I use the latest version of SnagIt by Techsmith. It is a fantastic tool. I keep records of charts using it. You can also record your screens with it. The software comes with a Screencast account of 2GB of storage. This is what I used to post this image on twitter in the morning: Trader's Creed
Cheers!
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
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I can only provide you with an opinion on this trade. Here is how I viewed this morning's auction:
Opened BELOW prior accepted value on news. General trend is up and almost all sell-offs have been bought back in the past.
Expectation in this circumstance is for responsive buying towards the most recent value or accepted prices
The market opened in a right range of 39.50 to 37.75 as the opening swing. I announced this on Twitter and said "watching for quality of responsive buying on the open"
The break of the small opening swing would lead me to believe that sellers are likely to run for the hills again. I personally took a long in the opening swing in anticipation and with a target of the Overnight High as well as a naked Volume POC at 45.75
We touched that NVPOC at 9:02 central and I expected that we would chop before the next leg takes place
The biggest thing that would have had me suspicious of a short at 42 area is that the overnight high was just above and the overnight levels are statistically broken 96% of the time on a fixed dataset (so that stat can vary slightly)
If you didn't follow any of that, I suggest you listen to some of the webinars on my site in the chat log. I think that the reasoning behind your entry short may be sound for your method of trading, but I traded against your position because of the context of where we are. Context is what backs up your position and it is hard for folks to grasp so they use indicators to create a proxy.
Let me know if I need to elaborate.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
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The website should be up by the end of this week. It has definitely taken longer than expected. We had to handle some interesting hurdles when we first launched Stage 5 Trading and couldn't get on the website right away. It is ready to be reviewed by compliance now and launched.
The FCM is mainly determined by the software you want to use. For example, to use the S5 Trade Analyzer, you have to use the S5 Trader and must therefore open your account with OEC. For added security, some people have opened their Ninja account with both Vision and Dorman.
ACH are not supported by most futures firms. Generally, folks get a wire or a check instead.
Many traders get a subaccount and put some margin equity into it for various purposes. Generally, FCM's want to know the reason for an additional account for compliance and administrative purposes. You can generally cross-margin accounts.
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Last question for today, promise...
FT, as far as trading -- are you only a scalper? Only a day trader? What about swings? Outside of trading I would imagine you have other longer term investments, would you mind very briefly commenting on whether these longer term investments are in equities, bonds, real estate and etc etc (if any one category is more weighted than the next).
If you would sum up the US markets in just one word of either "bullish" or "bearish" when looking at the next 5-years or so, which would it be?
Obviously this has no major factor on day traders unless we see 2008 levels of volatility again --- I am talking more about longer term moves or positioning yourself for a big swing trade and/or reshuffling long term investment options if you feel the market is about to enter a down turn. There are many people who believe we are near a cyclical high and they are expecting a good 20-25% retracement or so (some expecting even more) to come somewhat soon.
For even longer term investments, say 15 years, the cyclical argument is pretty much moot based on historical data, you should just make regular contributions and essentially be dollar cost averaging your long term investment portfolio to weather storms, in my opinion at least. But the trader in me doesn't want to see my investments in equities take a dive, if I were to subscribe to the model that a cyclical top is near I would reposition to minimize impact should we start moving lower.
Thoughts?
It's late so we can ask this in tomorrow's live AMA session if you want I'm not looking for a detailed answer since this is mostly outside of trading, I just was curious to see if your thoughts align with mine or not.
Thanks as always. And with that, I sign off for the day - I've been up for 30 hours straight!
If i may add, i use volume profile in the form of a channel and just in front of your short you had an obstacle that price would need to cross to succeed. Although you were at a good location near the channel boundary, the value had just shifted higher (see yellow arrows) and price did rotate long enough to form an important node that would sure act as an obstacle to your trade. Because of this speed bump in the way the setup should be considered as a low probability trade setup. This is the type of rational i use. I prefer to take trade setups with a clear path at least to my first target. The trade at the open offered such a scenario.
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I'm not looking for a detailed answer since this is mostly outside of trading, I just was curious to see if your thoughts align with mine or not.
