Soultrader

Great post like always ezduzzit. Alot of experience in your words. Very powerful. I myself have committed every possible mistake when I was struggling as a new trader. I tried applying complex strategies using multiple indicators, memorized every single price pattern known to man. I even studied about exit points based on the height of formation: example... the height of the neckline to the head (in a head-n-shoulders pattern) is the projected target point after the break of the neckline. After confusing myself tenfolds and losing thousands of dollars I finally decided to stick with one simple method and stick to it. I found pivots and market profile but could not trade profitably for quite some time. This was because I did not understand how to use them successfully. After thorough practice I was able to find my own style using these tools. This has worked for me which is why I tend to get carried away about saying lagging indicators are useless. Trading should be simple. Most professional traders I know will even say trading is easy. But what pro's forget at times is the amount of hours of observation and practice spent to make trading easy. A professional trader and a new trader see the same information. We just process it differently. This only comes from years of trading. Soultrader

Thanks for the explanation torero. It makes things much clearer now. Also the setup you have applied is fairly interesting using simple S&R levels. I'm going to be paying attention to these levels.

If you are still having problems, try going to the CBOT website directly and registering an account with them. Use the registered email to view the videos. This should work.

Ok guys. See you on Monday

I would like to invite members of the forum for our chat session on Oct. 30th, 2006 from 9:00am - 11:30am eastern. Our previous two sessions have been very interesting and we welcome any new members to join us. For those who are interested, please reply to this thread. Thank you.

Interesting comment ant. I completely agree with your statement on "Developing a "simple method" that works is a very difficult thing to do! It is the end result of a very long process." New traders may have trouble grasping this idea but it is as true as it can get. Professional traders appear to trade calm and with simple methods. But this is because they are on auto pilot taking setups that they have designed. They are comfortable with their methodologies and can take trades easily. New traders on the other hand have yet to develop rules and setups. This causes fear and overtrading.

Hi Kiwi, Let me look into the mark all forums read options. Meanwhile, if you go to "Information" on the left hand navigation module and click on "Today's Posts" that should list all posts made today. Also you can go to "My Account" => "List My Posts" located in the top left navigation bar. This will list all posts you made so you dont need to go searching for it. As for saving favorite threads, you can subscribe to it. If you go to any thread, you will see several options on the top of the thread. They include, "thread tools, search this thread, rate thread, etc.." Go to "thread tools" => "subscribe to this thread". Then if you go to "my account" => "my account" => "Subscribed Threads" (located in the left hand column) you should see all subscribed threads. This is a good way to keep track of all the threads you are following. If you also want to see the latest several threads, we have the "Latest Forum Activity" box towards the bottom of the screen. If you click on the title "Latest Forum Activity", it will redirect you to a page listing approx the last 40 topics. Hope this helps.

He mentioned that if the markets do not test the VAL in the first 90 minutes, there is a chance of a move to the upside. I think this is what he said.

Didnt know Jardine started teaching MP. I thought he was fib trader? So the VPOC is a POC of the past trading days that acts as S&R? Not too sure if I follow correctly.

TinGull do you have real player installed? You might have to wait a bit as well. They are approximately 60 minutes in length and can take some time to download even to stream. Also they are down sometimes so might have to check back on it later. I just gave it a test run and it seems to be working okay.

Torero, Could you make something clear for me.Im having some trouble reading the charts and at which location the news came out. In the first chart, did the markets rally into the news? Did the markets decline on the news? Thanks

Hey Torero, Since you mentioned fed days... I decided to start a thread on trading methodologies that I have been working on lately. Would love to hear your thoughts on it. http://www.traderslaboratory.com/forums/f38/trading-fed-news-methodologies-690.html#post2080

I personally do not trade the news but have been watching the market reaction to fed news for quite some time. I have noticed one interesting pattern The pattern is the 1-2-3 wave pattern. At the moment of the news release the market reacts fast and rapidly into one direction. Let's say on the initial news, the markets moves up. This is the first wave. The second wave is the correction to the overreaction. The market then makes a rapid decline as fast as the initial upthrust. So far we have a 1-2 wave move. The third wave is the most interesting price action. From my observation this tends to be the correct direction. The third wave will then go in the same direction as the initail move. So one trading setup I am currently designing is to wait for the second wave to finish. The first wave is the correct move but usually too fast to enter or else you will be chasing. The second wave is unpredicatable as there is no price level to anticipate the reversal. Therefore the trading setup I have in mind is to place an buy order at the the midpoint of the range of the first wave. So for example: if the first wave goes from 12200 to 12250, and the second wave goes from 12250 to 12210, the buy entry would be placed at 12225 after the second wave. I have seen price take off well above the first wave on fed days. Anyone else have any thoughts on trading Fed days? I would love to hear some opinion on this or perhaps other methodologies used to trade fed days.

See u there MrPaul

From a scale of 1 to 10.. I would say around 3. I read most of the volume through tape. I think volume works better when plotted on a minute chart and not a tick chart.

See you then feb.

Very nice Ant. I have been relying on tape heavily lately. Its interesting to compare the tape on the YM and ES. How different they are! I really enjoy your analysis ant. You have a good eye for key price levels.

We had a great time at the chat room with a few traders today. We had a variety of traders trading the YM, ER2, ES, soybeans, etc... I will be having another session on Oct. 27, 2006 Friday from 9:00am - 11:30am eastern. For those who may be interested please reply here so I have a basic idea. Thanks

No I would not. Here is why. Any entry inside value is an automatic rangebound strategy. In this type of strategy you want to fade the upper and lower ranges. This is where the most opportunity exists with low risk. Entering at the middle of a range offers risk with no reward. Although the YM did eventually break above value, there is no way of knowing besides hindsight. So try not to enter a trade in the middle of the range. Timing is key. Also, if you studied the market internals the TICK went from flat => negative => positive. There was a clear shift in market sentiment so a short would of been risky. The tape finally showed some buying interest so this is usually a good confirmation that price might lift. If I was flat, I would of been worried about shorting and perhaps would of waited. Markets than broke above VAH and then pulled back to the VAH and daily pivot. This would be an ideal entry.

A simple but yet a powerful trading strategy based on higher lows and lower highs. This is a live recording from my last trade I took on Oct. 26, 2006. Part 1 Part 2 Charts created by Tradestation Presented by Traders Laboratory

Hey Gordon, I admit 10/25 was a hard day to trade off MP. I had some issues as well. If you take a look at my premarket analysis, I mentioned that I had trouble finding decent trading opportunities. A couple traders had excellent entry points at the weekly pivot which was pretty much the low for the day. One of the things about trading is to identify trading opportunities from days that offer no opportunities. For me, 10/25 was a no opportunity day. Talking MP... you saw that the previous days were stuck in consolidation. So one method you could of applied was to play the consolidation brackets. This means watching for the VAL and VAH for 10/23 and 10/24. These areas offered trading opportunities.

Sorry to spoil the fun guys but could you post any questions you may have about Ant's market profile indicator in the original thread located here: http://www.traderslaboratory.com/forums/f46/market-profile-indicator-tradestation-646.html It will be alot easier for other members who may encounter similar problems. Thanks

Ok. See you there.

I personally never trade the news. I just trade the market reaction to it. When trading index futures, the markets overreacts to the news and the moves can be fast and furious. Good to stay away from it or try to enter after the reaction.

Hi Torero, Very interseting post. If the lower panel a force index indicator or a momentum indicator? The concept of higher high and then price failing to make a higher high is such a powerful and yet simple signal. Its one of the first important things I learned from a professional trader when I was learning to trade.