me"
After recalled what I've accomplished since creating this thread in early Feb (incl a 2-week automation detour), I'm giving myself a B+. I'd love to give myself a higher grade and refrain doing so. Why?
i) I have not placed a real trade as of this moment.
ii) To give myself an incentive to continue improving my trading skills. I realize Trading is a life-time learning profession.
2. Trading System/Set-up - An A! It's been generating mostly high probability trades. The key successful factor: Follow my Trading Plan and rules most of the time.
1. Trading Plan (slightly revised)
i) Sim Trading will remain as-is, ie mostly 2-contract trades with PTs @6 and 8 ticks respectively + an initial 8-tick SL.
ii) Real Trade (ideally 1-3 1-contract trades per week as a start) with PT between 4 and 6 ticks and SL @6-8 ticks.
Note: Will continue focussing on ES (one instrument). Oh, you will be glad to learn that we now have a reliable Internet connection. How? We installed a Rocket Hub (a new technology for 5 weeks) and an external antenna on Tue and so far no disconnection.
Well, I do not have "when" for the first real trade. Enjoy the flexibility and I know when the time is right, I will push the button .. smile ..
Initial Balance: 1091.50 - 1097.50 (6 points) Value Area as at 10:57 am: 1092.50 - 1094.50 - 1096.00 (3.5 points)
Price opened @1095.75
Today's High and Low as at 10:57 am: 1098.00 and 1091.50
VPOCs: Top 1106.00 (1094.75 was touched) and Bottom 1079.00
My expectation: Even we have a gap up (over 10 points from Fri Close @1085.00), I still expect a Up or Down rotation to extend the range a little bit.
Goal Accomplished: 2 Atrades and 1 F trade. You can easily guess what the F trade did to my daily result ... ooooo .. Correction: The F grade should be for me .. not the trade.
Confession: I was too excited when the 2 strategies (I created based on PA Swing indicators) have triggered trades this morning. My attention was divided .. sorry! I will see if I can have them run on my laptop instead.
I'm glad to have it back again (which I tried before). The COTs are great plus the high volume cyan boxes. I am going to re-watch the webinar so that I know the meaning behind the left or right position of the golden Closing box. Maybe it's about Buying/Selling pressure and I'm not sure.
To minimize distraction and familiarize myself with this new comer, I believe it's better to review the Volume chart when I am not trading. You will also notice my moving the ADXVMA indicator to Panel 2. The line color is not very legible when it's on Panel 1.