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Using MTPredictor with volume Profile and DayTradeTheMarkets B/A aggression


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Using MTPredictor with volume Profile and DayTradeTheMarkets B/A aggression

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  #1 (permalink)
 sigmatrader 
Blythe, CA
 
Experience: Advanced
Platform: NinjaTrader7 and 8
Broker: Rithmic
Trading: CL, GC, UB
 
Posts: 62 since Sep 2009
Thanks: 47 given, 59 received

Monday 4.8.2013 had a classic MTP TS4 setup. After a sideways move in the morning the post lunch dip setup a TS4. What made it more convincing was a morning test of the value area high with a DayTradeTheMarket red B/A aggression bar that had no followthrough(bullish). An MTP R/R manual trade could have been taken off of the retest. The patient conservative trader who waited for a built in TS4 was provided one in the afternoon. This was also a higher low test above the VAHigh accompanied by a DTTM B/A divergence dot and decelleration triangle, i.e. the bullish kind a trader could jump all over because it was evidence of selling exhaustion. Personally I love the combo of MTP EWave analysis and intrabar bid ask analysis. The aggressive trader could take the TS4. A diehard cumulative mkt delta trader would have waited for the plot in the subgraph to confirm the setup and for price to cross the magenta developing point of control. The difference in entry would only have been one point different. Note also the trade could be managed with the ATR stop(dashed blue line). In this trade the ultimate daysession target was the 14 day ATR expectation and at session close. The Gom cumulative market delta had strong sustained buying from 1552 to 1560. Regarding the initial entry, the MTP software R/R entry is one tick above the TS4 bar and the initial stop is one tick below.

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  #2 (permalink)
 sigmatrader 
Blythe, CA
 
Experience: Advanced
Platform: NinjaTrader7 and 8
Broker: Rithmic
Trading: CL, GC, UB
 
Posts: 62 since Sep 2009
Thanks: 47 given, 59 received

Forgot to attach the chart.

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Name:	ES MTP TS4 RR OF 11.1.GIF
Views:	477
Size:	149.5 KB
ID:	108083  
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 Big Mike 
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Is this meant to be a trading journal? If so, it should be posted in the Trading Journals section.

What is your affiliation with DayTradeTheMarkets?

Mike

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  #4 (permalink)
 sigmatrader 
Blythe, CA
 
Experience: Advanced
Platform: NinjaTrader7 and 8
Broker: Rithmic
Trading: CL, GC, UB
 
Posts: 62 since Sep 2009
Thanks: 47 given, 59 received

My relation with DayTradeTheMarkets is as a licensed user. Was one of their first adopters last year. Post was not mean't to be the start of a journal. I don't intend to make many posts. This one was just to show a synergistic method of combining MTP wave analysis, with volume profile and the final clincher of intrabar bid ask aggression. This to me gives mkt environment perspective, setups, and triggers, the essentials of a trade. Unfortunately none of these tools can be automated, so statistics are not easily come by. All I can say is the combo of these 3 methodologies provides sufficient filters for a higher odds trade setup.

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 mrmuggins 
manchester, england
 
Experience: Intermediate
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Trading: oil
 
Posts: 288 since Apr 2011
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sigmatrader View Post
Forgot to attach the chart.

Hi Sigma, that was a very good trade. Thank you for sharing. I receive frequent updates from DTTM, marketing their software (I think it's around $2000.00) and I must admit that I am impressed by it and the way Justin explains how to use it. So it is good to see someone using it in their trading.

Tonight Justin showed a level 3 breakout trade from the consolidated zone using the 1 min chart, however, I see that you use the 3 min chart for your trades and there was only a level 1 breakout bar. So in your opinion, which is the best timeframe to use? Or do you have to have several different charts opened to get a good perspective of the aggression bars? For me personally, using a 1 min chart on ES seems too fast.

As I cannot afford the software, I use Fat Tails Better Volume indicator which gives some very good breakout from consolidation trades. I have attached a 5 min chart which had a climax breakout from the consolidation which started the large up move today.

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Name:	ES 06-13 (5 Min)  09_04_2013_Climax breakout from consolidation.png
Views:	309
Size:	59.7 KB
ID:	108095  
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  #6 (permalink)
 sigmatrader 
Blythe, CA
 
Experience: Advanced
Platform: NinjaTrader7 and 8
Broker: Rithmic
Trading: CL, GC, UB
 
Posts: 62 since Sep 2009
Thanks: 47 given, 59 received

The first edition of the DTTM aggression bars only worked on 1 minute bars and it had problems with other indicators on the same chart. Suggestions and feedback and upgrades fixed those issues after 6 or more months. The timeframe I use depends on the market. Justin likes 1min daysession and 15min for 24hr charts. Personally I don't use 1min and prefer 2 or 3 for the day or RTH and 15 for the 24hr for S/R zones. Upgrades come with templates for different time periods like 1min, 2 to 4min, 5 to 15min, 30 to 60min and 24hr. Each requires more historical data because of the historical comparisons made. The code uses 15 to 25 days on the 1 to 4min bars, and like 50 days on the 15 min bars. Prior to using this code I used the Color Bars available on BM forum, but they didn't have the discrete levels of aggression and did find them useful for detecting divergence as price ran into a high or low, but felt they were lacking. I tried modifying the ColorBars, but not being a C# programmer wasn't successful. I think I posted a request, or question, but got no responce. I've seen the Fat Tails better volume tool, but haven't downloaded it yet. I've been a long time fan of Gomi's work and figured color aggression bars could be made from the code. Just not within my capability. Took awhile to get accustomed to the DTTM terminology and the concepts. Yes, it is expensive, and I may have gotten it at a lower price when they first introduced it. Sometimes there are tools I just have to have.

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Last Updated on April 8, 2013


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