GCB

No contest. Cut your losses short. You have to learn the right way to lose before you can learn to win. Second would be follow your plan, and it's complement, no impulse trades. Third would be don't chase, wait for pullbacks.

Good to be back, brownsfan. Yeah, I'm not much interested in VSA or MP. But to each their own. Really, I think people are looking for something to have confidence in and they feel the more complex and seemingly analytical it is the more legitimate it is.

I'd imagine all traders go through the period where they think the "secret" of the market can be unlocked by learning some sophisticated, esoteric analysis technique. The motivation is uncertainty and the goal is certainty. But there is no certainty in the market, except that if you can't find a trading technique simple enough to confidently follow you are going to be the source of income for somebody who does. VSA seems to fall into the holy grail category. Way too complex. Market Profile isn't as bad, but I dumped it because it simply gave me too much to think about and didn't help much to begin with. It's interesting that there seems to be so many people on this board who are into those two techniques.

You are a Detailed Trader! The Detailed Trader type suggests that you are very quiet and serious. You tend to earn your success by being thorough, methodical, systematic, organized, and dependable. You are also realistic and responsible as long as things make sense for you. You have two of the three qualities that are necessary for trading success (i.e. You make decisions based on logic and analysis and you are decisive, orderly and do things sequentially). Thus, if you are willing to commit yourself, you'll probably be quite successful as a trader. However, you may need some help seeing the big picture that is necessary for trading success... One of your Trading Strengths You should have no problems staying with and executing a simple trading system that someone gives you and you feel confident about. One of your Trading Challenges You love the details of trading system analysis and development so much but you can often be working on the wrong things. Your efforts can be misguided if you are following the wrong guidelines or advice. ======================================== I took it twice and reversed the answers to "on the fence" questions the second time around and I still came out a Detailed Trader. :o The description sounds like me. But I think I'm more of a non-conformist that it gave me credit for, but that's a good thing according to the test. Hi Guys, I'm getting back into trading after a 7 month hiatus with a new job. I just put it aside and honestly barely thought about it for 6 months. I was prepared to just let it go. But then I thought, what about that dream.... Now it seems a lot less intimidating. I made some trades in the last month and been successful. Nothing big, but I am noticably making more rational decisions. It doesn't seem like the monster it was before. It helps to have another source of income.

Yes and no. I have my approach to the market and I look at the market through that prism. Obviously I need to be flexible, but I'm looking for the same kinds of signals every day. I have a few different type of trade entries, but they are all variations on the same theme, though perhaps with different backgrounds. JC said once that the job of traders is to try to push the market one way or the other. If it won't go one way then they'll try to make it go the other. That spoke volumes to me. Trader's don't know which way the market is going to go, but their participation in anticipated moves makes the movement happen. Those attempts to move the market and their successes and failures look pretty much the same every day. The thing is to find an entry, stop and target system which you can can overlay on those attempts so that over the course of time you will come out ahead. That's pretty much what I try to do. Nothing complex about it but the trick is to find something that not only works but that fits one's own psyche, that resonates day in and day out. I think that's what Hubert did with tape reading.

I've been fortunate enough to have a large windfall from the tech bubble which I've been living on while I learn to trade. But that is dwindling, though I have learned much and am getting better. It's a race with the clock though.

If you are single you can be more flexible. Try to find a job where you can trade in the morning and work in the afternoon and early evening until you get proficient enough and gain enough money to support yourself.

James, I'm wondering do you feel you need to do this to have specific insights for the next day, or do you do this for general study to see if you can improve in any way possible? I currently spend a lot of time studying, and I enjoy doing it. It's part of the pursuit. But I don't feel like I need to study charts for 5 hours in order to be specifically prepared for the next trading day. If I was day trading stocks it might be different, which is one reason I don't day trade stocks. I asked my mentor--a successful, self-sufficient YM trader--how he prepared for the trading day. He asked me, "Do you want to know the truth?" I said yes. He said, "I get up, pet the cat, have a bowl of cereal, check out the news, and turn on my trading platform and that's it." Now, I know he does evening research because he sends out a newsletter. So his reply might be a little misleading. But the point is with technical trading of futures, if your method is in place, not much review is necessary. For example, Hubert Senters said he did very little preparation for the trading day. "I'm a tape reader," he said. "I do what the tape tells me. Most other information is not useful to me." Or something to that effect.

YM just moved 140 points in 18 minutes. :woah:

There are several ways to do it. None are "right." But last is probably the one you want because it is the most common. It just means use the close of the bar, I gather. Not sure whether the 200 has much of an effect on a 5 minute chart. Not saying it can't, I've just never heard of anyone using it. The price action is so schizo now.

Keep your powder dry, though. The market has had some amazing selloffs in the last 30 minutes...and beyond. To the close... and beyond!

Now it's bad chop.

Actually that's funtwo doing JerryC's arrangement. That video is one of the most viewed videos on YouTube. Over 26 million views for all the versions of the performance. Read about funtwo here. http://en.wikipedia.org/wiki/Funtwo

There is bad chop and there is good chop. Today is good chop By the way, how many of you have had a chance to view this guy. http://video.google.com/videoplay?docid=4058167696931541082

I moved up today from a 377 tick chart to a 466 tick on the YM. I'm using trendlines now so it matters less and there were too many bars on my chart.

I always use OSO (order sends order) for buys and sell. When my trade goes in my stop and target(s) go with it. Theorectically it's impossible for my stop not to go in if my order is filled. This gives me alot of peace and mind and helps discipline as well. I can always customize the stop and target after it is in place.

Also watching soybeans and corn today.

Right. The good old 10 AM news spike. Got to be careful for those. Market couldn't go higher. Now we have a range. I'm looking for breaks above 13545 or below13480. All else is noise to me on YM.

The name of the indicator you use should be $I-Levels, not the $-Levels which was in the first install. That's the old version. (I use the $ to distinguish my indicators from TradeStation, "I" just means indicator. The $ makes mine sort to the top of any list which makes them easy to find.)

Guys, I inadvertantly put an older version of the Levels indicator on the site. Here is the correct version. Sorry for the confusion. Gary LEVELS.ELD

:lol: Good one, cooter!

Good morning. Don't know how much I'll be able to participate. But wanted to wish you guys good luck. Trade well.

Thanks soul!

Mistake in documentation. Should read at bottom. IOH -- Input overnight high. (Will be used if PlotNonAuto = 1 and the value <> 0, and so also for the inputs which follow except IR4 thru IS4). ... IR4 thru IS4 -- Input values for pivot levels. (Will be used if PlotAuto = 0 and the value <> 0).

People have been asking for an auto pivot level indicator. Here is the one I wrote. I use it every day and it is the most useful indicator I have written. I couldn't trade without it. :wohoo: This indicator will calculate and plot automatic pivot levels and yesterday's high, low and close. It will also plot the non-auto levels of overnight high, low, and value area high, low and point of control. These non-auto levels must be input every day manually. The levels which are automatically generated may also be input manually if you so choose. This is useful on days where the previous day's chart is for one reason or another messed up. This can happen on rollover days or on days following holidays. The auto levels are calculated based upon the high low and close of the session in which the chart is displayed. So pick a session which reflect the proper open and close for the levels you are trying to generate. The indicator does not label the levels. However, I find labels obtrusive and rather chose to use different colors and line styles to differentiate the various levels. (See attached image.) A logical color and style scheme makes it easy to learn to identify the levels by sight, and once learned is actually more intuitive than reading labels. For my own use, I set the midpoints to gray and PP a unique color, R1 and S1 the same color, R2 and S2 the same color, and so forth. I make all the pivot levels dashed lines. High low and close I make solid green, red and cyan lines. Overnight high and low I make a lighter green and red. For value area lines I used variations on yellow with a hatched style. This takes some effort to set up but once you make it the default setting (click default) you don't need to do it again and is worth the effort. The plotting of each level is optional. For example, PlotR1 = 1 will cause R1 and its midpoint to be plotted. PlotHigh = 0 will cause yesterday's high to not be plotted. This is useful to make sure neither too many nor not enough lines appear on your chart. For example, there is no point in plotting R2 when price has never gotten higher than yesterday's close--it just scrunches the chart. There also is no point in plotting yesterday's low when prices has gapped up to R3. I use these every day to customize the level plotting and often change them several times a day when price moves around a lot. This flexibility is very useful to keeping the chart as readable as possible. Several non-auto levels--overnight low, high and value area values--can be input, but will only be plotted if PlotNonAuto = 1. Non-auto levels can also be also be input manually for the normally auto levels (pivots and high, low and close) if you so choose. This is useful on days when yesterday's chart is misleading for some reason, like on days after holidays when the stock market was closed but the futures market was open or on rollover days. These will be used only if PlotAuto = 0. On those troublesome days after holidays when the stock market was closed but the futures market was open, the market tends to respect the pivot levels generated from the day before the holiday. In that case you can optionally set PlotSkipYest = 1, which tells the indicator to use the day before yesterday's chart data to generate todays levels. I find this is the ticket most of the time in these situations. Pivot Level Formulas used: Resistance Level 4 = R3 = R2 + LastHigh - LastLow Resistance Level 3 = R3 = R2 + LastHigh - LastLow Resistance Level 2 = R2 = PP + LastHigh - LastLow Resistance Level 1 = R1 = PP * 2 - LastLow PivotPoint = PP = (LastHigh + LastLow + LastClose) / 3 Support Level 1 = S1 = PP * 2 - LastHigh Support Level 2 = S2 = PP - LastHigh + LastLow Support Level 3 = S3 = S2 - LastHigh + LastLow Support Level 4 = S4 = S3 - LastHigh + LastLow Uses the open and close of the chart session to determine auto levels. Input value meanings: PlotAuto = 1 -- Plot every level which can have an auto level. This includes pivot levels and yesterday's high, low and close. PlotAuto = 0 -- Use input values for pivot levels and high, low and close, if they are not zero. PlotNonAuto = 1 -- Plot every level which can be input except for those which can be auto if PlotAuto = 1. This includes overnight highs and low and value area values. PlotNonAuto = 0 -- Do not plot any input values. PlotAuto = 0 -- Use input values for pivot levels and high, low and close, if they are not zero. TodayOnly = 1 -- Only plot pivots for today. TodayOnly = 0 -- Plots pivots for all days on chart. MidsOuter = 1 -- Plots all pivot levels selected except the extreme levels, which make the midpoints the extreme. Used to save space. MidsOuter = 0 -- The outer lines with be the extreme pivot levels selected. NoMids = 1 -- No midpoints will be plotted. NoMids = 0 -- All midpoints will be plotted. PlotSkipYest = 1 -- The day before yesterday will be used to calculate pivot levels. Useful for days after stock market holidays when the futures market was open. PlotSkipYest = 0 -- Levels will be calculated from yesterday's data. PlotR4 thru PlotS4 = 1 -- Plot this particular pivot level and its midpoint (if NoMids=0). PlotHigh = 1 -- Plot yesterday's high. PlotLow = 1 -- Plot yesterday's low. PlotClose = 1 -- Plot yesterday's close. PlotOHigh = 1 -- Plot the overnight high. (Value must be input in IOH). PlotOLow = 1 -- Plot the overnight low. (Value must be input in IOL). PlotVAH = 1 -- Plot the VAH. (Value must be input in IVAH). PlotVAL = 1 -- Plot the VAL. (Value must be input in IVAL). PlotPOC = 1 -- Plot the POC. (Value must be input in IPOC). IOH -- Input overnight high. (Will be used if PlotAuto = 0 and the value <> 0, and so also for the inputs which follow). IOL -- Input overnight low. IH -- Input yesterday high. IL -- Input yesterday low. IC -- Input yesterday close. IVAH -- Input VAH. IVAL -- Input VAL. IPOC -- Input POC. IR4 thru IS4 -- Input values for pivot levels. I hope you find this useful. However, I may not be able to make any customizations for you. Let me know what you think. LEVELSNEW.ELD