walterw

Ok, let me start with some key factors here about my type of aproach I will be looking for... I am by definition some sort of scalper... or very short term daytrader... I dont stay to much inside a trade, I like to make it quick, IF there is momentum I might stay inside for longer... otherwise I prefer to make severall good small trades... so what I will present here its not very valuable information for the long term trader... I hope it will be usefull for the short term trader... I have one method I use to start developing a trading strategy, and that is: How much money I aim for an X period of time.. (day / week), so I can meassure my expectations from what my money motivation is in relation to what my technique can really make me trade on the market... My very first mentor thought me this: " dont ask the market what he cant give you, but be prepared to take what he is willing to give you" My derivation here is this: what he is willing to give me, is it in a "real" proportion to what my $ expectations are ? I am aiming more than what I can make ? will I be forcing the market to give me what I want... or will I take everyday a little chunk that will at the end of the journey become a mountain ... So thats my filosofy : "give me every day a little chunk"... For the sake of simplicity I decided to follow only one forex pair... and that one will be the USD/JPY.. Also at this point I will only be looking at one time frame: 1 min. My Daily target will be 5pips after comisions... sounds little uhuuu ? well its not... at this very aparent slow pace in three years you can be making millons... So my target its to finish every and other day with a total net (after comisions) of 5 pips... The market can give me more?, I leave money on the table ? I dont care, its not my bussiness, my real bussiness its closing every trading day with my 5 f#$%d pips (period). Forex trades 24 hours and that can be triky, we all know that the real trades happen at the time the markets are having their best, so in terms of time I copy this post form other forum : The three major market centers for forex are Asia (Tokyo), Europe (London) and North America (New York). • 8:00pm EST, the Asian market opens (although New Zealand and Australia open about 1 hr earlier). • 2:00am EST, the European market opens. • 3:00am EST, London, the most active center for forex, opens. • 8:00am EST, the North American market becomes active. The most liquidity and turnover occurs when London and New York overlap, which occurs between 8:00am and 12:00pm EST. The least liquid period occurs when London finishes and before Asia opens. So from 3:00 am to 12:00 pm est could be a nice time to trade... also should we research how USD/JPY does at 8:00pm est... So here I will apreciatte inputs from those who are more familiar on this time issue.. All this being said I will start throwing some raw ideas on next posts... cheers Walter.

Thanks Don, I will be reading that thread closely, it might have all the information I need to expand about EFX... So far at this point I will start throwing some raw ideas.... cheers Walter.

free charting live nope... even delayed I dont know what choices there are.. I am actually using trademaven wich has Dom and charts where you can practice placing trades on simulator... it costs only $50 month... I think its the most cheap and functional alternative out there... Ninja is also an alternative, data would be the issue... cheers Walter.

Hello Everyone, its been some weeks since a forex bug byte me... since doing the "flip" thread I had a very nice interaction from Don showing me some flips on forex.. since then I got more interested in trading forex from here to some time... (maybe a semester ahead).. I did trade forex some years ago but with No success at all, I think it wasnt the right time as I needed to grow more technically and specially in actitudes toward trading... so considering forex again its a great thrill for me ¡¡¡ Why forex ? Why bothering trading forex and not futures from forex ? In terms of futures I already have it clear with Russell or YM... its a diferent bussiness... you can aim on futures 30k monthly trading ER or YM if you get to master ES wich its not easy for the regular trader you can make more than that.. but I dont think you can make 2 millon on a monthly basis scalping ES ( correct me if I am wrong ).. Now forex its a market that trades almost 2 trillion daily and there is no maximum trading volume regulations for retail traders... so here you can open your brain and start thinking big... even if you become a fat boy you can not move this market alone... so that means that even a scalper can think big here... So the edge I find in forex is volume... I can aim millons... so that said, I will not come to trade forex for some cents, but for some millons... Its this guy crazy ? maybe yes... my wife thought I was crazy with my expectations on the futures markets some years ago... today she has a complete diferent concept of me: She still thinks I am crazy but with clear tangible results... so with this same insane thinking I will aproach forex trading... (want to join the challenge ? I already welcome you ) Since my diet with Tradestation (droped indicators programing) I came also to the conclusion that a software and super fantastic indicators will not make you a better trader... obviously having a nice charting program with some decent indicators that can show you the way of your trading "concepts" are welcome... So for forex I came across with what Don is using and Metatrader 4 its my first shot here... I did browse their custom indicators forums and they have just about all you need in terms of indicators to build some nice decent strategy.. So from here on I will be using MT4 for this research ( the nice thing its that its free and has access to world class indicators)... All indictors that I will use for my research will be posted here on this thread as on our indicator forum... I will not be trading live until January 2008, so all posts will be paper traded, I am thinking in using EFX for such purpose, I dont know if their demo expires or not.. but I like their ECN type platform where there is no dealing desk I have been enlighted on this issue by Don and Notouch on this thread http://www.traderslaboratory.com/forums/f30/forex-question-1842.html where I think EFX has a very diferent way of dealing... I would like to have as much interaction posible, so please feel free to interact... I know many things on this first thread will look stupid and with very small aparent development, but the idea its not to show how much I know... but to interact and think alloud in public to develop great trading ideas... This first thread will be a poupurry of ideas... after that maybe we will start new threads of specific aproaches finded here... I hope this open research challenge will help me as other traders to get into that sweet destination... if in a couple of years we get there, I challenge you to meet at Tokyo together with Soul at the Park Hyatt Tokyo Tokyo Hotel in Japan - Park Hyatt Tokyo to celebrate our success ¡¡ I will enter into my first ideas on next post... cheers Walter.

Absolutely ¡¡ you see that time of the day (early, first hour) its a good time to use the runners... after that maybe its more bussiness just to scalp and exit entire positions on scalper exits... cheers Walter.

My situation its similar to what Cooter says here, a good clear conversation about the topic... IF ofice door is closed... only emergencies will be considered... the rest is your own world in between this four walls and you should create your habitat... What Brown says its also a nice alternative but obviously it demands more costs comitment... It is very important for the sake of good relations with your loved ones to comunicate on the issue and clearly negotiate a policy... other wise it will start as a small problem but over time it may cost you a great personal problem... hope helps some ... cheers Walter.

Very Fine Don ¡¡ it has been a great weekend... really good times indeed.. Don, as Cooter just mentioned you dont need 25k to get started on futures, maybe 3 to 5k can make it, it really depends on the broker... now, should you consider at least 3 months of paper trading before going live... this is a very jealous market you must have it right under your fingertips before going live.. cheers Walter.

Hello my dear fellow traders, today is june 18 and the week starts nice and slowly so far... market is not in any momentum stage yet, but flips are coming in nice and gently... lately I am following and trading YM... its more gentle on its moves and it has a very nice range to make my 60 bucks for the day per contract... I attach my first two flips today, one was a scrach and the second one worked like a charm... I also attach 22T chart with "very specific timing" using the exact indicators from the 55T chart... cheers Walter.

Thats a great feeling ¡¡ it is a blessing from God, I also have one daughter, she is 11 and she really is my weakness... Happy to hear that Don... About trading its something normal what you are going thru, its important not to put all the eggs on the same bag... your stats are not bad... so having another bag diversified would be a good alternative to be more relaxed... Myself for example I am about to work from here on during a semester preparing a strategy for forex, that I would start trading live on January 2008... I plan to make my research public here at TL as I did with flip... Don, had you considered trading Futures like YM ? with just a small acct.. cheers Walter.

Good Doc enjoy ¡¡ I will try to disconect myself too... cheers Walter.

Great Don ¡¡ I will soon open a thread on this new forex research using mt4... it will be fun... Here I am going to post the 22T chart with the exact indicators used on the 55T chart.. wich happen to be : keltner exp 250 /1.6 - 4 atr and a CCI 35 (for the 14) and CCI 15 ( for the turbo 6)... I marked the exact same turbo 0 line cross entry signals... and experimenting the use of the turbo crossing the -100 for the scalper exit... it has a quirurgical precision to see the same indicators on a smaller (not much smaller) time frame... cheers Walter.

Nice reflexions Pyenner... certainly that change will enlight even more the quality of your trading.. cheers Walter.

The evening was also slow, but 3 flip trades where good for $80 per contract after comissions... I closed entire positions on scalper exit that was the key... As "very specific timing" is under development, I experimented taking the turbo 0 line cross, no matter what cci 14 did before... (zlr or not)... they worked like a charm... cheers Walter.

Thanks Don for your kind words... I enjoyed interacting with you, hope we can still interact on this field, I know you have some diferent technicall aproach, I dont know if you posted some of your setup rules... maybe I can help you interacting on that... Since you showed me flips on forex I am more interested in trading forex maybe by 2008... from now on I will study apart from flip some other startegies for forex using mt4 (already have some nice cool ideas), maybe we can open a thread on that an start thinking in public... I see you have a great actitude man, would love to keep working with you... cheers Walter.

Hello my dear fellow traders, today june 15 as the week is coming to the end we are having a very slow market, still flips have done their job but today it was clear that going for runners would not be a very inteligent idea... so I decided to close my entire positions on scalper exits... "very specific" timining is the issue I am dealing at this point... I have to make clear that I am researching on this... on experimental stage... so I may post a lot of diferent alternatives as I am showing to the public my research process... once I get confortable with one criteria I may post that criteria over and over and over again, like its happening at this point with the flip setups... you look at the charts and they look so similar from day to day and from week to week.... well that happens when you get consistency on one criteria... In terms of "flip" setup I find myself already consistent... in terms of "very specific timing" I am still looking for my best edge there... it may happen on the 55T chart or maybe on the 22 T chart... we will see... but have to asign a couple of weeks to get to the desired final product... Anyway the overall flip aproach its growing and showing for himself that its a nice decent aproach that just about any average trader can aim to profit at least $60 per day on a consistent basis as discussed here http://www.traderslaboratory.com/forums/f62/scalper-daily-target-1859.html even on the most sleepy days we have decent flips, maybe on this slow days I insist it can be more smart to exit entire position on scalper exit... now on strong days, you may consider even closing your entire position on the "super runner exit"... and make a big diference on your RRR for the entire week... So far today I had 3 decent scalp trades... in terms of "very specific timing" I attach a second chart where I show using the turbo cci 6 crossing (not the -100) but the -50 for a nice competitive entry... What I am thinking is this : if cci 14 during the pullback to level came below -50 then I will monitor cci 6 when he comes back above -50... for example if cci 14 never came below 0, I am expecting a zlr type entry, so in that case I will monitor the turbo to cross the 0 line (see explanation graph)... So I am still looking at the turbo (not anymore from 100 levels, to risky) but yes from some other more competitive levels like +-50 and 0.... cheers Walter. PD: I have to make clear that at this point I give credit of my advances to all who are interacting here with their great inputs... special thanks to Don and Ztrade...

Cooter, you rock man ¡¡ thanks for this link..¡ cheers Walter.

Ok... now I am going to post my 22Tick charts from today... I did not follow them today on real time as I was following the turbo cci on 55t, wich was a very interesting experience... First a word about the turbo cci on the 55 Tick... taking a signal from the 100 levels can some times be sweet, on other times will be very noisy... exsesive noise... unwanted... and if you are looking to get very quirurgical entries, i would more recomend the 22 T "very specific" entry... it has much more precision as it is a 2.5/1 scale from 55T and the indicators I am trying do perform pretty nice... now what I do like from the turbo is when you have a zlr type entry on 55t and the turbo makes a 0 line cross making much easier to read the zlr... Now let me go to my "very specific" timing on 22 T chart I did some changes on my ergodic TSI inputs so I can have a more robust entry signal , from 3/3/3/2 i changed it to 5/2/3/10... As we have now a heavier input on the indicator the signals will be very diferent... instead of taking level crosses like +-60 or 0... now the entry criteria will be the first inflection from an extreme after the bar closes... It gives very nice signals... ideal for the scalper... who wants a good edge on quirurgical entries... I must say that I am looking at the 55T chart to see the setup being developed... when the times comes (right after the pullback to level ) to time the trade then I look at the 22 Tick chart indications... cheers Walter.

Shure Pivot... who cares what name we asign to the money... Please answer me this question to this poor left brained man : The core concept of VSA could be volume divergence ? thanks Walter.

Hi Don ¡¡ Today I didnt had so much like yesterday, but they where nice trades... I am making some comparissons with that turbo entry mentioned above from 100 levels against my 22T "very specific" entry... so far the turbo can lead to bad situations of excesive noise coming from 100 levels...( would not recomend it) only for the zlr type entry the cross of 0 on turbo makes it easier... I am about to post my 22T charts with explanations... cheers Walter.

For example I attach some of todays flips if they where taken with the turbo -100 entry... nothing to be overpased... cheers walter.

Ok, I see... now YES, it deserves some research and thanks for bringing that valuable observation...because it called a very competitive entry... having an even better RRR.... Let say you had some noise (whipsaw) there, any way the RRR was competitive (would have very small loss)... should we observe that turbo coming from the 100 levels for entry triggers... obviously in a nice "flip" setup... cheers Walter.

What would be the best time frame for a vsa "setup"... more reliable in terms of volume concepts readings ?

Oh yes, Pyenner.. God is very good with me... I also enjoy having some large trees here at my home backyard and frontyard... been able to interact with nature I asume might stimulate some brain chemicals.. could that be the case Doc ?... the same happens to me when I interact with God, it stimulates my Spirit... cheers Walter.

I see... so you use candlesticks for timing..? do you look at smaller time frames for more specific timing entries ?

Yes it does "setup" great trades... maybe for timing it would be interesting to make some kind of fussion with some cci type timing techniques in a smaller time frame... (1/5 maybe)...