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Thanks, I use that VbP, but it's so ugly and I can't find a way to make is less annoying in colors. But is does the job.
I still try to figure out how to get it to show multiple volume profiles, one for each day, for more compressed chart, to compare profiles.
Alright, here is my final plan for the remainder of 2013:
- I will follow my written plan in regards to the setup entries
- I will only take max 2 trades a day per market
- I will always risk 15 ticks
- I will always have a profit target 30 ticks
- I will not manage my trade in any shape of form, allowing to collect proper set of MAE and MFE
- I will only take trades where profit potential is sufficient to hit my target and where my risk tolerance is sufficient for the volatility present and price action structure
I believe I should get some better data if I filter the market for only situation suited my plan, instead of adjusting to each and every trade moving stops and targets and in the end getting some very confusing information.
I was gratificated early with my new approach, getting 2 winners on the dax.
I will be trading DAX, CL and GC with exactly same rules, except that front run trade on GC, but 15-30 rules will still stand.
Besides anything this exercise will help me to improve patience a lot.
"Besides anything this exercise will help me to improve patience a lot."
Good Xelaar, agreed lessor trades shows we are more patient. Same thing is helping my P&L past few days.
Did some business in Gold. Two trades. Two consecutive levels. Ideally I would probably would leave trade one and just increase its target a bit, but I followed the rules, trades were takes as it they were unrelated.
Not sure how realistic they are, first trade entry would not slip on entry, hardly the exit would slip favorable so much like it did in sim, as it is done with limit so it would not slip at all most likely. But it is what it is.
It is beuatiful setup, xelaar. How can i see a signal on footprint? I am guess that the jig-saw and the footprint produce the same signals. Isn't it? Thanks.
And two trades on Crude to end the first day well.
First trade was totally stupid. No, setup was looking excellent but with small correction - I totally ignored a very strong bullish trend since the open, huge momentum and volume.
I got a quick and dirty stop out for 15 shekels.
A second trade was smarter, I decided to wait and see if pullback will continue, it seemed to end and I got a break of a trend line, pick up in bullish momentum, positive tape, second entry long. It made 23 ticks profit and new high but came back to the entry. If I would be managing this trade, that would be totally the end of it. However, as I let it to its own devices and went to see Dangerous Flights show on TV, it produced another push that ended in +30.
It's encouraging start to my new experiment. Stress-free too.
Hey, it's pretty hard to see to enter when it starts moving - it takes just a second or two and you would get slipped badly. Basically you need to judge the market beforehand and see how price action behaves as it gets close to the level, how tape prints and how limits get thrown to stop the selling force. I have made a whole webinar/educational video for Pete Davis and explained exactly this sort of setups in great details and provided several real life examples and video recording of actual trades.
