electroniclocal

Let me chime in here. eSignal data is great. You can subscribe to Data Manager Only (no charting) at a lower price but need to switch an entitlement on for MD footprint and CVD: Overview: The MarketDelta Footprint requires not just last price data, but also the quotes at the time of the trade. This information is usually send with real time data but NOT with historical data backfilling requests. This is something that is more recent and many data vendors are beginning to do because of the surge in data over the past few years as a result of electronic trading proliferation. Resolution: In order to resolve this, there is a required free enablement that you must activate with eSignal by calling them at 1.510.264.1700 and choose option #1. Once it is enabled it will be in the online account maintenance for you to disable later if you choose. This is a FREE enablement at this time. The name of the entitlement is Tick Server Trades and Quotes TSTQ

MarketDelta and the blog readers have asked me to do a webinar on how I am teaching my daughter to day trade, Its free and there is nothing for sale. Information can be found on my blog http://electroniclocal.blogspot.com/2009/12/webinar-scheduled-jan162010.html or click on here I use Market Profile and Order Flow to enter and manage trades and the blog describes what I am teaching my daughter and the trades we make using the methodology. All are welcome.

What a great post and a service to us all. Thanks bgtrader! I looked at the site too and what jumps out at me from your post and what I saw is that this software, as smooth and slick as its is, is really a black box to a large extent. I'm from the old school who would rather pay to learn how to fish than to rent someone's automatic fishing machine because it means: 1. I never learn to fish for myself 2. If they charge too much more for the machine in the future, maybe I can't afford it 3. If they close up shop and move away, I'll starve, and finally, 4. If the fish change and decide they don't like that bait any more I'm in the same situation as #4 above. I've been at this for a long time and have probably used most software out there. Most of that software doesn't exist anymore except perhaps Tradestation, but the technology has moved on from them. There seems to be quite a number of these companies with "proprietary" software that may or may not provide profitability in the short term. And some of these are well intentioned. But someone who is looking to get into trading as a business should, in my very unhumble opinion, make a decision whether they really want to build their house on what could turn out to be sand in the long term.

Thanks FT. We all need to find what works for us. Congratulations on a successful methodology. I'm always happy to hear of success in a business that has so many casualties.

With greatr respect to everyone, you are making this way too complicated. It's the agression of the buyers and sellers and their size that moves the market. I measure this with both Volume Breakdown and a SMOOTHED Cumulative Volume Delta. An additional thing I use is a couple of CCIs to see the momentum effect of the volume. Market Profile provides the context of the trade and the support and resistance. The charts I use are attached. Another important factor as was said in a recent post to his blog by Dr Brett Steenbargerm is to analyse the timeframe you are trading. So the periodicity of what you are monitoring is important. There is no point in looking at a longer timeframe as you will mistime your trades. I have been teaching my 25 year old daughter to day trade like this and she became profitable within a few months after coming off the simulator. Anyone interested can see details at electroniclocal.blogspot.com (nothing for sale).

Vikktor, I am teaching my daughter to trade and we are documenting it in a blog - nothing for sale. You might want to look over our shoulder and pick up an idea or two.\\\we are focused on trading order flow (as I did on the floor) in a Market Profile structure. electroniclocal.blogspot.com

If you are really serious then you would invest the time and money to give yourself a chance to succeed. I haven't yet met a doctor, lawyer or accountant who learned his trade for free. This is a competative business with lots of well capitalised people who you want to trade against. There aren't too many David's around but there are a lot of Goliaths.

By setting daily targets you are trying to predict the volatility of the market. I set my working hours and take what the market gives, remembering of course, that every time I trade, I assume risk.

Differences of opinion is what makes the market. You definitely shouldn't believe anything you read without verifying it for yourself. There was a TV show years ago called Banachek (??) with George Peppard and I think that this even paraphrases one of his transliterated eastern european sayings.

There is a great book by Van Tharp: Trade Your Way to Financial Freedom, Van Tharp, Book - Barnes & Noble Van Tharp coined the idea of R-multiples and looks at the answer to your question in a lot of detail. The link above lets you look into the book and see a lot more. The maths of trading are critical to your success in being profitable. I'm teaching my daughter to trade and one of the reasons I use range bars in my trading is so I can make my risks per trade uniform easily and position size easily. I don't need to think about my stop - I know its two bars. Its part of my trading plan and setup. You can see examples in the blog I use for my daughter: electroniclocal.blogspot.com. We had a short trade at 1099.75 today that you will be able to see on a chart in today's blog later this afternoon.

If you are looking for a non ES correllated but high volume future then the Bund on Eurex is worth looking at. I have attched a screenshot using my favorite range bars.

I would suggest that you look at the order flow at your critical s and r areas. just looking at volume the way you are is not telling you much. mp gives greqat structure and shows where value is travelling but you need more info to actually time and validate the trade, and that for me is order flow. I'm teaching my daughter to trade and the basis of what I teach her is to use ordere flow within the MP structires. I have a couple of examples in the blog we use to document what we do.

I have been using range bars for years on eSignal, MultiCharts and Ninjatrader. I do not get the effect you describe. If the price moves and gaps, the range bars should be filled in (but not all implementations do this). In a fast market you may see some funny charts with horizontal development when there is a lot of volume but not much price movement. If you trade ES, try 5 or 6 ticks, same for Dow Euro 50 and same for the Euro FX. These are good day trading range bar values in my experience. Have a look at some of the charts on my blog - they are all range bars built in real time. I think that there may be an issue with Tradestation as they implemented range bars as a bolt on and may still have some refining to do.

I've been trading for over 30 years, some as a local. I'm teaching my youngets daughter how to trade electronically and we are documenting it in a blog. You might get some ideas from some of my posts. Its basically what I am teaching her. 1. Keep it simple 2. Trade Order Flow 3. Trade at Support and Resistance areas.

I've been trading for 30 yeears, some as a local, and am teaching my youngest daughter to trade electronically and I'm documenting it in a blog. She started off SIM trading. SIM trading is a must, in my opinion, to learn the methodology and mechanics of your business and to hone your skills. How can you expect to be profitable live if you cannot be profitable in a SIM. Its a rehearsal for the real thing. Even Michael Jackson rehearsed.

I traded ES yesterday until a little before the announcement. It was just a little quieter than normal: look at electroniclocal.blogspot.com if you're interested. I trade the ES and Dow Euro 50 from Europe and am mostly finished by lunchtime (ny time). FOMC days are different on days when there are high expectations of change. On days when no change is expected it goes very much like yesterday in my experience.

If you are trying to identify vertical movement then range bars work well by cutting the noise out. Look at 5 or 6 ticks on the ES.

To paraphrase, "Trading is 95% perspiration and only 5% inspiration." It kind of goes with: "The harder I work, the luckier I get."

I just opened an a/c with OEC and am trying to duplicate my tools. Does anyone know of a Market Profile implimentation that works with the OEC datastream. I have MultiCharts but am looking for a better MP than can be displayed in that. Sadly Ninjatrader does not work with OEC. TIA