Soultrader

Funny pic I ran across on the net.

I still trade both. But slowly migrating over to the ES. YM has become too jumpy dont you think?

Identifying support and resistance. Understanding value area. Price and volume analysis. CLICK HERE TO VIEW VIDEO

Thanks Shreem, I dont have datafeed for the pound future contract. Trader_74, can you post a mp chart consisting of past 5 sessions or so showing the highs/lows and dates on them? Also let me know the letter of the first period. Thanks

You are making it a little difficult for me. Can you tell me the name of the market. What currency future is that? Also what letter does the first period begin? Please add the dates from the previous charts as well so I know what comes first. Thanks

Hi, what contract is this? I prefer to use my own charts as it seems like you are using a 24 mp chart. The two previous charts you attached... I cant figure out if they are connected in date or what letter the first period is set to. a period is the first period?

Hi trader_74, Can you tell me what contract that is? I would like to pull up more mp profile data going back a few days in order to comment on it. If I do not have access to the datafeed please post the past 3-5 session profile so I can see the type of days it is showing. Thanks

Yes.. if I wasnt positioned short I would of traded the breakout. The breakout of congestion occurred on good volume indicating a push through supply. The only type of breakouts I will ever play.

Follow Up: Seeking weakness from previous chart information. See chart below: Lets see how this one works out. update: Stopped on this one.

Thanks Walter. Potential short setup building up here on ES: (same techniques) Keep in mind the higher low higher highs. May not be optimal at the moment but will continue to watch for weakness in price and volume.

For all those calling in through skype today, please join my skype conference at james.lee03. We should all be able to tune in as a group for free into Joel's skype audio. Thanks

Good points kuky969 especially recognizing the A period tail. I was also focused on only the short side yesterday. Main bias was based on the Nikkei profile which showed a neutral day but with range extension downside in the evening session and close into the previous day value area. This was the first sign of weakness. ES rallied overnight towards the 2/14 high where it met resistance. Second hint of weakness and possible rotation into previously developed value areas. There were many opportunities to short near the 2/14 VAH... H-J period met resistance around this level. More than MP for yesterday, I found more clues of weakness through reading candles and volume. For 2/19 profile, you will see price within the 2/14 range and above the 2/15 VAH. This is the new bracket at the moment. Below is todays SGX Nikkei. Gap up but strong rotation lower resembling a double distribution trend day down. Notice A period left a tail. One-timing auction took place most of the time. There is a heavy correlation between these two markets. So one question that immediately pops up in my head is how will this weakness transfer over into the US markets? ES declined yesterday. However, it created higher value placement. Now even with higher value placement, Nikkei gapped up and finished lower with lower value placement. The optimism did not transfer through to Asia. I am remaining flexible to both long and short today but keeping in mind the weakness from the Asia markets. The reason being ES had quite a bit of accumulation at the lows yesterday. This area will be short term support... premarket is holding at this area as I write as well.

For those that requested a skype spot, we will need to call in as a skype conference call. Is anyone familiar with this process?

Follow up: The CCI technique was taught to me initially for a scalping strategy combining a few other technical indicators. However, I never found it to fit my style because I am more of a S&R trader using VSA and MP. So I have taken the concepts of CCI trendline breaks and hooks as a timing tool.

Follow up from previous chart.

Interesting chart here:

Here is a technique I picked up from another trader but revised it to fit my style accordingly. It utilizes the CCI as a trend following and timing indicator. I use a 10period CCI on a 5min candle chart. I look for two things. The trend of the CCI in combination with VSA and CCI hooks as a timing tool. Please see chart below: A VSA setup near a MP level with a CCI trendline break is the optimal setup. Below shows how one can apply it for exits. I will post more charts regarding this technique. Thanks

Hi walterw, good to see you back I use trendlines for the CCI and as a timing tool for entries and exits. I'll probably create a new thread on this.

Do you guys know if this webinar was recorded?

Update: Interesting price action overnight. Price rallied to break into Fridays value area. However, resistance met around the 2/13 VAH and a retracement back to Fridays POC area. Price is currently trading within value.... it appears to want to hold within this area. Possible key areas to watch now will be 1368 (overnight high and 2/13 VAH cluster), 1361.50 (VAH), 1355.50(POC), and 1349 (VAL) Looking more closely at resistance areas for today. Nikkei acted a little weak in the evening session. Price extended the IB during the regular hours just to be extended towards the downside in the evening session. Profile resembles that of a neutral day with range extension on both ends. However, the closing price action to extend below the IB and back into the previous day value area is hinting a little weakness. Below shows the SIMEX Nikkei contract.

Hi Sparrow, I use such information more of a confirmation. If I am looking for a setup and this pattern occurs, great. Otherwise I do not apply this info as a stand alone strategy. On the Nikkei were it takes hundreds of contracts to move 1 tick, this sort of bid/ask pattern is crucial information. Usually occurs around the 00 levels as bids start getting thin and a sudden selling of 300+ contracts can force price to slip 5-7 ticks instantly. ($500-$700 a contract) The way I see it, it can be applied into a trading setup if it occurs at the levels you are watching. Otherwise it happens so quick and catches me off guard that I have no time to act on it.

You should of received an email from Joel regarding registration. If not, please contact Joel to confirm this. Thanks

Market Analysis for Feb. 19, 2008 Below is Fridays MP chart on the ES. Lower value placement with profile resembling a normal day in which range extension is approx 1.5 times the initial balance. The biggest visible clue, however, comes from a 5min candlestick chart at the close. Notice the volume at the last few bars into the close. Current plan will be looking for weakness around the 2/14 VAL at 1349-1350. Normal day profile for 15th does not indicate strong buying conviction.

History repeats itself. As a trader it is important to understand the market conditions whether bull/bear/range/crisis. For newer traders and those without years of experience one way to become familiar with market conditions is to go back in time and read old articles. Reading back in history, you can gain understanding of public sentiment based off these articles. This was recommended by my old boss and wanted to share this with the board. List of sites: NewspaperArchive.com Google News Archive Classic Newspapers

Hi guys, To resolve this issue, I have built a filehosting system directly into our site. Please use the top navigation button "File Share" for uploading of any large files up to 40mb. This should solve any future issues. Thanks