Init, they are basically using market profile or just using a different name for it, but it all boils down to the same process. Yes that is a lot of money for software, and you should really look around at other market profile (buyers & sellers volume) like a company called market delta. But the bottom line is that it all happens at S & R areas. The cost for Market Delta is a monthly fee which is a fraction of what your paying.
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Well, The training videos mainly woke me up to the use of stop runs and how to use them to your advantage. I always thought I had a good overall system. But my big problem about half the time was getting shook out. Once I knew the meaning behind some false breakouts, I would incorporate them into range breakouts in LOW energy ranges. I dont have the software yet, so I would look at his vol cluster charts in the trade room "for example" when we would breakdown from a range and wait for the retracement, the guys in the room knew to the tick where they wanted to enter which was just in front of the cluster (if the cluster qualified) because if the cluster was violated with big prints, then you would be out. (false break) showing that the buyers were aggressive to go across that line. It didnt work all the time, but the important thing I learned was that now I had a Logical defined line in the sand so now I could trade larger because my risk was smaller. The main thing was to look for clusters of clusters on one side of the range and then as it moves away, you know to look for more of a slingshot at about 6-8 ticks from those areas.
Right now I am switching over from zen-fire to IQfeed and I'm trying to use IB's T&S (that i'm not used to) and am down $500 two days in a row. I have to get set up soon with something before I do anymore daytrading.
hope that helps a little
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They dont use market profile, they use vol profile, which is about the same except more important. Vol to me is more important than time.
If I can put it in perspective. They use vol profile is just used as a rough idea to s/r levels, as with any level. Another thing they do that made alot of sense to me was that you can plot all the key levels you want with any metric, Then you let price find it own s/r confirmed by vol. and if your metric lined up thats great(more confidence).
But if it dont, They look around to see why that level is holding. Then your able to find out what the market sees as valuable.
I hate learning anything new when it come to software. I have my list of everything that I want to see on the screens and it will prob take me about 4 months to find the right places to pull it from. But I put it off everyday, now its costing me.
You may not be aware that IB data is not the same as IQ or ZenFire data.
The data is sent in packets and is much different than ZenFire.
I use both and when using IB data on my charts, the moving averages and most other indicators perform differently and must be modified to give similar results to Zenfire.
Although the end of day data matches the Zenfire and other data sources, in realtime it can be a real issue since most indicators plot on the T&S data and IB's is not a reliable source for that without modification of the settings.
Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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