luke24.5

Alleyb on this site is Alex Benjamin. He too teaches MP. Also TradeMaven teaches a good system but their room is not too great though they do teach a simple method and their charts are great. Cisco Futures offers a home study course. You may try these too if you've tried those already mentioned. IOAMT is more into tape reading and more suited to one who makes frequent trades.

How can you tax businesses without increasing the price of the goods they produce at every level? Taxes are a part of cost of production. I offer a hypothetical example. Company A produces widgets at the cost of $1.00 and sells at 15% over cost or for $1.15. Government (to the delight of poor customers) taxes the the "rich" businesses 10% so the cost is now $1.10 + 15% so company A now charges the wholesaler $1.27. The wholesaler figures his profits at 25% over cost which is now .12 higher and he is hit with the 10% tax too. So now instead of wholesaling widgets at $1.44 he sells them for $1.59 The retailer also must pass on the increase to keep his 50% profits so he retails the goods to the customer at $2.39 for what he sold pre-tax for $2.16. The customer walks out of the store grumbling about inflation and big business sticking it to the little man and goes to vote for the who will make the rich pay their fair share. Meanwhile the government collected 48 cents on every widget to redistribute on their pet projects mostly aimed at enslaving the masses. Hayek got it right in 1947: socialism is the Road to Serfdom.[/I]

Quit listening to kramer NOW! Did he tell you that he sold all during the last bear market while every day advising his audience to buy? The day before the turn he said, "It may be time to start shorting." Save your money and read all that's on this site. If you haven't enough money to trade you may be able to watch some free charts while you study how price relates to volume and time. Nothing replaces observation. Also look at the book reviews at this site and invest in a few. Top 2 reasons businesses fail are the lack of a business plan and lack of capital. Trading is no different.

Now that there are more charting programs that work with their datafeed, I highly recommend Transact. Rarely have a problem adn when I do the person who answers the call usually fixes the problem in an efficient manner.

Vadym presents the relationship of price and volume as well as any book I've read. I wish he dealt with indicies more than stocks, but the truths are the same regardless of markets. For the person learning to read volume, this is as good a place to start as I can imagine.

I think that this book has a lot of valuable info but to me it makes Market profile seem much harder to understand than than it should. The authors spend too much time dividing volume into different segments that I haven't found relevant. Also, the layout of charts leaves much to be desired. Usually one has to turn pages to see the chart of which he reads. Certainly there is useful, unique information in this book but could be enriched by simplification and clarification. But since there's not a lot out therefor MP those interested in learning this type of trading should buy the book.

I use Ensign for the Price histogram. It's not as complete a volume study as TradeMaven or MarketDelta but for $50/mo it Works well with my Transact datafeed and I get support in a timely fashion. Easy on the computer's resources too. I don't use any indicators but it seems to have all the one's I've heard of.

Yes, absolutely. The settlement bar is important and look for the early trading to test this area the following AM.

I'm not interested in the backtesting, but I thought Linnsoft combined their MP with Market Delta. Am I mistaking RT with another platform?

The Inside Edge trading room that's a part of TradeMaven. It requires Esignal+Trademaven Pro+the Inside Edge. They push traing the ZB via MP.

I was in IOAMT from the time that it was a free site until a couple of years ago but because of my work I rarely got to sit in it for an entire day. It was definitely on a PT basis. This I know for sure. Bill Duryea is a phenomenal trader. He is not on this or any other board with an alias trying to lure people into his room. I don't know what bad habits an earlier poster alluded to, But Bill rarely has a losing trade. When he first started the room he showed a picture of his screen in RT. AFA the Auction Market theory being useless as an earlier poster mentioned, it's only useless if you cannot read interpret the market generated data and predetermine the likely action and where the auction will rotate. This is what Bill tries to teach. Like Alex said, his pace is a little frenetic for some. Another of Bill's unique qualities is that he can make 3rd grade math sound like a college calculus course. I found him somewhat hard to dialog with through typing and chat. He also cursed too much for my taste. I have kids in my house and had to turn him off way to often for "F bombs"alone. Another part of his skill set is his entry method of entering on as many as 4 levels. It's easy for an inexperienced trader to lose more than he's made on his last four wins by letting a trade run through him. You must be able to read changes in market behavior on the fly. Hard for newbs to do. Also it's very hard if you're undercapitalized to sit under water and add to your position. I don't know what he charges now but it was 12-1500 for the seminar and $175 /mo. for the room when I left. At least when I was in the room, you did not have to take the seminar to be in the chat room. Whatever you pay up front never changes, so I was still paying 39.95 /mo + a fee for Omnovia (total $65) and I never had to pay to retake the seminar no matter what the price went to when I left the room two years later. In summary, note that no one who implies he's just a marketeer was in his room. Virtually all I know about trading I learned from Bill. But I had to learn that I can't trade like him. I had to adjust his principles to suit my personality and my bankroll before I ever could make it work. He trades volume and pattern. His thought process includes Wyckoff, MP, VSA and market rotations. On a scale of 10, I give him a 10 as a trader and a 4 as a teacher.

What you're asking is how to learn to interpret Market Generated Data. You mentioned using candles, price and volume. That's three basic studies. 1. Candles: Study basic pattern formations. Check the book review forum at this site. 2.Price: Not all prices are equal. Study a volume @ price histogram. Mark the Highest volume (Mode) which defines perceived value. Define H vol and L vol points (Chartex.com is free). Then study action on a simulator. 3. Volume:Tom Williams Master the Markets is a good start, then study Market Profile which combines Price, Vol & Time.

I'm not sure what you're speaking of. But Market Profile looks at the market distribution as a bell curve. The area in any given time frame will trade in a bell curve shape with 70% of trade making up the value area. This means 70% of all traders thought they were buying or selling at a fair value. When price reaches an extreme it will return to value. An MP chart is made up of letters representing equal time periods (usually 30 min for intraday) moving from left to right. The letter is on the line of each price it traded at during that time frame. The CBOt has a free e-manual on it.

The book and cover are not misleading because in the subtitle promises: How to "read the tape" in any market. Seprarate market reality from market misperception Learn what price/volume action reveals. Note that "read the tape" is in parenthesis. Agree or not, the term is commonly used to describe virtually any method that interpets market sentiment through real-time volume/price interaction. I found this approach refreshing because I had studied mostly through a MP + filtered T&S and market delta approach. I find I can more easily recognize change in sentiment through candle shapes and VOL Profile. Guess I'm more visually oriented. If you want to say T&S is the "only" form of "tapereading" have at it. It is closest to what early traders had. But to say it is the only way to interpret the principles taught by Wyckoff, Scabacher, etc. is wrong. Therefore I continue to recommend this book, especially to traders new to reading market generated data in real time and trading without indicators, or those like myself, to whom a picture is worth a thousand numbers.

I don't think any of those forementioned leaders of tapereading would be doing the same thing they did when all they had to watch was numbers rolling across the tape. However their principles are very consistent with Graifer's definition: "Principles of tapereading ... match price movement to crowd behavior in the form of a rate of volume" (P.92). Thus the object of the book is not to give a history lesson or teach one to use only technology available decades or centuries ago. Graifer's methods are consistent with his definition and with what he promises on the book cover. Definition then is a problem but Graifer delivers on what he promised in the title of the book. I prefer the term "market generated data" but the term tapereader has stuck and is used commonly. It's all about understanding Price + volume + time and what it's "telling" you in real time.

I like this book a lot. I don't understand the comments about not being about tape reading at all. Whether one uses MP, VSA, Delta, Candles, Patterns or whatever to read the market generated data (the tape), it all boils down to identifying support/resistance points and supply/demand shifts so one can plan his strategy and change on the fly if needed. Graifer shows how he thinks and what he looks for to initiate a trade and what he looks for to stay in or get out of a trade. I would like to have seen more illustrations on the e-minis rather than stocks but the principles certainly apply. He apparently trades in greater quantities and must worry more about his fills than someone trading a few lots on the eminis. Therefore he must focus on the volume spikes. But whatever it is, it's reading the tape. Price + Volume + Time. What he looks for in those elements is in the book.

Open an account with TransAct Futures, Sierra Charts are free. Comes with Market Profile too. Also, you can get Trade Navigator for $49 monthly. Better dome with TN, but better charts with SC.

They've got all the standard pivots, and mid points and probablility bands, etc. But they really are just math based probablilities instead of actually pinpointing where supply or demand rests that should slow the market. I don't like a lot of clutter on my charts.

I didn't mean they don't have pivot tools. It's just that in the two days I watched they didn't point out any actual pivots. On the third day, the statistical range bars worked decently. Also the breakpoint charts that you use to watch internals are worthwhile. Still got a couple of days to watch before I make up my mind.

Have you read his follow up, Trading Classic Chart Patterns? If so, which would you recommend if a person was interested in buying one of the two?

EZ, I demo'd the new Market Delta last week and am trying Topgun this week. Not been able to find any reliable pivot tools inTopgun, but I can figure those out pre-market and then adjust as the day goes on anyway. But I haven't been able to get it set up to see the volume profile like they show on their site. Also, I'm getting an error msg from esignal that says I didn't sign up for enough symbols when I try to use the B/S pressure. Will have to contact them in the AM. What setup are you using to watch the Russell w/ TG? As for me, I still prefer MD footprint charts at MP S/R levels but I'd like to be able to watch market internals in real time adn TG may do that better.

Bill trades looking for 1-2 points depending on where he trades. Different people use the term "scalp" differently too. "Rotation" may have been a better term for me to use, but you can get a lot more entries than you mention. Depends on your temperment more than anything.

No. I've been in Bill Duryea's IOAMT site since earliest days. Bill was a student of Don Jones and trades the same way but in a a little more of a scalper fashion. Bill speaks highly of the coursse and recommends it to everyone. I've read a good bit of the free stuff at the Cisco site.

None ... If you treat it as you do any formal education for a good paying profession. $2-300 per month US will pay for a real-time datafeed, good charting and simulator. Once you can make money on the simulator consistently for at least 3-6 months, you've garduated and the return on your investment will be quicker than virtually any other profession. If this is a 2 year process, it's still a cheap and quick education considering it's potential. Now if you prefer the quick route that most use, you will blow in direct prportion to what you start with. And you will most likely blow out a few times over before you come to the decision that one cannot make money at this, or you decide to get the education and a few (very few, and most were during the 90's boom) have even got lucky and started making money off the bat.

Indicators tell you what has been happening. They ahve nothing to do with what is about to happen. The ONLY thing that moves the market is supply & demand, or what some call support and resistance. Indicators don't matter. News doesn't matter. When the market reaches a point of resistance (supply) it will retrace or sell off until it reaches an area of demand or support. I know of people who trade nothing but price. I know of traders who trade market profile based patterns and use only volume to determine wuply and demand. But they're essentially looking for the same thing. Who enters the market when price reaches a previous point where supply or demand rests. Check out The Scientific Investor website and download their free primer.