TheNegotiator

Various new things in 10.6.9 but possibly the most interesting is Chad's work on the MP day types. Good work Chad!! Day type definition is available here. New 10.6.9 features video here. Get IRT here.

Possible OTD type open even with ISM and Bernanke due later:-

Pretty decent move up so far in the overnight session on the first day of the new quarter. However, at the moment it's still just covered only a little more on either side of Friday's range. Would be looking to see if there is any appetite to break one way or another especially considering that rth candle from Fri.

This is one of the most ambiguous and bandied about statements in trading of all time and imho it’s total bs. Why? Let me put it this way. In most cases it isn’t the strategy that doesn’t work well for a trader, but the trader themselves irrespective of approach. If a strategy were a golden egg laying goose, many traders would starve, strangle, pluck and then overcook that goose. But a strategy only goes so far. What’s far more important is the level of commitment, preparation, focus, discipline and maturity. If you have these things in abundance, will it really matter which strategy “fits” your personality? My take is that what matters the most is whether you can pull in the $ consistently and much of that equation is about things other than the strategy. I’d learn to be f*&%!£g brilliant at watching paint dry if it was something that would make me gazillions of $. People burn through money looking for a method that "suits" them and yet if they don't have the discipline and self-control to employ a method which they know will bring in $ consistently, I'm not really sure that trading is particularly suitable for them. Find a method that isn't utter bs and practice execution and money management discipline. Rant over

We're starting to build quite a list. Should keep us all busy for ages

Nice work fellas! Looks like it was a photo finish there! Good luck to all those starting the new comp tomorrow. :cheers:

You know, I hear lots of people saying stuff these days (and probably it’s always been the same really) about how it’s important to “simplify your trading” and I agree whole-heartedly. However, I think it’s also important to clear some points up first. In the same way that pointing out that you need to find a strategy that fits your personality (which also is kind of silly imo) is about as useful as a chocolate teapot, to tell someone to simplify their trading is also not especially useful. Perhaps it’s a little different for automated traders but given that a good proportion of the users here will be discretionary traders, it's important to expand upon. There are two reasons I believe this to be true and first off is that trading and the markets are not simple. A thorough trading plan needs to account for so many different circumstances which many more experienced traders do almost automatically. With a plan and over time, you might be able to as well. What time of day are you trading, are there any big options expirations due, is the market trending or bracketing, what is the volume like, are there any central bank speeches, is there data due out, are you near to your daily stop limit (if you even have one), how much sleep did you get, are there any distractions at home, yada yada yada. Such things are indeed fairly simple however, their cumulative effect is to complicate trading. Second off and perhaps most importantly is that a simple solution to any problem complex or otherwise (trading included) usually comes about by having a detailed and thorough understanding of the problem itself. What I’m suggesting is that to cut out all the crap from your trading and “simplify” it you must first understand what the “crap” is and off course what really matters. This takes time, effort, dedication and a little bit of common sense. It’s not easy and therefore most people are unable to do it. So when someone says to you again “simplify your trading” realize that you must pick your plan apart and try to understand it better. Understand the market and its nuances as best you can. Study market data. Study your own trading data. Do all you can to understand yourself and your interaction with the market. Then simplify your trading.

see that 33.25 still well in play...

Okay anyway, here's a little recap:- Leading me to the possible idea that market is base building and might target that low vol from yesterday to fill.

I see. I thought you had gone short earlier! Just to be clear, you are calling 24hr globex session "exchange session" and rth = regular trading hours = 09:30-16:15 ET right?

Are you looking at the rth chart when you're doing this? If not then your trade from earlier was just selling a pullback. If you are, you were going with the reversal from yesterday's close.

Nope, I encourage it but also ask that you try to explain it so that others might also benefit from your ideas (not on a specific trade but the theory). If you post a trade but don't have time to do a chart, it's easy enough to come back later and do a proper explanation I guess.

Little bit of a scrap here. Just wary that we didn't push yesterday's lows after Mich.

Looking to see what happens if we retest that 33.25 area/ midpoint

9:45am Chicago PMI exp 52.8 from 53.0 ACTUAL = 49.7 9:55am Michigan Conf exp 79.0 from 79.2 ACTUAL = 78.3

Remember numbers are due:- 9:45am Chicago PMI exp 52.8 from 53.0 9:55am Michigan Conf exp 79.0 from 79.2

Squawk is mentioning possible (rumoured) official request from Spain for bailout after European close later today. Also apparently the Spanish bank stress test results will be coming out at some point today, plus Moody's sovereign rating review for Spain.

PCE due out in 1 min .

So what do we wanna do? Hold below 33.25 or above 43.50 or fill in?

Last day of Q3 today. Could be some interesting goings on but who knows. 9:55am Michigan release probably holds the most interest later on but it's also worth keeping your ear to the ground for news in case anything hits the wires that might change the day. What's everyone looking at today then? Will post a chart in a bit.

You're probably best looking at something on Eurex. For example the Bund or Eurostoxx.

Great contributions so far! Thanks to all. :thumbs up:

Very true TST however, I believe that the problem is a little farther upstream. Far too many traders do not have a thorough plan (a simple outline at best) for how they will trade and without this, they don't know whether conditions are ripe for their method to be profitable. If they really know what to look for in the market and understand what type of market suits this sort of trade (and have a way of framing market type) the waiting to take a trade becomes far more natural imho.

So the selloff continued yesterday from open. Buyers were found near a low volume area from the last balance (green profile on chart) and it balanced for the remainder of the day even if the volume profile looked a bit funny (MP showed the balance better). For now at least it looks as though we're moving higher. If we were to drop off any more, the next area where liquidation danger lies is between 1418.50 down to 1396.75 although the long-term profile is better developed than the zone we tumbled through over the last two days. It's worth noting that although we've sold off hard, right now we're still in a broad upward sloping channel. Overnight, 35.25 seems to be becoming a level to be reckoned with. Lots of numbers due out now and later with a bunch of speakers too. (weak gdp read (1.3% exp 1.7%) isn't helping things right now if you're a bull)

So I thought it would be a nice idea to compile a user contributed list of all the very best movies or documentaries about or which have relevance to trading. Some of the most obvious ones are perhaps:- TRADING PLACES WALL STREET BOILER ROOM THE PURSUIT OF HAPPINESS MARGIN CALL ROGUE TRADER QUICKSILVER WALL STREET - MONEY NEVER SLEEPS THE LAST DAYS OF LEHMAN BROTHERS – THE MOVIE Documentaries:- MILLION DOLLAR TRADERS - BBC STOCK TRADING DOCUMENTARY TRADER - PAUL TUDOR JONES THE PIT FLOORED INSIDE JOB TOO BIG TO FAIL ENRON : THE SMARTEST GUYS IN THE ROOM OPEN OUTCRY CHARLIE DIFRANCESCA TALK HOUSTON, WE HAVE A PROBLEM TV Series:- WALL STREET WARRIORS CAPITAL CITY DEALERS Others:- MONEY BALL ANY GIVEN SUNDAY 21 THE GREAT SINNER (Gregory Peck) CINCINNATI KID ROUNDERS In the works:- THE WOLF OF WALL STREET Wishlist of movies yet to be made:- PIT BULL- LESSONS FROM WALL STREET'S CHAMPION DAY TRADER WHEN GENIUS FAILED JESSE LIVERMORE MOVIE Please add suggestions to the list and I'll update this post as we go!