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torero
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Everything posted by torero
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Great post! That's exactly how I start my day as well. Work from the monthly to daily to find all S/R areas and patterns at work, all the way down to the timeframe I'll be trading. It's great to get the big picture so you can find where volume buyers and sellers are located to prepare for them.
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Welcome to the site and great to hear your contributions for rest of us lowly non-programmers! Hope your testing find some success in futures. It's a bit difficult since they are leading indexes so there is no reference to where they are headed, unlike stocks.
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Welcome (or not-so welcome since you've been a lurker for sometime now)! Anyhow, hope you can contribute as well to your success. Yes, it is a great site that filters all the B.S. and get to stuff traders to do... learn and help. I do see your point about using daily vs. weekly goals. For my part, I have to use weekly because there are days, it's not possible to fight the market that doesn't give you given the strategies used. So I have to either skip, or wait or just pass it up and try again the next day. In futures, there are about 2-3 good profitable setups a day (IMO), so if I can't get those setups right, I move on. Else, I'll beat myself up and lose more. Stocks may be different where you can make it up to end of the day.
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I think you're using the old contract, today is rollover so few previous days before rollover, traders move to the leading contract, December. Check ER2Z07 (if using Tradestation).
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I think it takes more patience to hold longs because the trade takes time to develop and come to fruition. Shorts are fairly easy because the drop is quick and for scalpers it's a heavenly trade. To really milk it, it takes time to see the drop go farther. But I agree shorts are easier to trade than longs.
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I don't keep tabs on longs compared to shorts, only on its own in terms of profitability. I short when the markets show weakness and long when the markets show strength. This past month, the sellers are the ones making money (fast money) due to the drop. Just the same as the longs who got in from the recovery near end of August. This type of analysis and questions build biases one over the other. Traders should use and be comfortable with both weapons to make money. It's like using one leg to walk or run.
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I think you cannot wholly rely on tape to base your trading decisions, since there are alot of noise in there. I use it to get the general ideas how big the general involvement of traders are at critical areas (S and R, pivots, High Low of day, etc). Say, if I see a few contracts selling or buying vs a few dozens contracts going by, then it gives you hints on how to get a better idea if the prices will break or not. Of course, this is relative, it's why I watch it and review the video recorded past sessions to gain that sense of relativity. After a while, I get an idea what constitutes average volume vs higher than average volume. From there, I can see if there are chances of a breakout or not. But I usually don't do anything until the breakout happens or fails and confirmed and then take action.
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HA is meant to ease the eyes to identify trending or direction of the market action. For many, raw price action is difficult to read and understand so this method a simple red (downtrend) or green (uptrend). I don't use it myself but it's quite helpful for beginners. But one caveat, in non-trending markets, HA can produce false signals so beware. You mean need another indicator or tool to compliment this indicator. Good luck.
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What surprises me is that these people are supposed to be veteran market players. Being veterans, you assume these are people use sound money management principles or conservative approach to investing right? It took me 3 years to be enlightened about the money management approaches but if these guys have 10 or 20+ of experience, what did they learn in between?
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Yes, good thing I'm still in a small position phase of trading these products, but good to know there are brokers who can handle both. I thought I had the charts to pit charts and didn't see any movements either. So I guess I was wrong now looking at them, there was trading the entire time, another lesson learned. TS has pit-trade on Ags but through RJ O'Brien's platform. I'll look into that. thanks for the input, guys.
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Oh, sorry, I wasn't aware that there one posted already. The one I posted might be an old version. So I'll remove it from the forum.
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Man, I hope CME takes over soon because this CBOT bites big. I've always been watching this crap happened to others but this time I got caught and ate a bigger loss than I wanted to. Another "Don't you hate it when..."!!!! Where did you find this info? Why wouldn't it post it in its own website?
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Does anyone know why trading was halted near after the opening, then resumed about 1.5 hrs later? I've looked at the CBOT.com site but couldn't find anything.
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True, walter, I'd rather take the loss than extend my loss for another few ticks and break the rules and then later break more rules thinking it was the right thing to do, then when big day comes, all the rules have been broken, all hell breaks lose and guess what? Got a major losing trade and like a recovering alcoholic, start the process all over again. Nice to see you back humble1!
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I have no idea about the vendor's code so I can't really comment for or against. The TS forum has an open discussion on this indicator I just posted.
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I think I'd take a stop loss 1 tick off than be flexible with my stops. Although I'm flexible between 15-25 ticks and no more so there is leeway to play with. But not honoring my stop is a 5-10 days wasted to recoup and backtrack the losses, not my idea of a good profitable month. I know about the max excursion and it is a very useful tool. Once you have a defined setup with strict rules do max excursion technique becomes insightful. At the moment, I'm still basing my setups on S/Rs so it's not an exact science.
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I see a symmetrical triangle forming, so for now just buy support and sell resistance until prices break out either direction.
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Here's the link to the ELD file for TS. Got this from the TS forum. Good luck. http://www.traderslaboratory.com/forums/f56/heiken-ashi-for-ts-2306.html#post17462
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Heiken Ashi paintbars for TS platform. 20040914164844Heikin-Ashi.zip
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Good for you James. Glad things are clearing up for you and hopefully you're moving in the right direction. I used to trade with Eek-Trade with stocks. Never was impressed with their software. Too much limitations compared to other competitors.
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Thanks James and Brown. I place usually my stops between 15-25 ticks depending on my entry and where my support and resistance area. But obviously I had a stop that was just outside the noise but it went down anyway and took my stop out and reverse. I know there's nothing I can do. I have to move on because it's happened so many times already ever since I started trading. After a while, you just have to shrug it off. I know there'll be other opps soon.
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I guess these trades are ones that got away, eh? It's annoying, I think it affects the rest of the trading day. I get one of these, I usually try not to take anymore trades that day unless a can't lose setup appears, but usually not the case though.
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you get stopped out by 1 freaking tick??!!! It happens more than I care to remember but these trades burn me more than the other types of trades because you think you could have done more to prevent it but it happens again and again. You think when you've covered yourself and give the market a good distance. But by some coincidence, it hits your stop and reverse and your stop was the low of the day. I got stopped out with EURUSD this morning. Dang it! Oh well, just wanted vent it out.
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What I learned from trading, I apply to my daily life, it's a total eye opener and made my life much easier and happier. Honesty with oneself, accepting mistakes and responsibility, patience, humility, and of course hard work and a bit of luck. Something the real world don't really advocate or don't reward for applying these attributes. Two worlds apart.
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It's possible your trading plan is not detailed enough to let you deliberately winging it or re-interpret your way. Your trading plan must be detailed that there is no ambiguous situation. All situations must be already determined and settled in advance. The other possible problem is you have no confidence in your strategy, meaning your strategy doesn't fit your personality. Some people can stand losing $200 per trade while another $1000 per trade. You have to learn how much is the max you can handle without going berserk and lose control of yourself and get emotional. Find out for yourself your tolerance or boiling point and find a strat or market that fit this criteria. Lastly, see a shrink, you may have some other factors in your life that might not giving your trading a chance to thrive. Something may be expressing itself into trading and you don't know about it. Ask alot of questions on why you overtrade and cannot follow rules. Write a journal and record or tape yourself, audio and visual and replay them and see how you are when you're trading. Is it you? or is it someone you remind yourself of? Check out james_gsx' post. Very enlightening. Good luck. Ask if you have questions.
