Most valuable feedback and having studied many Emini-watch videos plus several months ES printouts of 2000 tick charts (my trading choice) of all Better Indicators from a friend, I can see all the issues discussed.
I am a discretionary price action trader (Al Brooks style) but like Eric do put some added value on Price+Volume. After all the Wyckoff, volume spread analysis, market delta, tape reading, and similar study the last few months, the Better indicators did seem to offer some insight into what is happening with volume. Never happy to see a bull bar, for example, that when you look into bar it shows more down volume than up! These Better thingies are operating on numbers behind bars so that told me I didn't need to be doing same continuous calculation work myself.
Nothing is 100% of course, otherwise there would be no market, but the primary tool has to be our own brain I figure - into which various information is fed. Hard work. So, I am going to buy these thingies and add them to my chart. I will not use them exclusively as Barry of Emini-watch seems to do, as being too reliant on them is counter-productive I believe - and what Cloudy seems to have found (?).
Emini-watch Barry does get out of good trades too early (like yesterday!) based on his indicators, whereas I can see price action simply going into a tight trading range (TTR) before moving on, for example. Better Momentum indicators do often flag a TTR it seems, rather than reversal which is still of great value. And breakouts from Better Sine Wave S/R is also valuable. Anyway, Barry is a self-confessed 'too emotional' trader at times which is why I really him and his updates. He's a real trader for sure just like Al Brooks at the other extreme. Al is cold as ice.
The perfect price-volume tool to me (if such a thing exists) seems to be something on the lines of the Market Delta software. But being locked into TradeStation for now I will keep an eye on that and similar tools that may appear. Until then I will continue with training my own cerebral cortex with price action supported by various market and volume indicators: the Better Trio (plus Better Volume bars) and my trusty $TICK, $TIKI, $TRINSP, $PCVA, $VOLSPD, $INX and Time & Sales. Together with the TS Matrix price ladder I have more than enough to help me see what is 'happening in the market' as Eric noted.
At the end of the day I am simply trying to understand and get on-board with what the market makers are doing - and trying to make a fraction of the money those guys extract from the market daily through their constant manipulation cycles. Price+volume is one door into their world I believe.
Thanks again everyone. Will drop back in later and report back on how these Better thingies go.
Sorry for rambling on but just trying to give back something of value hopefully. Apologies for any typos.
Last edited by RichardHK; May 9th, 2012 at 02:14 AM.
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So far so good with these indicators. Combined with extended study of the VSA free materials (Tom Williams) and Gavin Holmes new book there is a lot going for having a virtual 'assistant' watching the volume and supply/demand imbalances for me. Still learning but getting there.
One query though. As these indicators use the ES symbol Trade Volume setting, I cannot get the standard Tick Counter to work.
Q: Is there a Tick Counter that I can use with a Trade Volume setting chart? I get very twitchy not knowing when the bar is going to close! I am using a 2,000 ticks chart with TradeStation.
PS. Since above message I have dropped $PCVA and $TIKI. Not useful. But added the @NQ Nasdaq which tends to lead the S&P. And using the $TRIN not $TRINSP which did not really help.
This is my first post. I am new to trading futures, but have been a equity fund manager for +12 years. I am interested in purchasing these indicators for NinjaTrader. Any recent thoughts on them? Also, has anyone tried to replicate the Pro-Am indicators? I've looked through a few forums and it looks like that indicator is most unique?
I have the indicators and they are excellent. I don't think you can replicate them. Barry has done some great coding with them. Probably the best set of indicators you can buy combined with his videos. I don't use them much anymore as I don't really like to trade the ES. They just didn't give me enough entries to keep my attention. Good luck.
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I am still using the better indicators and recently moved to NinjaTrader so had to buy again! That may count as some kind of endorsement. Buying the second time you can get a 50% discount.
I find the Better SineWave to be very useful. Uncannily accurate as you can see from yesterday's attached ES action on a 2000 tick chart. Red = Resistance, Blue = Support. Indicator first appears on next bar so excellent for confirmation with usually more reliable second entries. If you want earlier indication you can use the Better SineWave 2 indicator included that shows the approaching events (below chart). Plenty info on screen already for me though.
ProAm is also useful, but more useful since I installed the Jigsaw DOM so I can now see both market order sizes from the Jigsaw tools, and large limit orders via the ProAm. The Triangle is the ProAm ProExit indicator which along with the various bull and bear divergence circles are useful, but not to be used as 100% setups of course.
Better Momentum helpful for feeling general momentum to back up DOM/tape reading analysis. Only glance at this to see general market balance.
By moving to NinjaTrader (for Jigsaw tools) I missed the multi-chart backup of TradeStations' tabbed windows BUT forcing me to simplify my workspace has actually helped. I no longer follow the multi timeframes as Barry does on his Emini-watch site - but focusing on the single 2000 tick chart with market internals info (TICK/PREM) plus key stocks in the Market Analyzer is all I need.
Better indicators should normally be used as Price Action confirmation, not for entries alone. DOM/order flow also used as confirmation but increasingly getting more useful for exit decisions as well as scalp entries.
Hope that helps. Trust you can decifer the Better Indicators Ok on image. Blue is Pro, Gold is Amateur bars. Sine wave those short blue/red dashed lines. Other lines my own S&R reference levels getting ready for next session.
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Last edited by RichardHK; December 5th, 2012 at 07:45 AM.
Reason: Added Better SineWave 2 note.
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