torero

You ask just the right questions at the right time: http://www.traderslaboratory.com/forums/f104/welcome-to-the-candlestick-corner-stop-2118.html

Support is in danger of getting wiped out one after another, especially for daily S/R. I usually go to weekly but best of all monthly S/R to find strength, stronger than daily or weekly S/R to find real areas of support, especially in this very bearish market.

Welcome Chris, I had EMD marked as well at support 865 but it blew that one too today. Possibly an overreaction today? In any case, I wouldn't want to go long any time this week.

There are other ways to view the info other than in $, maybe points or ticks, if you can find it in your software. Believe taking that info will be like taking your first pee after a long night of beer drinking.

I'll get some screen shots and charts to dissect my findings. Just remember it's my observation only and anyone is allowed to disagree or add comments (in a nice civilized way pls). If I can add some small snippets of video rolling, you may get a clearer idea.

Yes, it's hard to remove your eyes from that $ panel. Once you get used to being without it, it's a major relief, believe me, the pressure is not as bad as when it sits there going up and down and your heart is following it's beat. It was a major step toward calm relaxing trade after another. Focus on the market, not on the money.

Try not to be a switch hitter (long and short at the same time), stick to one side until the market has proven that it's ready to go the other way (higher high/higher low for longs and lower high/lower low for shorts). Else, you'll be overtrading as been pointed out. For shorts, just wait for the rally, then short, rally then short, etc. For longs, pullback, long, pullback long. Try to do both will mess up your discipline as well as your mental energy to absorb all the trades.

Anyone want to speculate if this higher than usual globex activities due to earnings season?

Thanks, I have no plans on using it. Just wondering if these commodities traders still use them widely or not. Thanks for the info.

I assume the name Commodity Channel Index was originally used by traders for ags markets, but I'm wondering if it's still being used for just by stock traders only now. I've never used it and was just curious about its history.

A quick question here: how is it different from what's already offered by TS performance report? I'm aware of the best hours sorting, but are there additional useful stats that don't exist in TS?

I have to agree with brown on the stop hitting discipline. After a while your habit will be your undoing and it'll be even harder to undo it once it's set in. I used to do that, now I just set the stop and stop worrying about the trade. I suggest also to remove the P/L from the screen. This will only get you to think in $ and not in the moment/market, ie. possible big move that could be in front of you and you don't see it. Biggest lesson learned from my mentor.

Anyone noticed a slight average volume increase in activity in EMD during the since the ER2 move? I don't see much increase except for the usual increase due to new highs factor.

I only watch the market depth from the TS matrix along with T&S table next to it. While watching the depth, you can see traders putting orders on then taking them off. At times, the big orders stay at one level but don't disappear. The interesting thing when that happens, is a another big market order taking out the limit order and push the market beyond the trading range, causing a breakout. It's true you can't tell if the breakout will continue, but it does give a good indication that it's possible. This is the part you don't see in level II but on T&S. Without it I would have thought the order was removed from the market like before. I think watching them side by side is very informative because just level II might not give a full picture. But the biggest problem is during the opening hour. Moves too fast to see all the orders going by.

Does anyone use these to scalp the market, taking 1-2 points? Although I'm new, I've found some interesting stuff but still need time to develop a decent consistent reading of the markets. What I've found seems to be the opposite of how James view the tape reading skills. I'm waiting for the tape reading book from Neill, but so far it's been an eye-opener.

There are books, like Market Wizards, mentioned live cattle, lumber and others that now seem like little volume markets, how they change over time. But CBOT ags to be the ones that last through time. Does anyone have an opinion NYMEX gold vs CBOT gold? Any insight you like to share? Thanks.

I see little volume on ags on CME compared to CBOT, not going to touch that.

Are you talking about QM specifically or in general? On ER2 I never had problems, I compared them side by side orders and matrix quotes with Infinity, were the same. As for QM, TS forums had a few threads with delayed quotes and fills.

London exchange, under Brent. This is the most important market in terms of volume, NYMEX comes second. But TS doesn't support this product so I can't really see much. But thanks for reminding me, I should look elsewhere for charting this product.

Has anyone noticed the overnight S/R as significant factor morning trades?

QM on tradestation orders have been receiving complaints so it might be better to go to another broker. I heard the slippage was a problem and occasional charting problems. That was about 6 months to a year ago, that may have changed already. I haven't traded QM or CL...yet.

I can only assume institutions and hedge funds who use ER2 as hedging vehicles in large volume have to study and researching with seriousness about ICE's reliability in loading and unloading large volume and uptime. I remember CBOT had a few glitches over a last few years and they happened during a volatile and high volume day. Makes you wonder if they can deliver what CME has been managing so well doing it. So if the institutions decide to pull the plug and go with EMD, we'll notice it soon enough. I'm watching EMD for any increase in volume. If there is increase in volume during the summer compared to previous summer, it might be a positive sign.

Hi Doc, you touched on a great topic about us and money. How does a trader go about separating his trading without thinking about money? The entire world flaunts their riches, it makes it a final motivator for people to do things they themselves swore would never do. But in trading, money is a factor but not as many would assume. I have overcome it but it was a long, inefficient process. I thought maybe there is a quicker way to do it. I found a solution was to start with small lots but there must be another method in preparing to go through this process. Thanks for the immense enlightenment.

Very profound statements there James, especially the last sentence. James: trader-warrior-philosopher

Right now, mainly corn and wheat. I was trading also soybeans and soybean meals before the 7/15 expiration. With the sept contract, volume just disappeared on last 2 ags even though the move is excellent. Without volume I don't trust them. Corn and wheat volume are still decent. It's my first year with ags so I don't have experience on seasonality other than books I've read on them. Do you trade ags to feb?