ItalianSharp

Sep34 Thanks. A viable option could then be to eyeball both profiles and add the smaller profile prints to the bigger one's. IS

Anyone can help me configure this TPO indicator for FX? As stated above, I am getting two separate profiles. Not sure why this is happening.

Thanks Sep34. I increased the compression up to 5 and it now works. Problem is, I am getting two separate profiles...a small one and a bigger one...looks kind of weird.

Does anyone know how to get this indicator to work for FOREX? It does a great job with emini futures, but I get an error message if I try to use it for spot currencies. Anyone has any clue on what changes should be made to the ELD? Thanks in advance for anyone who can help. IS

Pappo Volume never lies. However, we must associate higher volume to much higher daily ranges. For instance, back in 2005-6 ES average daily range used to be around 10-12 pts if I am not mistaken. A tight range means bid/ask levels are somewhat stable and there are flowing orders in both directions that pretty much even each other out, making the range a tight one. In 2008, ES average daily range increased dramatically. We've seen 100pt-range days a few times this year. It's normal to have big volume spikes and more participation in a wide-range day simply because the market trades at many different levels; each trading level may represent an opportunity for either buyers and/or sellers, so the more levels the more interesting it gets. There were times a couple of years ago when ES couldn't cover 100pts within a single month. This year it's been able to do it in one single session! This should answer one part of your question. However, if volume is much higher, why are the levels thinner? Simply because all that big volume is spread out over a huge range. In fact, it'd be correct to compare total volume vs daily range and come up with a number like "average volume per ES pt" For example, day 1 has a range of 10 ES pts with a 1M volume. Average volume per ES pt would be 100K. Day 2 has a range of 100 ES pts with a 5M volume. Average volume per ES pt would be 50K. Although day 2 produced amazing volume, it also produced an amazing range. Hope this answers your question.

Yep, Brett is a great psychologist beside being a great person first. I visit his blod almost on a daily basis and I truly enjoy every word of it.

Nice topic. I agree with everything that you guys have written above. Something I would like to add that wasn't mentioned: Trading is just like any other business and we are the entrepreneurs of that business. Hence, we must set realistic goals to keep the business going and growing consistently. I believe setting goals is a crucial aspect of discipline. If we set goals too high, we may never meet our expectations and we may take it as a failure, pushing ourselves over the limit and taking unnecessary risks. If we set goals too low, we may not have the necessary drive to reach them because they are too easy, so we may end up feeling a bit unmotivated. Setting realistic goals is crucial to maintain growth, discipline and emotional balance. If you are a 1-contract YM daytrader, it would be unrealistic to set a $1K daily goal as well as it would be too little to set a $50 daily goal. Finding the right balance can tremendously help us keep our head straight.

I think you should place your stops MANY ticks above/below the prior swing point. There are different scenarios that may occur: 1) The swing point isn't breached and your position is safe 2) Stop running occurs and your stop should be safe unless it's placed 1-2 ticks above/below the swing point. 3) Your stop is hit and that means the breakout might be for real. I agree that waiting for the interval to close might be the better option...but we just never know how far it'll close...that's the problem. In extremely volatile days, waiting for the close may turn out very costly.

Thanks Blowfish. I am not looking for 100% accuracy to the tick actually...What really matters to me is that those standard deviations aren't off by 10+ ticks... Thanks for the feedback.

Does anyone know whether the VWAP indicator downloadable from this thread is almost 100% accurate? Or does it need further adjustments? Thanks.

Very good observation. In fact, during periods of high volatility most of traders tend to experience periods of large drawdowns. This is due to indicators being off, mathematical/statistical systems needing days to adjust, etc... The advantages of discretionary trading is that you have very little delay in adjusting to new market conditions. Give me high volatility any given day!!!

Although your story was a bit dramatic, it definitely can happen to anyone who is unprepared. These are the "little" things that can make a huge difference when everything seems to go the wrong way.

Wow, when I read this post for the first time I thought it was a joke...no offense, I seriously had a nice laugh and figured to congratulate with you for starting this funny thread... But then, reading your replies to other posters, I knew you were for real!!! You should immediately stop trading real cash. Invest your money into some trading education first...probably the best idea would be to get yourself a mentor for a few weeks until you learn the ABCs of trading. Don't even do the simulator stuff at this stage. It'd be worthless because you have no trading plan and it sounds like you are a very emotional trader. Just forget you ever started trading and start from scratch again. Reset your brain to zero and re-program yourself. I had the best laugh when you stated that you have no idea how pivot points are calculated yet they are very important. LOL My advice is: - stop trading immediately - invest the money you save from trading into education - get yourself a mentor whose trading style is similar to the way you'd like to trade - if you have no money for mentoring, look for someone in this forum who trades in a similar fashion as the way you trade and then bust his balls all day long. Good luck and stay positive, the road is long but if you are determined enough you'll see the light one day.

I must back you on everything you said. I read this book a few months ago and didn't find it helpful at all as far as Tape Reading is concerned.

Soul When do you think you can come up with a condensed tape reading video? Thanks.