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Soultrader

Market Wizard
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Everything posted by Soultrader

  1. Soultrader
    This is a tape reading video taken from Jan. 17, 2007. A great example of tape action concerning Big Guys vs Little Guys. CLICK HERE TO VIEW VIDEO
  2. Soultrader
    Hello Doctor, Good to have you on board. See you in the forums! James
  3. Soultrader
    Hello Blithe, Welcome to Traders Laboratory Oh man, the forex guys are going to love you in the forex room. Glad you like the site... see you in the forums! Soultrader
  4. Soultrader
    Hi ashmat, These are market profile levels. Do you use Tradestation? If not you will need to obtain a third party charting software. Or you can simply visit this useful site: Daily Notes for Day Traders | Pivot Points for Index Futures and more
  5. Soultrader
    Very nicely said PivotProfiler. Very insightful.
  6. Soultrader
    Hi MrBigley, Welcome to Traders Laboratory and welcome to the world of micro trading Adjusting your trading from a longer term timeframe to a intraday timeframe can be quite a challenge. My personal opinion on new day traders is to learn the game by observing and practicing at first. Specialize in a certain market. If you plan on day trading stocks, specialize in a few stocks. This way you can learn its personality and the big players behind it. You will be competing against the best. You will also need to learn a whole new set of tools that can help you in your day trading. Im a futures trader.. but I can give you an example of the tools I use: TICK, TRIN, Pc Ratio, Premium are all examples of market internals. Regarding your account size, I dont recommend dumping all your risk capital into your first day trading account. Its going to take some time to learn this game and the worst thing you want to do is to lose all your capital once you learn it. Trade small at first. Dont focus on the money but craft your trading skill. Develop strategies that you can use and find a intraday trading style you feel comfortable with. Know thyself and your trading style. This is so important in finding trading success. Hope this gives you an idea and feel free to ask us any questions. Plenty of great traders here that are willing to help. Soultrader
  7. Soultrader
    Hi rickv, All members can freely join us in the chat room. Simply click the link to TL! Chat and a popup window should appear. We are there usually during market hours so feel free to join us anytime.
  8. Soultrader
    Hello PivotProfiler, Welcome to Traders Laboratory I understand what you are saying regarding the setup. I do also play the "80% rule" although I like to refer to is as price rejection. Usually if the previous days high/low is not that close to the VAL, VAH pivots I would look to short as price makes a breakout failure above value high. This would be the "80% rule" setup. However, whenever I see the previous days high/low right above/below VAL and VAH, I may even fade these high/low price levels. Of course I dont place these trades blindly but I am a hardcore tape reader so I can see the flow of price on a breakout and determine if it is valid or a fakeout. I hope this clears it up a little. Im glad you joined us here... could always use a market profile trader.
  9. Soultrader
    Good idea Paul. Ill drop by during that time also.
  10. Soultrader
    I day trade only but I know of several swing and day traders who use MP exclusively to trade the bonds. They are expert MP traders and I have seen them trading... its amazing how they identify S&R levels with MP. One interesting element I noticed about these MP traders were: 1. They really trusted their MP metholodgy. They bought on a declining market at a key level and they were able to hold on to their positions much longer because of their faith in their method. 2. They were able to identify if a market had made its low or high for the day. It still amazes me how quick they were able to see this. 3. Their entries always provided them with good risk:reward ratios.
  11. Soultrader
    Thanks Reaver, I may eventually switch to Ninja. Im starting to become more systematic about my exit points and Ninja can definitely help with this.
  12. Soultrader
    Nice chart walterw. I especially enjoy it because it is a typical lunchtime fakeout breakout. I see this very often during the doldrums which is why I do not trade during this period. A great example of playing failures... and very interesting divergence on the MACD. I cant see precisely but the failure violated the previous high by roughly 1-1.5 pts? Im not used to the ES so I am not sure if this is the typical average popup on a breakout failure. For the YM its a tiny 3-8 pts... so 1-1.5 ES pts seems like a monster to me. (gets you a little worried if its a valid breakout or failure) I do think alot of new traders place orders right above the high to play a quick momentum. Once their buy stops trigger, the markets swiftly reverse making this false breakout strategy a good trading opportunity. Similar to the YM setup, you could play the ES with the same risk parameters. Place a short right below the initial breakout point. When price is rejected and comes back down, you are in at a fairly early point. Although price may go on to test the breakout high, usually you have a chance to exit with at least 10-20pts or 1-2ES pts. (I like to scale out)
  13. Soultrader
    Hi Robert, The easiest way to hedge against your position on the YM is go with the ES. If you are short the YM and the CBOT goes down, go long the ES. Im assuming the CME is still working fine. If you are long the YM, go short the ES. The YM mimics the ES in terms of price movement so by doing this you should be able to limit your losses. If both the CME and CBOT goes down, you may want to use the ETF's for a hedge.
  14. Soultrader
    I just visited that site... shady is my first opinion. And why is the main site Siti internet, sito gratis, cataloghi, web marketing, crm nothing to do with trading? Shady, shady, shady...
  15. Soultrader
    I custom made mine from scratch for under $900. I bought this a little over 2 years ago.. running Pentium 4 CPU 3.4GHz, 1gb RAM. Running two additional video cards with 4 monitors. Not sure how much they cost in the US... but customizing is the way to go in Japan.
  16. Soultrader
    Hi Walter, Whenever I enter a trade I like to have an exit target automatically. Usually these exit points are based on pivots, VAL, VAH, and previous days high/low. I like to scale out on my winning positions to eliminate risk and try to ride the remaining portion with house money. Usually I like to exit half at 15-20 points... then I bring my stop to break even upon exiting half position. However, this is not always fixed. Depending on price action, if I feel like the move is weak off tape I will exit at 10 pts on half position. My initialy concern upon entry is to dump half as soon as I get a chance to eliminate risk completely. The remaining half is pure discretionary. I may choose to dump a quarter on the next pop and try to hold my final quarter as much as possible.
  17. Soultrader
    Hi Robert, The gap up was caused because of the trading halt on the CBOT. I think it gapped up roughly 30-40 points when if started trading again. Doesnt happen often but sucks if you're stuck on the wrong side.
  18. Soultrader
    Hi Michele, I didnt know it was out already. I pre-ordered from amazon like 3 months ago so definitely looking forward to it.
  19. Soultrader
    Hi walter, Just typed up a thread on it here: http://www.traderslaboratory.com/forums/f32/playing-psychological-00-levels-ym-1007.html#post4298
  20. Soultrader
    YM traders should pay careful attention to every pyschological 00 levels. They act as significant price levels for traders and it is common to see price use this levels as support and resistance. I want to go over how I play them and what I look for. The key to playing these levels is to watch for price rejection. In an uptrend, the YM likes to violate these 00 levels by a few ticks: usually around 6-8 ticks. It becomes a bull vs bear fight around these levels. Whats important is to wait patiently and not pull the trigger too fast. Price Rejection Around the 00 Levels In an uptrend watch for price to violate the 00 level. What I do next is to watch for price rejection. Sometimes due to the momentum, sellers who planned to short at these levels may react to it a little late causing price lift towards 05 and upwards. Price rejection occurs when sellers start dumping above the 00 level and price suddenly moves lower below the psychological 00 print. So you would see: 00, 01, 02, 03, 04, 05. etc.. than BAM! back down to 02, 01, 00, 99, 98. etc.. These rejection is often a good confirmation signal for shorts to be placed. A strategy would be to place a short at around 97-98 once price lifts above 00. Basically you are trying to get in on the short side after a rejection. What I like about this technique is the risk. A 10pt stop would put your stop at around 07-08 making it a fairly low risk trading opportunity.
  21. Soultrader
    Personal preference I would say. I like the YM because of its movement and I find it easier to time entries. I like the spread of $5 a tick. The ER2 is wild and tends to trends fairly well. More bang for the buck. The ES is a little too jumpy for me. Also the top traders in the world trade this contract so the competition level is high. Also the spread is $12.50 a tick. NQ's... now I have no idea. You should pick a market that fits your trading style and personality. Although you may have a great methodology, you may be stuck in the wrong market. Play around... you'll find something that suits you.
  22. Soultrader
    When the floor traders are gone the market pretty much dies with it. Also majority of the US traders do not trade after 4-5pm. The eminis due trade 24hrs but liquidity is low. The markets will only MOVE on siginificant news overnight. There's plenty of traders who swing trade the eminis. Always honor your stops though.
  23. Soultrader
    Robert, Are you referring to the pivots? If so, I use an indicator developed by Ant from our forums. The indicator can be found in the custom indicator forum.
  24. Soultrader
    I must of made this a while back. Just found it in one of my trading folders. Its an excel sheet providing some statistical data of gap fills on the ES. A trader friend of mine did all the stats work. The data probably needs some updating but was taken over a timeframe of I believe 2 years. Could even be helpful for YM traders as they move very similar. Gap Play Data.xls
  25. Soultrader
    Here's an interesting pdf file for those new to Market Profile. These are slides taken from Alex Benjamin's webinar on the CBOT. MP 101 slides.pdf
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