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Soultrader

Market Wizard
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Everything posted by Soultrader

  1. Soultrader
    Sure Tin.. fibs can be drawn from that 635 high to the swing low. Below shows the chart with the fibs applied. Notice the 50% retracement and PP cluster zone. The only problem with all these lines on my chart is that it really distorts my trading judgement. I prefer to keep things simple as possible and because the PP is pretty much the midpoint of VAL and VAH, I dont place too much emphasis on it. Initially I expect price to travel from VAL to VAH. However, if I do see price respecting the PP... I may take that as a breakout signal out of value.
  2. Soultrader
    Hello Sniper Very interesting concept with the time cycles. You are the first trader I have met that applies them to trading. Exit targets based on time.... very interesting. As for keeping it simple.. I would have to agree with your 100%. Many traders begin with a mindset that complexity is the key to trading success. The day their trading turns around is the day they realize that trading is simple.. but not that easy. I like to keep my trading as simple as possible but adjustments need to be made when your setups stop working. Sniper, if you need a screen recording or screen capturing software pm me. Best of trading.
  3. Soultrader
    Thank you very much for the inputs ez and Kiwi. Some very good stuff there. By practicing after market hours, do you suggest one have a delayed quote demo account to paper trade? Also I would be very interested in checking out some of your articles... perhaps you can make a contribution to the articles forum?
  4. Soultrader
    Im not a HUGE fan of fibs either. But just build your own set of rules on when to apply fibs to your trading setup. Maybe they do not fit into your trading concept. I personally do not use a ton of fibs on the daily charts but with intraday swings I may apply them. I know several excellent fib based traders... fibs are accepted by many traders just like pivot points and market profile. Which is why they simply can not be ignored. Just my 2 cents.
  5. Soultrader
    I often use cluster levels in my trading to identify S&R levels. Usually they involve MP levels with daily, weekly, monthly pivots, and previous day high/low. Here is another way I identify clusters using fib ratios. The two attached charts go over 2 levels I will watch carefuly for January 21st, 2007. In the below, I have taken Thursdays high and Fridays low; a range of approx 85 dow points. Notice the 50% fib retracement clustered up with the value high pivot. The 620 mark wil be a key level I will be watching. The second chart below is the same chart showing Fridays action only. I have plotted fib lines from the swing low to the swing high of approx 42pts. (yes this is shy from my 50pt rule) Notice the cluster of the 61.8% retracement and the value low pivot. Another interesting level at 12596 - 12600. This is also a pysch level making it extra key.
  6. Soultrader
    Thank you for the comments Sniper. I would be very interested in hearing more about your fib setups. Regarding exit points, I find that a good initial target would be just shy of the previous swing high. Usually a good level to scale out. I find that a combination of the 61.8% retracement line with a pivot adds further strength to the support level. I'll find some setups this coming week and will post some charts on it. Im not too familiar with cycles and how one can apply it to exits. Perhaps you can help clear this up for me? Thanks
  7. Soultrader
    Its working fine for me here: http://www.traderslaboratory.com/forums/f34/glossary-trading-pit-terms-170.html Try again keymoo.
  8. Soultrader
    I gotta say I love Ben who is the speaker for Traders Audio so I dont mind the commentary at all.
  9. Soultrader
    Many of you may be familiar with the 61.8% fibonacci retracement trades. I used to use plenty of fibs in my trading but have recently drifted away from it. However, fibs can not be ignored as they are followed by many traders and can play a critical role in price movement. The 61.8% fib retracement is a commonly used setup by day traders. In this post, I have added one filter to this setup: FORGET the small swings and apply fibs to the bigger swings. Let me explain: In this example, I have applied the fib lines from the swing low to the swing high. Im basically using fibs lines for moves of over 50+ points on the YM. I find that they work more effectly on a bigger swing rather than trying to use fib retracement strategies on a small price movement. This is an example of a 61.8% fib retracement failure using a 38 point swing. This chart below uses a 54 point swing. Although price declined afterwards, the initial 61.8% retracement setup would of worked for 20+ points. Of course there are many different techniques to use fibs in your trading. But for those who are familiar with some of my setups through the chat room, I will be looking to apply this one into my trading. I have used this technique in the past successfully but am now incorporating a stricter rule of 50 points. Why 50? Fib setups is just an extra in my trading since I am mainly a pivot and MP based trader. 61.8% fib retracements seem to work fairly well in a 50+ swing move so will be looking to take this setup whenever it happens. From the look of it, I'll be lucky if I get it once every 2 trading days. Please leave me your feedbacks. Thanks
  10. Soultrader
    Traders Audio is probably the best one. Alot of day traders I know rely on it including myself.
  11. Soultrader
    Welcome to Traders Laboratory journeyback. Great to have you on board. See you in the forums!
  12. Soultrader
    Rolange, Anyone can download the videos through megaupload. Its a 3rd party uploading site free of you although they may have a uploading limit.
  13. Soultrader
    Hi keymoo, Welcome aboard. Very interesting background you have with trading systems. So are you trying to learn a discretionary approach to trading? Or do you plan to trade a system? Soultrader
  14. Soultrader
    Hello Sniper, Glad to have you on board here at Traders Laboratory. Plenty of emini traders here so will be looking forward to your insights also See you in the forums! James
  15. Soultrader

    tape

    Soultrader replied to matdog's topic in Trading Videos

    keymoo, Pm and I can send you a link to a pit noise service. Thanks
  16. Soultrader
    Hi nick, I have a discount link available for half price. Pm me if you need it.
  17. Soultrader
    Hubert is referring to token as the bracket high or low. Its similar to the method I use when I try to bracket the tape looking for short term resistance and support. Once the support is broken, you dont want the tape to show prints above it, etc..
  18. Soultrader
    I went over Huberts video again. I found one thing particularily interesting that I never thought of. Hubert mentions the base off the tape. He is referring to the buy/selling interest at a certain price level. In the video we saw a buying base formed... shown by a nice line of tape at a single price level. Once this base was broken, price fell right through. Very interesting in my opinion.
  19. Soultrader
    Yea great video. Ive been watching a couple of Huberts tape reading videos in the past. A very skilled tape reader.
  20. Soultrader
    No problem walterw. Ill look into it. I want to keep the forum clean and members to respect every post and opinion. No need for people to start trashing other members.
  21. Soultrader
    I deleted all his other posts but decided to keep this one. I changed the link to Disney Channel. Now he looks like a fool lol Torero, Im probably not going to accept any type of trading system website review or post. They dont deserve to be posted here
  22. Soultrader
    Hi Tin, Sitting the entire trading day can definitely get me tired. I like to trade the first 2 hours and be done with. I like to watch a movie during the doldrums and stay away from my charts as well. Couple of other things I recommend: meditation, going out to PARTY once a week, hit the gym, self hypnosis, sleep lol Yep sleep.. on burn out days I sleep like 12 hours.
  23. Soultrader
    Great post ezduzzit, like always
  24. Soultrader
    Ive been paying attention to how the ER2 respects the 34ema as well. In hindsight it looks beautiful. However, a few things do make me feel uncomfortable. The scalping method automatically assumes entry smack at the 34ema. Ive been watching the ER2 trade when it reaches the 34ema and it tends to reverse very fast. As the ema moves constantly, a limit order would be hard to place thus resorting to market orders. Timing the entry would be fairly hard. Obviously, traders must learn to recognize chop from trend. In a choppy market this strategy can annihilate a trader. In a trending market this strategy works like a charm. However, in a rangebound market (not too choppy) the probability of wins tends to decrease. It becomes hard to identify which setups to take unless you add another filter; ex. pivot, tape, divergence, etc... Ive also never been a fan of moving averages so applying this strategy into my trading would be a serious commitment. I'll keep an eye on it and try to combine it with some other techniques. Will keep this thread posted.
  25. Soultrader
    sudha78, ER2 is just the name for the emini Russell contract. Are you familiar with emini index futures at all?
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