Soultrader

Thanks Walter

I think its definitely doable. Especially if you set the parameters to lets say within +-1 pt (any amount here) at each pivot. My elementary level with coding will be of no help but I am sure someone can help you out with it. Regarding this tool though.... its probably one of the simplest tool but yet I find it of tremendous use. The turning points are amazing.

I have personally found a 5 tick stop to be too tight and not enough room for a trade to work out. I guess it really depends on your entry basis. Because most of my entries are based on tape, I am usually able to use a fairly tight stop. I know immediately that if tape takes out level XXX, I am wrong. Also, I find trading setups that will give me 10pts minimum. Most of them I aim for 20+ pts but I like to take half off at 10pts to eliminate my risk. My personal thoughts on a 11pt profit target for all position is a little to quick. Once again, trader preference depending on trading setups, style, and the number of trades a day.

Robert, take a look at this thread provided by MrPaul: http://www.traderslaboratory.com/forums/f32/quick-facts-about-rollover-day-853.html

Yea... I was wondering the same thing. Im not sure how I could apply filter to noises because I use this tool at every pivot level. I also use it when the markets are rangebound and not respecting any pivot that I use. Do you want the dots to appear only at MP levels and pivot points?

I have been analyzing my wins over losses lately. It seems like a winning trade takes mimimal heat: maybe 5 ticks at most. In a losing trade, price moves 3-4ticks in my favor, then I take about 7-9pts of heat, price moves towards my entry, and then I get stopped. What I am thinking of is to trail my stop the moment I enter. I use a 10pt stop like you wsam29, so I may start trailing my initial stop until I reach my first target of 10pts. I scale out on all my positions so this trailing stop until my first target might be able to spare me a few ticks off every loser.

Robert, if you are trading index futures you dont need to worry about it too much. These rollover days happen and are very obvious. First you will open your charts and see liquidity diminish drastically. This will most likely alert you that traders are now trading the next contract. Always try to trade the contract with the higher liquidity. Usually liquidity starts to fade a day before the rollover day. I hardly pay attention to these dates... I just know rollover day is coming up and I just check my matrix to see the depth of bids/asks.

Here is the link the an invite for Jason Jankovsky's online Forex broadcast ::.:: ProEdgeFX This is not an online chat seminar but a broadcast done on hotcomm. You will need to download a free version of hotcomm located here: -= 1stWorks =- The broadcast will start at 3:15pm CST Central Time. Once you sign up all members on this forum will be able to tune into this broadcast daily for free. You will receive a password to his hotcomm room to join. If you get a chance, please stop by the broadcast. I will be there tomorrow. Thanks!

William D Gann. from Truth Of The Stock Tape

The matrix shows bids/asks 4-5 levels deep. With futures, it is nothing like watching Level 2 market maker games but it is quite interesting when you see 200-400 lot bid/ask getting pulled away.

I am very glad to see that you caught on that one notouch. I was actually long from a few ticks above but had a reverse order at 12763.. 1 tick below the monster bid. I had it placed at 12763 because I knew the moment 12764 was taken out, price was going to collapse. I saw tape trying to bid hard above 764.. it was trying to climb back up above 670, tested it mulitple times and failed. The tape was showing clear weakness hence the reason why I took a 6 tick loss and reversed immediately. Tape tells it all Good post notouch.

Hi SPADAGG, Welcome to Traders Laboratory. Regarding your post, I am going to be dead honest with you. There is the insiders and the public. There is inside information and news. Now the public loves news. They buy on good news and sell on bad news. Large skilled operators sell on good news. Stock manipulation exists all the time. They shake out the weak hands and the public who buys at tops. Why do you think there is always a big volume spike before a reversal? My personal advice is to not buy/sell any financial instrument based on another mans opinion. Is there something that your neighbor would know that you wouldnt? Buying/selling a stock on a tip is a very dangerous thing to do. What if the person who gave you the tip already sold when you are still long? When do you get to know this? I am not saying ADSX is a good or bad stock. All I am trying to say is that whatever you decide to do, make sure it is based on your opinion and not mine or any other person. (including analyst) You are risking your hard earned money... dont let anyone play with it or convince you in risking it without understanding the reason yourself.

A few guys over in the TS apparently created systems based on market internals. This type of sytem can be backtested without a problem. But I am with you on backtesting.... although I use pivots, internals, MP for my trading my entry point always boils down to tape. Now this is impossible to backtest. The best I can do is to keep track of all my trades and take notes. If youre entry is based on pivots, volume, fib, and MACD I dont see why it couldnt be backtested.

Kiwi, I understand you currently trade international index futures? I am also very interested in these contracts. I was told by another trader that these markets lack market internal tools which I am very used to in my trading. Do these markets provide their own set of internal tools that I will be able to use? Do they offer a time of sales? Can these contracts be traded from a US broker or would I need to open an account independantly in each country? Thanks

Thank you PivotProfiler. I am starting to understand this game step by step. Besides the Non Farm Payroll and Fed days, is there anywhere I can find a list of news that will move the GBP? I have this personality that I need to know everything possible about something before I even attempt it. Also, what time open would you use for the currencies? I would also like to hear some of your thoughts regarding volume for the currency futures. I have been trading the eminis relying heavily on tape. Now, with currency futures is the tape reliable? If the spot is controlling the majority of the price action, I dont feel too comfortable relying on the information that is present on tape. Thank you.

Keymoo... what exactly do you mean? If you right click on your chart and go to "Format Analysis Technique", you should get an option to insert an indicator, paintbar, showme, activity bar, and probabilitymap. This tool is in the "Showme" under "Delta Ttm Div". I hope I answered your question correctly or were you referring to something else?

Hi FLX, Could you explain what you mean by Tradestation does not have very good charts? Do you mean the data is incorrect? Or are you referring to the charting package?

Thank you Art and notouch for the thorough explanation. Makes alot more sense now With Forex futures, the BP futures must reflect the price in the spot market? This means that they move identically and trade at the exact same price level? Or are they similar to dow cash and dow futures trading at different levels. Im probably going to start learning the BP from now and see if I can come up with even one decent trading setup that can I can hold on a longer timeframe (1-3 days) to supplement my current intraday futures trading. It should be interesting.... Why is it that the only available pairs to trade are the major currencies? Do the minor ones exist but just not popular to trade? Thanks

Thank you very much for your reply Art. If I was to plot daily pivots on the BP, what close time should I be using? I understand they are traded 24/7? Also, one thing I have trouble understanding is the volume element with forex. The British Pound futures will show volume while the Forex will not. Futures is referred as spot? And Forex cash? How reliable is the volume in the currency futures? Im still very new to currencies and the basics are still very confusing to me. I am not confident if I can apply the same understanding I have in the futures market to the currencies market. It seems like banks control most of the price movement with Forex. No floor traders.. no pit noise, makes it a completely different game to me. Thank you.

I am curious to know if currencies can be traded strictly off technicals? Traders often tell me to watch out for news in the currency market. But with the amount of news that comes out everyday... is there a set of news one needs to watch out for depending on the currency? For example, what sort of news affects the British Pound? I have attached a picture of the pound with some technical analysis. Technically speaking, if this chart was the emini futures... this particular level would be good enough for me to look for a short setup. (based on technicals) What are your thoughts?

Yes check the indicator forum for "Volume Delta".

GCB... I started looking at volume now Its actually volume delta that plots the number of buying volume in green and number of selling volume in red. The greater of the two gets placed on top. Its a great visual tool to gauge supply vs demand at key turning points. The only reason why I didnt plot volume previously was because I can see the volume off tape. I still read alot of tape but the volume delta makes the visual element alot easier now.

First let me begin by saying I am a fan of Carter's and Hubert's work. They have done alot to educate the trading community. I have also read Carter's book which I found very useful. I have not purchased any of their indicators or participated in their trading room. BUT... I wouldn't go out to say Carter's or Hubert's methodology or setups is lame. The indicators they use such as the TTM Trend, Bricks, Squeeze have all been replicated by the Tradestation community and can be downloaded for free. They are also available in our indicator forum. I have tested them in my trading and found them of no help. The squeeze sends out too many false signals and the bricks is something that does not fit my style of trading. Now, the TTM Trend is a indicator I use but I do not follow their directions for it. I use it in my own distinct way. Although I prefer not to use their indicators, this does not mean their setups do not work. I have heard Carter and Hubert mention previously that what they want traders to do is to find/steal elements of their trading that will fit a traders style. In other words... find the good parts and apply it to your own. Carter and Hubert teach alot on market internals which in my opinion is the best part of their program. In the end, I think it will hurt a trader to completely duplicate another traders methodology. It is similar to buying/selling a stock on a tip. When the trader finds new inisight to his methodology, when do you get to know about this? Perhaps they have applied new rules to using their tools or maybe they see new things that the markets are telling them. This will change the way they use their setups. I have only taken what I found useful to my trading from John Carter and Hubert and applied it to my mine. For example, the TTM Trend is a tool I use for visual purposes. I combine this with Volume Delta to mark turning points by gauging supply vs demand. Basically, find whatever fits your trading style. Carter may have his own entry/exit rules for pivot plays... while I have my own criteria for entries and exits on pivots. Regards, Soultrader

POC or point of control is completely different with the PP or daily pivot. POC is a market profile concept while PP is just the central pivot when calculating daily pivots. The PP is: (high + low + close) / 3 POC is the area where the longest line of TPO count took place. It is the price level where most activity took place.

Ok, I was not aware of a system called KISS or Niolap. The whole point of the article was to emphasize that trading is best kept simple. I was not referring to a single trading system or a specific trading methodology. Alot of new traders get caught in the analysis paralysis trap.