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bakrob99
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Everything posted by bakrob99
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YOU SAID: Originally Posted by goodoboy » Long 1395.25, stop 1392.50. Target 1400 THEN Originally Posted by goodoboy » Exit at 1397.75. as price action did not make it to r2, so i better take some profits. Wasn't your plan to exit at 1400.00??
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When you are in a trade ... your emotions are running and you need to fight the urge to violate your plan. When you are NOT in a trade - you are thinking MUCH MORE CLEARLY.
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You mean give up some profits, right ? Let me ask you a question.... DO you get any smarter when you have a position on than when you are out of the market? I don't.
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Sittting on hands right now after a very nice (for a Monday) morning set of long side trades setups mostly in NQ. NQ has been much stronger and is giving better rmovement recently for my favoured setups. 30M ES was strongly negative since about 10:30 EDT and a short at 94.75 was my setup which I didn't take as I was still long biased..
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Mr Negotiator - could you start us off this week with one of your excellent composite profile charts? Thanks!
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I treat it like an oscillator and use divergences which are quite reliable to signal the end of a trend and the start of a new one
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It's the same chart you posted two months ago. Answer me this... if you're using 15 minute bars to trade on ..then why do your strategy performance reports have up to 42 Bars in a day trading system?
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Is that you T. H. Murrey?
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Quite the contrary. I think it's good news for the small trader as it will give pause to people contemplating funding these types of algos.
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Knight BLOWS UP with Algo Trading Software
bakrob99 replied to bakrob99's topic in Automated Trading
That is what their business is. They have done well and typically represnet 10% of the share volume earning over $119 million but they made a software change and lost a bundle in a very short time. It might be tough to actually test in real terms - but shouldn't they have a shutdown procedure that comes in before $440 Million down for the day !! Unbelievable. Anyway - I am kinda happy that the algo guys can screw up and are not winners every time. -
It's an area that the market will tend to return to and "test". Rather than initiate a trade there - consider taking the trade from above or below back to it. That is the "gist" of responsive selling as I understand it.
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The BOND market closes at 3PM which can cause this liquidity shift. Linda Raschke called it the Bond Market wiggle (or something like that)
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Lots of volume now at 1385 - 1389... certainly migrated higher.
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Downsloping median line told the tale of the tape for me. The 4th Lower High and the failure to take it out on the push up... Algos came in and provided an iceberg. Break of the downbar of the 4th lower high on a sell stop entry. Also short the NQ but foolishly scalped out of it at +12 +20 ticks. Normal pullback in the scheme of things but that's it for me this week. Too tired listening to music now. Ninja platform is a demo for me.
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ALGOS ..... arrrrrrgh ! waste of time....
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We've been in a 3 pt range for 3 hours. Market can't go down or up. But when it goes you'd think it will do it reasonably quickly. OMG ... I almost fell asleep,
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Personally - I'd read "Markets In Profile" THEN "Mind Over Markets". The latter can be a little daunting and I think the former gives a better framework. At least it did for me. The CISCO link I posted a week ago has a lot of information on it and if you scroll down that can be a good beginning source. As well, don't forget the orginator's CBOT website. I continue to buy pullbacks even though "I think" the market is extended. So what ! Market doesn't care what I think. My system says buy and I am buying. One of them will get stopped I'm sure but until it does I'm a buyer and a believer in 1400. Prove me wrong by selling an see how it works for you. Ok, I did take a recent short in the EURO but scalped it with a 12 tick gain.
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If you;re long was at 10:55-11:00 AM time frame then there was no fill at 1385.00 If you're on SIM you should take market order entries or wait until your fill would have occurred. One of the key differences going from SIM to REAL is the good trades youmiss because there is no fill. Just a heads up. My long entry was a little higher at the same time based on the pullback to the prior low area and minor support with positive Up volume coming in.
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This type of price action and day type usually is a big drawdown to the MP responsive trader. "A" period high got taken out with a vengance and there's nothing but clear air above until 1387-1388. Here's what I see.
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Sizeable volume and aggressive buying suggests 1400 might be in the cards. Best long I could get was 1379.75. Let's see what's up.
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Short covering. And responsive buying at the lows. I mentioned earlier in my post above that the larger players (funds) were unlikely to take positions in advance of the NFP (today). Without the longer terms traders - the market will behave in a responsive manner like this move which was an opportunity to buy at lower prices. True trend days (down) do not rally into the close but close near the lows as the MOC orders are dumping the offside positions between 4 and 4:15 EDT. What none of the Market Profile traders mentioned around here is that 1348.50 was the MONTHLY VPOC and this was a test of it.
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Nope. I'm saying the opposite - that they are waiting for the NFP so my expectation was that this day would not be a true trend day.
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How about #4. We still have the NFP tomorrow and the larger funds are waiting for it.
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Hey .. I guess it's not all good for the algos and they can screw up too. Blames the software. Who was watching it? http://www.vancouversun.com/business/Technical+issue+Knight+Capital+reverberates+through+market/7028642/story.html
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That's great to hear. NO rush. When you have a minute I will look forward to automated analysis of my discretionary trades. Thanks.