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Soultrader

Market Wizard
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Everything posted by Soultrader

  1. Soultrader
    Calculating the actual value area by hand can be very time consuming. I recommend paying for market profile data fees. Listed below is from the CBOT Market Profile data vendor list: http://cbot.com/cbot/pub/page/0,3181,1183,00.html Source: Chicago Board of Trade I will also post a thread on how to calculate the value area hopefully tomorrow. Will need to create it in excel format. I will keep you posted.
  2. Soultrader
    Yes I totally understand about password protecting it. I also enabled the .EDL type files for attachment function. Thank you
  3. Soultrader
    Hi ES, I use a couple methods to determine if I will expect a rangebound or trend day. First, I will look at the previous days %TREND. If the %TREND was low, I would expect the %TREND to be higher for the day and vice versa. I also look at the first hour range. If the first hour range is narrow, then I expect a choppy market unless I see a valid range extension. Third method I use is by tuning into the pit audio and determining if the pit is full or empty. An empty pit is like watching paint dry. You want to be in the markets when there is market participation.
  4. Soultrader
    The markets break the value high pivot and never look back. Why? Take a look at the TICK's. Market internals was screaming for higher. Anytime the TICK's spend majority of the time above zero, look to buy the pullbacks. Shorting in a market like today will get you murdered.
  5. Soultrader
    WOW.... I have been dying to get my hands on MP for Tradestation. Is there any chance I can use it for my platform with your permission?
  6. Soultrader
    What features would you like to see? We are always looking for improvement
  7. Soultrader
    Hi, Sorry I dont quite understand your comment. Care to explain? Thanks
  8. Soultrader
    My advice.. never ask for stock tips. As a technician, one who gave the stock tip can bail out of the stock at anytime. The one who was told the tip will never know whats coming. Not a good idea to receive or give stock tips. The biggest investment is = investment in self. This is the highest paying interest. Unfortunately we can not gain knowledge through a computer chip implanted in our brains. I love spending money on books. Especially educational materials... not too big on fiction.
  9. Soultrader
    Hello Viety Cent. Welcome aboard. Feel free to contact me for any questions. We look forward to your participation
  10. Soultrader
    OMG... that is insane. I think I need to start a hedge fund right away.
  11. Soultrader
    Hi Eggy. Welcome aboard. New to trading? Make sure to check the video section for some educational trading videos. Feel free to contact me anytime if you have any questions about the site.
  12. Soultrader
    Thank you Kermit and welcome aboard! Feel free to contact me anytime if you have any questions about the site. We look forward to your participation here at Traders Laboratory
  13. Soultrader
    Very interesting Antonio. You are a pure MP trader I trade without a mp chart but use the concept of market profile into my trading. The way you derive your key levels are very similar to the way I get mine as well. I really think trading with MP and price levels is one of the best methods of trading. The information and analysis is pure. By the way, I noticed that chart is from Tradestation. What indicator is that? It is a commercial hack or is it located in the TS forums? I may want to take a look at it.
  14. Soultrader
    Hello Antonio, I dont really have a set rule for reseting the brackets. You can basically start with any set price. The main focus on bracketing price is to understand whether price is moving up or under a bracket. Let's say you bracket price at any random price level. After watching price bounce back and forth it breaks the short term resistance and moves into a new bracket. This information tells me that price is going higher in the short term. Remember, my method of tape reading aims for short term price reversals or continuation. You must be quick to pull the trigger. I guess if you were to put a rule on price bracketing you should reset as soon as the current bracket is no longer valid. If price breaks lower support, reset and make a new bracket. If price breaks uppoer resistance, reset and make a new bracket as well. Hope this helps. Regards, Soultrader
  15. Soultrader
    Welcome aboard love_bug. Feel free to contact me anytime if you have any questions about our website.
  16. Soultrader
    Hi Aktienfahnder! Welcome aboard. Wow, I might have some trouble pronouncing your name Went through your blog really quickly and it looks like you have alot to contribute. We also have a trading journal section on our forum so please feel free to post your thoughts, trades, or insights there as well. Eventually I do want to create a blog system on our website. We look forward to your participation
  17. Soultrader
    Hello Mr. Wizard. Welcome aboard. If you have any questions about our website feel free to contact me anytime. Note: How has SIRI done for you? Alot of new traders for some reason are attracted to that stock.
  18. Soultrader
    I see where you are getting at carter. I have never traded a system or have any experience with it so it would be hard for me to say whether intuition is necessary for pure mechanical traders. It's hard for me to follow how system traders think in terms of market understanding since I have focused hard to be a pure discretionary trader.
  19. Soultrader
    What I listen for when using pit is the level of emotions. On a scale from 1 to 10 (10 being the loudest), I will figure out the current level of noise. If a sudden trend starts with good noise this confirms a breakout or buying interest. After a runup, I will then listen if the level of noise has decreased or increased. An increase in noise indicates further buying interest while a decrease indicates less market participation. This can lead to a choppy market or a reversal. Usually the caller will mention phrases like "locals are trying to push it lower", "locals are selling into strength", "paper seller again", "one of my top teners fighting the entire pit", etc... Whenever I hear these at a key pivot level, this can act as a confirmation for a reversal signal. One particular phrase I hear is when the markets make a new high or low by a few points and the caller mentions how the "top tener" are fighting the market. Usually I go with him. I have no clue how big of a size they trade but I have seen these guys go head on with the markets and reverse it. It is a pretty scary but amazing phenomenon. Also tune in to the caller mentioning whether the pit is crowded or not. On a day before a national holiday.. the pit is pretty empty. Time is another important factor. I do not like trading after 11:00am until 2:00pm. The pit is usually quiet during these times as well. Note: Top teners refers to the top ten biggest floor traders for that particular contract.
  20. Soultrader
    I think at a certain point one can jump into several markets. But until he can trade one market successfully he needs to specialize. Perhaps one can learn to trade stocks and index futures as a hedge. But this is also somewhat advanced.
  21. Soultrader
    I will try to post a video on pit noise soon. Do you currently use pit noise? Also is there anything in particular you would like to learn? Note: there is a glossary of pit noise posted in this forum. Make sure you take a look at the list. It can be very useful.
  22. Soultrader
    Luke recommended some demo platforms in a different thread. You should look into it and paper trade. Although I am not a fan of paper trading because it completely takes away the emotional side of trading, it is necessary. Don't get too used to it though... live trading is nothing like paper trading. Out of all the professional traders I know, I have yet to meet a trader who did not blow out his account at least one time. I have a friend who is an excellent NYSE stock trader who made money consistenyl from his first year. But even he lost his initial stake of $15k.
  23. Soultrader
    The Dow mini has managed to hold its ground above critical support at 11400. Price is still respecting the trendline and we could see a possible lift towards the early May high at 11872. Price broke out of value today and closed above it indicating a victory by the bulls. We are seeing buying confidence in the markets on a technical perspective. Price is still trading above the 21, 50, 100, and 200 moving averages indicating strength. Although volume is still not ideal, we are not seeing volume on the sell-side either. This is good news for those who are holding onto their longs. See attachment for chart.
  24. Soultrader
    Hello Jorge. Welcome aboard Please feel free to contact me if you have any questions regarding our website. We hope you enjoy your stay with us.
  25. Soultrader
    Follow up of market action. Markets rally for 60 points.
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