luke24.5

http://www.instituteofauctionmarkettheory.com Hope this helps.

Excellent!

Amen. Amen. Amen. Would Boeing tell new pilots to read a book on flying a 747 and then stick them in cockpits? Would you read a book on Judo and tell someone, "alright now, come at me with that knife."? Would you read a book on how to play guitar and expect to cut a record when finished? You can learn from books, tapes and seminars but nothing replaces practice. If you can't afford a real-time datafeed and simulator, at least find a free delayed feed and paper trade. Practice, practice before you step in the ring against the world champions of trading.

You will pay a price to learn trading. It's just a matter of who you pay it too. The most expensive way is to trade real money without a proven system. By proven, I mean one that you have proven you can work on a simulator. Still, there a lot of wolves in sheep's clothin out there. I study in Bill Duryea's room when I'm able. Not the greatest communicator but an excellent ES trader who virtually never has a losing day. A full-time studen could probably learn enough in 6 months to a year to trade successfully. Cisco Futures' home study course would be great if you have a FT profession.

I picked this up for just a few bucks from Trader's Library a couple of years ago. Of the books I've read, it helped the most of any. It's just a primer on S/R, not for the advanced student. However, since I don't think there's a more important subject than S/R, I would recommend any new trader to include it in his early arsenal.

I place stops on the fly according to what I'm reading in the volume. If market moves agaisnt me, I may scale in to improve my entry price or I may get out and wait for the market to confirm it's direction.

Im still in the process of learning. Will attend a seminar next month. Anyone recommend any good seminars? Mind if I ask whose seminar? I think you're money would be better spent on Real-time datafeed with a simulator and a few good books regarding Market Profile and basic TA. Support and Resistance related info and chart patterns are helpful but there's no substitute for personal observation. Cisco Futures offers a home study course with a very good rep. Scientific Investors teaches basic support and resistance. Make sure that you're not just paying thousands for a weekend if you're new to trading. This stuff takes a while to sink in to the point you can think and trade in real time.

Yes, that's what I mean. You'll need to fund an account probably. Though you may find one you can use for 30 days otherwise. TradeMaven, Trade Navigator with a TransAct datafeed is what I use. Cost is $49.00 month and come with historical and real-time data, charts etc. Ninja Trader is good and works with many datafeeds. You can get free Volume profile info at Chart-ex. I agree with soulman that Support and Resistance or pivots should be a better starting point than indicators. Be prepared to study diligently for a good while just like any whorthwile vocation.

All indicators that I know of lag the market. They measure what has happened over a specific time period. Some people can trade using them and make money. However, I think it best to observe the market with one's own eyes and learn to read orderflow. Of course you'll have to invest some money in datafeed, charting and a good simulator. But the money you invest will most assuredly be less than you would lose by trading real money not knowing what you're doing. My suggest reading: 1. Support and Resistance simplified by Thomsett, 2. Mind Over Markets, Dalton, Jones & Dalton. Also, any of the classic work by Schabacher, Wycoff, Edwards & Magee etc you will find helpful. After you grasp the fundamentals of how the market auctions through market profile and understand the basics of S/R, then practice on the simulators. If you can't make money consistently on a Simulator, you certainly can't trading real money. The key is to trade the sim as if it is real money. Never allow yourself to make exceptions. In this way you train your emotions too.

MOM has been most helpful to me also.

Do you reccomend Lukeman's book? That seems to be some info worth knowing.

Seems to me that the majority of gaps fill within the first hour if they're going to.

http://www.marketdelta.com Has some good videos to watch. New product coming out is a combination with Investor RT that allows back-testing and I think it allows replay. Not sure on the last statement though. Requires Esignal or DTN IQ Feed.

You need software like Market Delta, TapeReader, TradeMaven etc. that records Bid/Ask info. The delta is the difference between buyers and sellers. Set your bars to any period, (30 min chart correlates well with MP), and watch orderflow. 9/106 in ES for example. Early selling entered the market at 10.50. The positive delta dried up and heavy selling drove the market down. When price returned to 1025-50 sellers reentered. (New Resistance) Large lots added to their position. This drove the market down to 1307.75 where the market stalled then retraced a point. Heavy selling again @ 8.50 (new resistance). If you missed the first move it's the area to look for uptick to to enter your short. Sellers started to lose control as everytime they pushed the market down, more buyers entered at the low. Still 8.50 was the line in the sand. The day's negative delta was drying up, and when price crossed 8.50 on the way up with increasing volume, the war was over. Buyers won. 8.50 now becomes support and a test of the high likely. HLC deduced pivots work approximately, but I think you'll find that voulme studies will fine tune them especially if you're an intraday trader.

Don't have the link. Just google Cisco Futures. Been a while since I visited that site.

Have you tried using volume delta to determine where initiated buying or selling began a move? I think this may be a better way of determining S/R levels.

I agree with Mind Over Markets. Also, read all the free info at Cisco Futures and you may want to look at Steidlmayer on Markets.