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Soultrader
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Everything posted by Soultrader
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This is probably easier to distinguish now.
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Sure, I can change it back. I was experimenting with a new design.
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Radio station is currently not working. We are looking to upgrade this to fit the new system. The ability to switch radio stations is not functioning at the moment. We should have this fixed shortly.
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Below is a chart of todays profile from January 7, 2008. I also did a video during the Asian market hours on the YM analysis. For those that missed it, visit here: YM and Nikkei Analysis. I mentioned in the video a possibility of a normal day on the Nikkei with a wide initial balance. Towards the close, the Nikkei sold off sharply to close below the initial balance. This was quite bearish. Normal Day Normal day characteristics include early presence of longer timeframe participants. This is indicated by the morning sell-off on the YM. This creates a wide initial balance. This results in two-sided trading between the longer timeframe buyer and seller between the two extremes. - Definition from Dalton - (Steidlmayer has a different description of normal days) If market profile is not of interest, I would advise that every trader at least know the type of days. There are only 5 of them and not hard to remember but will give you a 2 step lead over other traders. Knowing the type of day early in the trading session allows one to apply favorable strategies. Markets generate hints and clues tick by tick. The "b" shaped profile on 1/04/08 with lower value placement indicated long liquidation and odds favored the markets to be stuck in this newly developed value area. Hence, we have overlapping to slightly lower value placement for 1/07/08. The next piece of key information is the two-sided trading that occured today after a wide initial balance. Is selling gradually being cut-off in the short run? Or is the markets taking a breather before the big boys start dumping again?
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I tend to scale out on all my trades. This is the only way for me to be able to ride out my positions on a winner on a intraday trade. I dont think I can sit tight on a 100pt YM rallly without scaling out at least a portion.
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I think it depends on the firm you work for... but an investment bank prop position will pay you around 10% on the account.
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I wouldnt consider that an open test drive. If you plot the initial balance, you will notice how C period (3rd 30min period) upset the IB. Half hour ranges are directional, in other words each 30min period is one-timing down. Typical of Trend Day profiles. Trend days show that buyers/sellers have used up their energy. You can expect prices to stall a bit and rotate sideways until further directional movemet. Basically continuation strategies should be avoided the followind day.
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An open test drive will test one direction for supply or demand before reversing. Perhaps you can pull up a NQ 5min chart for me? I used to plot MP in excel using a Reuters spreadsheet called PowerPluPro. But that was because I did not have access to a MP charting package. It was a nightmare. I guess you could do it if you can export data into a spreadsheet.
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Do you have access to MP for NQ? I dont subscribe to CME at the moment so cant pull up a chart. I just subscribe to CBOT, NYSE, and the Japanese markets at the moment.
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Introduce Yourself Here - Don't Be Shy!!
Soultrader replied to trading4life's topic in Beginners Forum
Welcome to the forums Disco, good to hear you are satisfied with Infinity. I am loving your pet count... I have a few cats myself but WOW! How do you manage all of them? Looking forward to your inputs here Disco -
Know the personality of your market. Slight follow-up from this thread here. CLICK HERE TO VIEW VIDEO
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Quick explanation and analysis of 1/07/08 trading looking at the YM market profile chart and Nikkei. CLICK HERE TO VIEW VIDEO Note: In the Nikkei mp chart, I mention horizontal trading. However, this is my mistake and should be vertical trading. :doh:
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Chart from January 4, 2008: Profile resembles that of a Normal Variation Day in which the range extension is double the initial balance. Notice how range extension from C period down to K period is almost the same as the range of A-B period. Normal Variation Day indicates 30-40% market activity controlled by loger time frame market participants. "b" shaped profile hints of long liquidation. Key question will be "Is the short term selling temporarily over?" IB Rejection vs Acceptance Knowing the type of market you trade whether it be reponsive or initiative is important in developing strategies under the IB breakouts. The chart above shows multiple attempts by D-J period to trade back up into the initial balance. However, price is rejected creating lower value placement. Price acceptance below the initial balance is showing further weakness. My bias will remain for price to trade in this newly developed value area so will look for short opportunities above value. Will post a few charts later as the markets open to show possible short setups.
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It shouldnt matter if youre only going to be using the PC for trading.
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I currenlty own pcs with both XP and Vista. For trading, I highly recommend XP and forget Vista. Vista is too slow of an OS and is designed for entertainment and not work. I currently run a Core 2 Duo cpu with 4gig ram. I usually custom build mine as the final price becomes lower than buying a packaged pc. Are you aiming for performance? XP with minimum 2gig ram is the way to go in my opinion.
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That just means that the trader is trading within a firm or as an insitutional trader or a prop trader, thus comissions are significantly lower compared to the average retail trader.
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Trading with Market Statistics III. Basics of VWAP Trading
Soultrader replied to jperl's topic in Market Profile
Are you having issues viewing the attached .swf videos? If you are searching for the video section, it has been moved to the premium forum. -
Hi Walter, I hope everything is okay as well. We will miss you on the boards. Take care and looking forward to your return. James
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Hi Blowfish, Definitely a great idea and will see if this can be implemented. Alot of time and expenses have gone into the system upgrade and we will start developing some of the smaller features like unread posts shortly. Thanks
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Hard to say as the only MP tools for TS I used was a version written by Ant from the forums. Unfortunately this is no longer available. I use esignal for all my charts now with MP costing me $50 or additionally a month. I recommend it as it is fairly user-friendly and simple to use.
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How To Play Single Print Areas Single print price levels indicate swift price rejection due to the lack of time spent at that price level. These areas are good future support and resistance reference points. Chart shows Jan. 2 - Jan. 3 YM price action. Notice the beginning of the single print trail in "B" period. Janurary 3rd, 2008 Market Profile resemebles that of a neutral day. Both upside and downside IB range extension occurs on a neutral day in which longer term traders are expressing conflicting views amongst each other. Notice the IB range extension is equivalent both to the upside and downside with a close in the middle of the range. What is signficant about knowing the type of day? Understanding what type or types of day the market is showing is important as one can design strategies around it. A neutral day indicates no victory for both bulls and bears. This offers fading type strategies for 1/04/08. Steidlmayer puts "This indecisiveness of the buyers and sellers also creates the self-fulfilling prophecy of neutral days begetting neutral days." Key levels I will watch is the previous day high and single print starting level shown in the first chart. Downside support will be previous day low and 1/02 VAL. The idea here is to fade any push out of value. However, this is just one strategy based on one scenario. If the markets prove you wrong, it is important to snap out of your bias/ideas and go with the language of the markets. I am slightly bearish though due to the reaction of the Nikkei today breaking a very very key support level of 15,000.
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Hi Brownsfan, Happy New Year, the unread posts feature needs to be upgraded in order to activate under this system. So I need to wait a bit until the developer releases it. I will keep you posted on this.
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Hi Walter, I will get this issue resolved asap. Thanks and Happy New Year to you.
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Hi techtrader, Thanks for the report, I have temporarily fixed the forum but will need to add the former templates at a later point. The forum will have no issues with posting but will lack the indicator introduction box which appeared in the previous version. I will keep this thread posted regarding the final fix. Thanks
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Hi, TICK charts are just the number of transactions per bar. So a 610 tick chart plots one price bar per 610 transactions whether each transaction is for 100 lot or 1 lot. I think nams was thinking of the NYSE TICK chart.