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Soultrader
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Everything posted by Soultrader
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What is the next line of pivot I see? The chart shows a perfect setup from the VAH to the next line of resistance. In hindsight there is price acceptance above value. Im assuming there was higher value placement the next day? I also dont use delta so hard to confirm with what you are actually seeing. What software is that?
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Good question Chris! Any breakout of value indicates a medium risk/medium reward trading opportunity. Any break of value and the previous days range offers a high riks but high reward opportunity. A retracement to the VAH is a good opportunity only if market internals confirm it. Whats important is to understand whether there will be price acceptance or price rejection above value. If the previous days high is right above the VAH, there is possibility that sellersr are waiting in this area to push it back into value. Thus a price rejection. However, a nice trend day like today showed strong market internals. As soon as price broke above VAH and retraced this offered a high probability trading setup. Always look at market internals. This will add further confirmation of a false breakout from a valid breakout. Soultrader
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Today we had a monster trend day with a %TREND at a whopping 79.31%. Breaking above the 12100 with ease, we saw significant volume on the daily chart. If you watched the tape throughout the morning session, there was heavy buying pressure and no sellers at all. On a market profile chart we have a nice "P" structure with higher value placement. Also considered to be a short covering, a "P" formation is something to watch out for. However, by looking at market conditions and the fact that we are in an uptrend indicates new market participants instead of old business. My bias is still to the long side. The breakout point at 12100 will act as key support. Several other levels include: 12100, 12120 - 12130, 12170, 12200, 12250
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Introduce Yourself Here - Don't Be Shy!!
Soultrader replied to trading4life's topic in Beginners Forum
Hello Graeme, Thanks for joining us Let me know if you have any questions about the site. Regards, Soultrader -
Trading Edge: 100% Concentration and Focus
Soultrader replied to Soultrader's topic in Trading Psychology
I have been trying to take more days off lately. I have especially limited myself from trading on Fridays. I might trade the opening hour but I hardly ever trade the afternoon sessions. Thank you TraderGav -
Can you really apply NLP towards trading success? I think so. It has helped me in the past and I see no reason why it shouldn't help you. NLP to me is the science of thought/positivity/achievement. This is a great intro book to those interested in what NLP is all about. Alot of trading psychology books contain many NLP related materials. The book contains alot of different excerises aimed at achieving goals, eliminating fears, building self-confidence, securing mental attitude, etc... If you are a trader in search of improving your weaknesses, take a look at this book and see if it can help you. Our beliefs often conflict with our ability to trade. Self-knowledge is one of the most important things in trading. For $15.95, the book is definitely worth the price.
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Trend trading vs counter trend trading. What type of trader are you? I would like to discuss these two different type of trading styles. Some of you may be a trend trader while others do well at counter trend trading. I personally find trend trading alot easier than countertrend trading. But this is a matter of trader preference. I have seen some unbelievably skilled countertrend traders. Each style requires a different set of rules. Trend trading rules are simpler compared to counter trend trading rules. Buying a pullback or shorting a rally are the basic rules for trend trading. Buying a pullback to the 21 moving average is another example. I am curious to know what kind of methods traders use in counter trend trading. From my experience this requires a more stricter set of rules. I would like to start with one of my own. In a downtrend, I like to watch for a shift in market sentiment. A new TICK high is a good clue that I look for. I will then try to enter on a pullback of the TICK... vice versa for an uptrend. In a downtrend, I like to watch for extreme TRIN readings of above 1.9-2.0. The markets have a tendency to bounce. (works better in the overnight session) Does anyone else have any rules that they live by? Would love to hear your comments on this. Thanks
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Very interesting point nasdaq5048, I have been mainly a student of Dalton so can not completely comment on this. But from my years of observation, there is a higher probability that the markets will consolidate or retrace after a trend day. However, I do think it is up to market conditions. If the past few months, we have had a semi-euphoric stage with a decent uptrend ever since May (for the Dow). During such conditions, trend days followed by trend days were common. I like to look at the %TREND. Anytime the markets have a high %TREND, I look for a market with a lower %TREND the following day. Also, after a strong trend day, I like to watch carefully at the morning session. If there is price acceptance above value in the morning, I try to look for long setups.
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Hello guys, I disabled the RSS news feed which may of been slowing down the site. I'll also try compressing the images to quicken the loading time. Please let me know if it still seems slow. Thank you Regards, James
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Interest thread Ant. I'll jump in as well. Trading Style: Daytrading Timeframe: I start with the daily chart to look at key S&R points and overall trend. I do alot of price and volume analysis on the daily. Then I narrow it down by using a 15 minute market profile chart and finally a 233 tick chart. The 233 tick chart is my most important chart. Favorite Market: Dow mini (YM) Trading Platform: Tradestation (used to use Esignal as well) Trading Tools: Market Profile, Time of Sale, Custom Pivot Point Clusters, Market Internals (TICK, TRIN, PC Ratio, PREM) Favorite Setups: My strength lies in the opening setup. This includes gaps and entries based on TICK, pivots, and tape. Best Trading Advice: Trading success depends on how badly you want it. My favorite trading quote is by Ed Seykota. "A losing trader can do little to transform himself into a winning trader. A losing traderis not going to want to transform himself. That's the kind of thing winning traders do."
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Trade Your Way To Financial Freedom by Van K. Tharp
Soultrader replied to Soultrader's topic in Books
Hello Kiwi, You are more than welcome to write an article on money management. It would be a great article for all traders. Afterall, money management is probably the most important element of trading. Soultrader -
torero, I have a couple questions regarding the ER. I have been trading the YM mainly but am looking for different markets to trade especially when the YM remains dull. Do you use MP to trade the ER? What is considered a big lot on the ER? On the YM I like to watch for any lots over 10. On the ES I would look for 40-lots and above. Would I be able to apply pivot based trading on the ER? Thanks Soultrader
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This is an interesting indicator re-created by other traders on the TS forum. Known as the BB Squeeze Indicator, its concept is based on capturing breakout moves by using the Bollinger Bands and the Keltner Channels. Whenever the Bollinger Bands fall inside the Keltner Channels the indicator will fire a signal. This signal is represented by a red dot on the lower pane. When the Bollinger Bands breakout of the Keltner Channels the indicator fires a squeeze indicated by a blue dot on the lower pane. The trading signal is taken when the blue dot appears after the red dot in the direction of momentum. Momentum is plotted as a histogram. If the momentum is green (up) on a squeeze, this is a long signal. If the momentum is red (down) on a squeeze, this is a short signal. See attachment for a screenshot. Note: Please refer to the Tradestation Forum for the owner of this indicator. BB_SQUEEZE.ELD
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Im probably going to compress the images to speed up the loading time by a little. I'll also try looking for a new host if this problem keeps happening. I personally hate slow loading sites and would hate to see any user on the forum experiencing it as well. Thanks for the notice SandyG. Ill keep an eye on it.
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The Russell seems to be the hot emini right now. The YM suits me because its not too slow but not as fast as the ES. The ES is a little too jumpy for me. What kind of personality does the ER have?
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Have you ever Traded because you were bored?
Soultrader replied to Trade Up's topic in Trading Psychology
This is going to sound insane but... I trade from 10:30pm Tokyo time. I used to play online poker when I was bored but then started missing too many nice setups over a couple of good tournaments. Lately, I have been working on other projects during the day so I tend to sleep after I trade the morning session. Since the opening 90minute is my strength, I do pretty well without even bothering to trade the afternoon. Here's a couple of other suggestions: go to the gym, start an online business (this keeps you occupied and even if it flops you are probably going to save more money than the money wasted on trades taken through boredom), go out druing the doldrums, poker, etc... Unfortunately in my case, there is not much I can do at night. You have alot more options so Im sure you will find something that can keep you busy. -
Hello SandyG. Welcome aboard. What is your internet connection speed? Alot of features on the forum are custom made which requires loading time especially when running on a slow internet connection. Please let me know and I will try to look into this matter. Thanks
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Thanks for sharing the resources torero. I agree chart reading or understanding price action takes time. But this should be considered a mandatory skill to learn before anybody places a single trade. mandiuang: Market knowledge, money management, trading strategy, and trader psychology are the important elements of trading. Good luck
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How effective is the 15 minute intraday breakout?
Soultrader replied to TAking's topic in E-mini Futures
The opening range breakout is an interesting topic. I find that traders use a variety of opening range breakout strategy. Some chose to play 5min breakouts, 30min, or 60min. I recall Oliver Velez mentioning the 60 min breakout to be a powerful signal for stocks. I personally do not play the opening range breakout. I find it unpredictable and the concept behind it doesnt make any sense to me. If the markets extend beyond the initial balance, I will still play a pullback of the breakout. -
I use 6:15pm - 4:00pm Chicago time.
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Hello mandiuang, Are you looking to purchase a trading system that someone has designed? I personally think 99% of all systems are bogus. Also, you will be trading based on the system and would be difficult to implement your own technical analysis into it since this would interfere with the market information the system is designed to trade. Im not a system based trader and have never dealt with one so I can not give you the best advice. But my advice is to stay away from them.
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Tape reading is unbelievably useful for short-term trading. They are fast and hard to read but practice makes perfect. It takes months of training to understand tape. You need to practice by observation.
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A good trading platform is Tradestation. I have never used a mechanical system to trade so I can not advise you concerning that. You plan to blindly follow an automated system?
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Anyone know where to find a Personal Mentor?
Soultrader replied to slinger2424's topic in Beginners Forum
I could try to help you out with the eminis but Forex is just not my playing field. I suggest you go through the ton of educational material on this forum including the videos. Then grasp a basic idea of trading and look for a mentorship to improve. Without the basic foundation its hard to gain anything from a mentor. The best is to have a root understanding and a mentor can help you grow at an incredible rate. -
Anyone know where to find a Personal Mentor?
Soultrader replied to slinger2424's topic in Beginners Forum
Are you looking for someone who can trade in front of you live? Most mentorship courses that are live lasts only a few days at an astonishing rate. Im my opinion, its always good to watch a professional trade but not enough time for you to really learn. There are other options such as joining a trading room or working with a mentor online 1on1. Which one in paricular are you looking for? Also what made you want to start with Forex?