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My journal to trade by understanding market's processes and behaviors


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My journal to trade by understanding market's processes and behaviors

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  #1 (permalink)
Gatineau Quebec Canada
 
Experience: Intermediate
Platform: Sierra Chart
Trading: Stocks
 
erobertsonag's Avatar
 
Posts: 107 since Aug 2014
Thanks: 69 given, 78 received

Hi all,

Did introduce myself in the trader Hideout forum - Introduction and Beginner thread, My background is there. My plan is to share my journey to understand how markets behaves. I want to understand Market Profile (MP) first and I am using Markets In Profile from James Dalton in order to to so. I heard that Mind over Markets might be better or different but anyhow, I did choose to buy the second book first and I am able to follow it without any issues. I am currently at page 104 and did took 20 pages of hand written notes. I would like to have it completed by mid September if all goes well.

The Logical Trader will be my next purchase. Recommended as being the bible of execution (while MP is the bible of context) by a futures.io (formerly BMT) Wizard, it make sense to me.

I do have my own trading plan (it is available in my post in the Trader Hideout forum. I talks about big volume levels and velocity or speed monitoring of the trading activity), but once I will be done with both books, I will decide to either add to it, or redo it. I hope the knowledge that I will gain by going through these 2 books will help me know better what would be my next learning move.

While reading Dalton's book I do look at his recorded public webinars as well. As of now I did look at his most recent (Surviving skills ...). Maybe I should start from older webinars to newer ... I am not sure. But the focus is the book and then the other book.

Many thanks to all, I will update each time I will study, it has been about 7 weeks that I am back in trying to become a successful trader after a 7 month pause, again, thanks for the honesty of futures.io (formerly BMT) introduction reality check e-mail that he sends us when we do join the group here, it did help me realize a lot of things and that I was not alone struggling with trading and my fear were the same as many others ... I did like the name of the forum as well (Hideout !!) I think it represent what we do have to do in order to succeeded, on bad day you cannot keep that bad emotions inside, you do have to share and talk about it in order to vent these emotions in order to be prepared for the next battle.

Ok enough now, I will go back studying MP.

Oh one other thing, I do work full time and finish my weeks on Friday at noon. So when I will be ready to come back in the ring, it might be as swing and/or an intraday trader in the PM of each Friday, I will see what I learn and what I feel within the next weeks and /or months.

Cio all

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  #3 (permalink)
Gatineau Quebec Canada
 
Experience: Intermediate
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erobertsonag's Avatar
 
Posts: 107 since Aug 2014
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Today it is labor day so this morning I did spend about 2 hours of reading and studying. I am now at page 112 with 23 pages of notes. Actually it is more 46 pages of note since they are back and front... I will join my supportive wife in order to prepare the next week, I might look at a webinar tonight, I will see.

ER

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  #4 (permalink)
Gatineau Quebec Canada
 
Experience: Intermediate
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Trading: Stocks
 
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Posts: 107 since Aug 2014
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Hi all,

Did looked at the oldest recorded webinar of Dalton. Now I'm confident that I am reading the best of the 2 books of Dalton (according to what he said in the webinar). THe webinar was about overnight inventory. I did get the "One timeframing higher" concept in the question period, he uses that concept to decide when the market goes back to balance. Did like it. I am more an equity trader (well I was, maybe I will switch, have to decide later) so I am not to sure how to use the pre-market data (7:00 to 9:30) with that overnight inventory ... Is overnight inventory means post market (4:00 to 8:00) ? Does his the pit session from 9:30 to 4:00 ? And then what should I do with the pre-market period ? Should it be added to the previous overnight inventory to create one single profile ? Maybe someone could help me on this one ?

Ok, time to prepare for a short week of work here ...

Tx all, good nights

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  #5 (permalink)
Legendary Market Wizard
Georgia, US
 
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erobertsonag View Post
I am more an equity trader (well I was, maybe I will switch, have to decide later) so I am not to sure how to use the pre-market data (7:00 to 9:30) with that overnight inventory ... Is overnight inventory means post market (4:00 to 8:00) ? Does his the pit session from 9:30 to 4:00 ? And then what should I do with the pre-market period ? Should it be added to the previous overnight inventory to create one single profile ? Maybe someone could help me on this one ?

For stocks, you will likely find such little premarket and after hours trading activity that it's best to not think of the concept of 'overnight inventory' the way Dalton does with futures. Occasionally when there is a lot of activity it can be useful, but even the most active stocks are rather dead (these days) until shortly before the open.

The ES futures day used to run from 4:30pm ET to 4:15pm ET. Now the day is technically from 6:00pm ET until 5:15pm ET, with the settlement at 4:15pm ET. I expect Dalton uses this new time but I am not certain. So little activity happens anyway from the 4:30pm to 5:15pm window that it's a rather moot point either way. So, "overnight" is technically from 6pm until 9:30am ET, with the RTH pit hours being from 9:30am to 4:15pm.

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  #6 (permalink)
Gatineau Quebec Canada
 
Experience: Intermediate
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Posts: 107 since Aug 2014
Thanks: 69 given, 78 received

Hi All,
Tired today and too lazy to read so I did consume another webinar from Dalton, Did watch How to identify day trade oportunities of July 2011. Very consistant with the other webinars and the book. I feel that I might have a real market understanding in the future ... There are a lot of stuff but all understandable and what is the the most important is that I feel it all makes senses.

I did not open any charts yet and feel proud of it since I am used to get into charts and start dreaming about things I think I see ... And loose precious time. Which is also called the Holy Grail ... So I am Holy Grail sober as of now !

Good night all,

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  #7 (permalink)
Gatineau Quebec Canada
 
Experience: Intermediate
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Posts: 107 since Aug 2014
Thanks: 69 given, 78 received

Hi all,

Currently at page 147 of Markets in Profile with 54 pages of handwritten notes. In a single paragraph in reference to another book (The Mature Mind of Gene Cohen) he described my 2.5 years of trading behavior via the 2 types of intelligence that we do have and what we do with both of them: Crystalised Intelligence and Fluid Intelligence. He describe my habit of going back to mechanical system in difficult time which is not good either.

I now know that we can differentiate (well he does and at least I understand) a countertrend trending day in opposite to a trending day in the trend direction by understanding the interactions on different timeframes market particpants which is reflected in the shape of the trending day profile. TWhat I am trying to explain is that the shape of a profile of an up day in a downtrend will usually be different than the shape of an upday in an uptrend .... Which is totally new to me and impossible to read with my traditional tools , volume, time based and tick based charts.

Tonight big party at Lonestar for me, my 2nd daughter is turning 16 !!

Thanks all

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  #8 (permalink)
Gatineau Quebec Canada
 
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Posts: 107 since Aug 2014
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Hi all,

Small period of study for me for this AM. I am now at page 151.

That's about it fo now,

Have a good Sunday PM all,

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  #9 (permalink)
Gatineau Quebec Canada
 
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Posts: 107 since Aug 2014
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Hi again,

Now at page 160 with 60 pages of notes. Not a big progess tonight but going forward ... The next pages talks about 4 different examples or scenarios, I am looking forward for these pages.

Cio

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  #10 (permalink)
Gatineau Quebec Canada
 
Experience: Intermediate
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Posts: 107 since Aug 2014
Thanks: 69 given, 78 received


Hi again,

Now at page 164 and I finally got the short-term liquidation break end of day concept (in opposition to new short sellers coming in ...). Now I understand that part !!! I am getting close to the end of the book. My next step was supposed to get into the Logical Trader but I am hesitating between the new book, making a good recap document of Dalton's book and making myself a kind of long term scheduled plan ... They are all things that need to be done anyways ...

Good night all,

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