TinGull

Dude, you're not really 19 years old are you? nice ride that is!

Welcome to the boards, Chad Chris

For the past 2 months or so I've been really getting into it. Let me know how that book is!

HAHAHA....nahhh, me?

Thanks nams, that's some great stuff. Im just finishing up a book by Deepak Chopra on synchrodestiny which is really interesting. Some things are a little spacey for lots of people, but I think its really applicable to trading. Everything starts as energy, a thought. Before we were created as beings, we began as just a thought, just energy. The cash that flows into our accounts starts out as just that...energy, a thought. Only when one is really ready to learn will the teacher appear.

And not even just wanting it, but knowing you can have it and understanding that it IS something you deserve. I often remind myself that I will attract abundance in my life be it through trading or be it through other means. Whether it be monetary or it be emotional, there's so much out there for all of us to acquire, it's a matter of knowing deep inside you that you can have it, that you deserve to have it.

Also, you say you'll "look" at them today. Don't trade the VBC's today if you're going to watch them. Just do that...watch and learn. I know first hand the power of "new fancy things" and always wanting to find out what can work better and faster and more effectively. I wouldn't just watch the new thing, I'd trade it immediately. Not a good idea. Search for something that works for you and when you've found something you like, stick with it. Let probabilities play out and don't search anymore. During your search, though...just watch and take notes. If VBC's "sing" to you, then start paper trading a strategy on it. Don't paper trade VBC's right away, because you could start to do more harm than good to your subconscious mind by developing bad habits immediately. Just my 2 cents....ya know, why does it have to be 2 cents? Why not 5, or a dollar even?

Holy cow! He's lost it.

Regarding times...if one is to be a purest, then sure, you can use those times. I would ask, though...what is the rest of the world watching? I would bet that taking a poll of a thousand traders who trade the YM, their charts aren't set to start at 8:20am EST. So, if they arent watching those charts, then what are they most likely watching? I know lots of people I speak with watch charts that start at 9:30am for the regular session. I would rather watch what everyone else watches, but that's just me. So my charts are set for 9:30-4:15 for the YM.

Yes, I think that the combo of price and volume is the best that any could ask for. A fellow trader here, MrPaul, mentioned to me once that its really the simple fact that price attracts volume. Volume doesn't attract the price. Thinking like that really, I mean REALLY, helped solidify my trading. When the end of a trend ensues, you will most always see some sort of volume confirmation. Also breakouts or potential breakout failures will always have volume confirmation. And, like you use brownsfan, volume based candles pretty much give those both to you in one fell swoop. The only thing that I have trouble with watching VBC's is just the speed of it. It's easier for me to watch 2 separate things than just one. Sounds weird, but its just easier for me to see it. I completely understand the validity in VBC's though. So, yes, I completely agree that using candles alone won't give you the whole story. Kind of like most trading books out there. They give you only half of what the real deal is.

Depends on the volume of the doji. If the volume was either excessively low or excessively high, then I'd interpret the same way. If the volume was pretty much inline with the rest of the action, then I'd be more wanting to wait for confirmation of a down move rather than acting immediately, as it *could* potentially be just a continuation doji.

Im done for the day. The day is really wacky.

Action's intense here. Real serious fight.

First trade was short YM at 13494 and covered quick at 484 for +10. Bottom of the range was at 76 and figured it *could* be a possible turning point so took what what I could and am awaiting the aftermath of the ISM so get in again.

Today's been a pretty nasty consolidation day where there hasn't been much of anything for me to trade except the morning breakout failure. So, you said you're watching the 200sma today. Will you watch it tomorrow and forever? Will it be part of your trading plan that you'll live by? Also, with reversals, don't just watch price, be sure to watch volume. Volume will be a confirmation tool that I watch more than price. Volume = participants and when there are more participants that means price should move. At that point its your job to figure out the likely direction of that move. As for now, I'm done for the day. Got my little sum of cash into the account and thats all I need. Till tomorrow

If you're wanting to take more points out of a trade, then you must move to a bigger time frame. When people trade for small points, the entire purpose of their trades is to trade INSIDE the noise. When you're playing for bigger points on less trades, then you must move to a higher time frame in order to not have to play inside that noise. the only thing that truly filters out noise in the markets is time. And my questions about your setups still aren't answered. What are you watching for to get into a trade?

Thats awesome man. You'll be fine!

Abe, Do you ever think you wait too long to get into the trade? While the location of the trade was *near* a trade I would've taken if I hadn't been out to lunch, notice the HUGE volume on a hammer candle. Now I dont know if shorted before that candle formed or not, but seeing that candle would make me think that there is either A) lack of supply to drive the market down further or B) some demand starting to enter the market. On a bar like I wouldn't enter a short as I know the probabilities stand in the way of it going down further at that moment. Chances are higher that there will be either a pullback or a full on reversal. Looking at the bar and what happened after, there was a teeeeny pop up before a short lived move down and now the market just recovered all those losses in 5minutes. I think that you should let us know what sort of setup you're using, and why you put your stops where you do. Saying you put a stop 17 ticks away because you think it might move a little bit against you isn't a valid reason. So, what setups are you using besides saying this candle is red so I should go short, which is what I'm gathering out of your trades?

You'll know when you should make the move. It'll be hard, no doubt. But the end result is completely worth it.

Missed my first long opp on the range breakdown failure. Had a limit order sitting right above the low at 403 and it hit 404 and cranked higher. Ah well. Nabbed a quickie at 436 on a higher volume up bar during a consolidation and took it off right before the thrice tested high. +20

The way I have dealt with it is to cut out the "going out" part of the equation. I still have friends and all, but when they ask if I want to go out to eat or out to the bar....I might go and just have water cause it's free and spend time with them, or I'll just say I'm gonna stay home. "No one became a millionaire by spending money." That's what my girlfriend said last night when I was talking to her about this thread. The way I've chosen to live my life is much different and often much more difficult for lots of people to live. If it were up to me, I'd live off the electric grid and have everything I use powered by the sun and the gas I cook with powered by methane gas (yea, you know where that comes from). Every day I strive to see how much more simple I can make my life and in doing that my cost of living falls all the time. I'm about to move to another state in 3 weeks, back to Maine. Here in Indiana I live in a 1600 sqft 3bedroom house. The house in Maine is a 900sqft 2 bed house. In a time when lots of people up-size their living situations, I'm desperately trying to find out how to downsize every thing that I can. No Starbucks, no big movie theaters ( I do go to the cheap seats on tuesdays for 50 cents a show), we have one car that gets killer gas mileage, grow lots of our own food and other stuff buy directly from the local farmers (which is CHEAP AS HELL!) and use the most energy efficient stuff possible to save on utility bills. It may seem like I'm a tight wad with my cash, but that's because I am. I realized that this business is tough at the get go and started simplifying. That's how I've been able to handle my losing months while I'm learning this whole business. And, having a partner (girlfriend in my case) who understands what the end result of all of this is and is willing to work an outside job to bring in living expenses is a HUGE plus to it all. And blowfish, I'm one of those guys who will take a few points out of the market every day and be satisfied. No other job in the world affords you the opportunity to exponentially increase your income without increasing the effort. Just add another contract! 30-40 YM points a day is fine with me even with 1 contract, so when I'm eventually trading 10+...that's gonna be the life for this little hermit in the hills.

the 5min has given some great opportunities as far as the 30min range breakout failure that I play all the time. I'd say about 60% of the time I see that sort of candle. And I agree with notouch that the longer the time frame candle the more "reliable" it seems to be, but that being said there's lots of people that utilize candles on a 3min or lower time frame. I personally do not use candles on anything less than 5min. I still have a candle chart for my 1min chart, but I don't really watch the price action when I'm scalping, I tend to just watch volume and trade that.

Nate, people with a very simple approach to the market who have been honing that approach for a long time can afford to not spend time studying their charts and all that. I personally used to spend sometimes 18 hours a day studying the markets. Do I now? No, I don't. I spend from 8am until 3:30ish doing market stuff. Other than that, I don't want to be immersed in it. Life's all about finding a balance and spending too much time on one thing puts it out of balance. While trading markets that are out of balance is fun to do, living a life that is out of balance is not fun at all.

HA!! Nice quote.

did I dream it or did YM move about 250 points in 30 minutes?