Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

Soultrader

Market Wizard
 View Profile  See their activity

  • Content Count

    3710

  • Joined

  • Last visited

  • Days Won

    1

Everything posted by Soultrader

  1. Soultrader
    oops... thanks for pointing that out. Just fixed it. VAL = value low VAH = value high These are MP terms. Cluster zone is a term I use when pivots line up close to each other.
  2. Soultrader
    Hey Mark, Open your time of sales. I usually like to plot the price and size only. Time is irrelevant. Im assuming you use Tradestation. Right click on the time of sales and go to => Format Symbol. In the section "Display" you should see a menu and check boxes. Set it to show trades >= 10. This should then give you a column for only 10-lots and above. I like to use two columns for the tape. The first one showing all trades and the second column showing 10-lots and above. This gives you an idea of the little guys vs big guys. "Respect Your Enemy" A 80-lot YM trader deserves a little respect don't you think? See attachment of price action after the 80lot trader.
  3. Soultrader
    Tape reading is one of the most useful skill to have in short term trading. Alot of the tape is noise and its important to understand how to filter out noise from vital information. The key to reading tape is to practice. Practice makes perfect... and this is very true in tape reading. I like to watch the tape as price reaches a critical pivot level. In this example, my trading plan was to watch for two pivots at the opening. The value high pivot at 12048 and the value low pivot at 12016. As price opened and declined to test the value low pivot, I will time my entry using tape. Notice the tape at the critical pivot level. (see attachment) We had a huge 80-lot come in with multiple 10+ lots at this area. For me the 80 lot was enough to confirm my entry point at 12016. (this column only shows lots of 10 or more) Price then went on to lift. Tape reading requires fast eyes and fast hands. Master this skill and youre timing will be way ahead of most traders.
  4. Soultrader
    Although we had a nice decline yesterday, we have a higher value placement compared to 10/17. We are still stuck in our 5 day range of 11940 - 12050. Couple of very key points I will be looking at: 12100: yesterdays rejection point, yesterdays high, and R1 pivot cluster. KEY 12050: ULTRA key level. Upper range extreme (see MP chart) and daily pivot, monthly pivot, and VAH cluster zone (see pivot chart). 12015: VAL pivot 11995: previous day low and S1 pivot cluster 11935 - 11940: lower bracket extreme and S2 pivot cluster Watch for any breakouts above 12050. Price acceptance vs price rejection. Watch for rejection and reversal signs at 12050. This will be a key pivot level where I will be trading against for the day.
  5. Soultrader
    Interesting comments guys Im stunned the emini S&P having a 23 pt range!! Must of seen pretty nice mini-trends each day. I guess there will always be a trending market worthy enough to use a trend following systems. With additional derivatives introduced each year, its becoming hard to keep track of all the available products. Soon we should be able to trade the global markets under one platform.
  6. Soultrader
    I have found that instead of rushing into a trade as price reaches a key pivot point.... price tends to violate the pivot by a a tick or two before it reverses. Therefore it pays to wait a few more seconds even with the urge of entry. You can still get it a few points after the reversal from the pivot which in my opinion is a better entry point than entering as price is testing it. For example: lets say price is declining to a pivot. If you enter 2-3 ticks above the pivot on the decline, it is very likely you will go through heat. Heat = stress to me. I try to minimze heat as much as possible. What has worked for me is to wait a few more seconds and let price violate the pivot and bounce above the pivot by a few ticks. This has worked better for me. I love the TRIN... although its been acting weird lately. I no longer use the TIKI. I also find it useless now. $prem is a wonderful tool as well. I use it to confirm my position or possible breakouts on buy/sell programs.
  7. Soultrader
    I have been using the TIKI in the past to look at extreme readings for a possible heads up on buy and sell programs. Traders who have been trading for +8 years have often told me that the TIKI was a useful tool in the past. However, I use this tool less and less now and I find it useless. Does anyone have any experience with the TIKI? If so, how do you apply it to your trading? Soultrader
  8. Soultrader
    Great post Raul. I never found trendlines too useful in my trading. I use it on my daily charts analysis but in intraday trading, a trend will travel towards the next line of pivot. Then its up to market internals to decide whether price will travel higher or reverse. Therefore, relying on just pivots and S&R levels seem to do the job just fine. I think new traders still struggle in identifying the appropiate S&R levels. Every line of support/resistance seems like a key level to them. Its very hard to trade this way. stephens: We are trading against other traders. Try to picture what the pro's are watching. Channels work on the TICK's fairly well. I like watching TICK's break a channel and I would enter on the next pullback on the TICK.
  9. Soultrader
    Thanks namstrader, Every trader has his own set of methodology... I just try to show what has worked for me. Not all traders will feel comfortable with it and some may even reject it completely. I understand there are many different ways to trade but using market profile, S&R levels, and market internals is pure information based on price. This is why I like this metholodogy very much. MP is not easy to learn at all... there are so many things I have yet to learn. You purchased Dalton's book? I go through it once a month and I never stop gaining new insights. By far my favorite book. Im glad you are able to see a clearer picture of the markets now. Pretty astonishing isnt it? It seems like all of a sudden the market is talking to you and you can actually understand what she is saying. Regards, James Lee
  10. Soultrader
    I heard this a while back from Oliver Verez in one of his DVD's. He mentioned that a holding period of a financial instrument is decreasing each year. Sooner or later the average investor will become a swing trader. Holding periods of months will not be the best choice and a 1 week holding period may be considered too long. The question I have in mind is how effective will trend following systems be? Trend following systems are based on a longer time frame. But with the decrease in holding time this should have an effect on the performance of these mechanical systems. Any thoughts on this?
  11. Soultrader
    Yes I am amazed each day. Understanding this concept alone can offer a trader an income to live off. I love trading futures
  12. Soultrader
    Hey namstrader, Try to keep the market profile charts to a gap chart. Overnight liquidity is low and volume is important for a profile chart. I am pretty sure not everyone interprets overnight session like I do... but I have found my analysis surprisingly useful. I watch for any overnight support or resistance. My theory is that US market participants probably do not trade the overnight session. Who stays up to trade after mignight? The overnight session is reserved for market participants in other countries. They have a chance to express their opinion on the markets. Also I doubt newbies trade during this hour... so these overnight market participants are aware of the market action for the day. This means they recognize key reference points.. perhaps even use a market profile chart to move prices. (note: this is just my theory. I could be 100% wrong) Therefore, the overnight support or resistance points act as key pivots for the following trading day. If there was price rejection above value in the overnight session, this may indicate that price will likely meet resistance at this level or perhaps trade within or below value for the following day. I have seen this happen too many times that I have applied this theory into my methodology. So this is the importance of an overnight session. The gap chart is useful for the opening setup. Gaps tend to fill but its important to observe SSF volume and market internals carefully. I find the opening play to be the easiest and most profitable setup. I trade the opening at almost a 80% success rate. (Im not that good in the afternoons) For me the opening is easy since price can only go two ways. Up or down. Not often do you see price just stall at the opening. The moves are quick so your entry must be quick and precise. This is why I spend most of my time doing my homework for the opening play. Also the opening price can sometimes provide the ideal entry point since it can act as the dead low or high for the day. I used to use a gap chart more often but lately I tend to just use the 24 hour chart. (gap chart for MP) Just know where the gap fill is.... and you should do fine with a 24 hour chart.
  13. Soultrader
    Will be waiting for this Antonio I owe you many thanks for both the Mp and pivot indicators.
  14. Soultrader
    I missed a great trading opportunity today on the YM but would like to share. The markets had a nice little donwtrend during the opening 90 minutes. However, it found key support at the previous zones resistance level around 11940. Plenty of buyers in this area to push price back towards value. The markets basically said "oops" to me. And indicated that it had gone too low and wanted to move back where it felt comfortable. Notice how the price acceptance in this new zone still remains valid (see attachment).
  15. Soultrader

    USDJPY Discussions

    Soultrader replied to jerich's topic in Forex

    I think you need to pick a timeframe you want to trade first then work on a strategy to trade that timeframe. The opposite approach you are taking forex gump will conflict with your trading style.
  16. Soultrader
    Thanks wayneL.
  17. Soultrader
    By the way, do you know how long ASF's been up for?
  18. Soultrader
    Take a look at a larger time frame such as the daily. Is the market rangebound or trending? One method I use is to see if there is higher/lower value placement or an overlapping value. Price moves in zones, in market profile terms this would be value. Similar to Nicolas Darvas' Box Theory, price will find value/balance in one zone. When either the buyers or sellers express stronger confidence, price will move out of the zone into a new level. If there is price acceptance, we have a possible trend. As boxes or zones pile on top of each other we have an official trend. In intraday trading, I will look at the past previous days action to see if price is stuck in any zone/box. Any breakout of this zone can lead to a trend. Another method I use, is to watch for the range of the opening hour or perhaps listen to the noise in the pit. A tight range in the opening hour can lead to a possible choppy market. If there is not enough market participatin in the pit, the markets will be choppy. Hope this helps.
  19. Soultrader
    You are definitely on the right track forex_gump. There is no shortcut in learning the markets. The hard way is the right way... it will pay off in the long run. Good luck to you
  20. Soultrader
    Hey Terry_I, Mega clusters.. now that is interesting! Actually that would be too much horizontal lines going across your charts. I replace my daily pivots everyday, my weekly pivots every week, and my monthly pivots every month. The trick to my methology using pivot clusters is identifying which pivots are significant and which are not. On top of just the pivots, I will look at valu high/low pivots, previous days high/low (also high/low for several days back), POC, and open gaps. Plotting all these lines on your charts will give you a ton of price levels. This can easily lead to analysis paralysis. So its important you filter out the key price levels from the weaker ones. For example, if Support 1 is five YM points above the previous days low, I simply ignore S1 and use the previous days low. Hope this gives you a better idea. Regards, James
  21. Soultrader
    Nice ant. I still fail to recognize profile structures. You are the real MP expert in this forum With this information in mind, tomorrow will be very interesting. The last time we had a 3-I day, we ended up having a higher value placement.
  22. Soultrader
    Once you are able to trade following youre setups religiously you will turn into an automatic pilot mode. Meaning.... just by watching your charts you can idenitfy all your setups easily and take you take each trade as if you just got dealt a decent starting poker hand. Stage 5 will come naturally with experience. Have a journal and identify why you took the setup, your psychology during the time of the trade, and rate each trade. Reflect back on it and fix whatever you need to fix. Practice will take you to Step 5. I think for most new traders getting past Stage 3 is the hardest. They will fail before they even reach stage 4. Stage 6 is reached from experience. Traders start building intuition...something that can only develop through thousands and thousands of obsevertation and trading. Experience is the greatest teacher in trading.
  23. Soultrader
    Yea.. its a great site for stats and numbers. Just take the data and plot it in manually. Usually updated around 9pm everyday. Should work like a charm.
  24. Soultrader
    Interesting.. I have been a student of NLP in the past so I did grasp a basic idea of the DVD just through the preview. I truly believe in the power of the mind. One powerful teaching in NLP was to project yourself 10 years from now and that is who you will become. Hold positive beliefs and thoughts and eliminate negative thoughts.. etc... Thanks for the kind comments wayneL
  25. Soultrader
    Hi Mark, Antonio or ant is the coder for that indicator. Set your chart to 15min or 30 min. Go to format indicator => input => and set GetArraySz to false. Set ArraySZ to 3000. See if this works. If you also want to double check your numbers use this link. Daily Notes for Day Traders | Pivot Points for Index Futures and more
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.

  I accept