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MC
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Everything posted by MC
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In my limited experience with L2 data it was more noise than anything. And when it was legit you should already know where support is from the chart. Time and sales is not as full of noise since it's legit transactions going through, though there can be games here as well for sure. JMHO
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http://www.directron.com/nbdiy.html Not that I would do it but here is a site that sells barebones laptop kits. Darth has great input...get a junky old computer and tinker.
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Laptops are a pain in the a$$ IMO. There are some barebones laptop kits but I wouldn't bother. I used to service computers and have been in many name brand model laptops. They are made quite well and with the screw layouts and space to work with in there I would just leave that to the pros. I put a dvd burner in my Apple powerbook g4 with the 12" screen...What a nightmare. They make those things bulletproof, all the cables taped down and so snug. UGGG A desktop is really not hard at all. The worst part is usually getting the front panel connectors to match up if they are not labeled well. Other than that its nothing to "build a pc".
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Crude at an all time high, but its diverging and headed south. Gasoline in a downtrend with nothing diverging yet. Should be interesting, the gap needs to close and the path of least resistance is down. I'm unsure what this will do to the overall market conditions. I know this is not candlesticks but thought it was an interesting comparison. Any comments or input?
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VMC Good volume and candle groupings...especially weekly...might bounce soon IMO. PANL In a weekly squeezer...I like the looks of it for a possible breakout. WWAT Lookin good though it does have some solid resistance ahead.
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Thanks again for the input. I'm not a rookie to the market. Though I'm still quite new, I played stocks with real money for the first 8 months of my time in the market. I never paper traded before that because I know for a rookie paper trading is a joke. I jumped in with both feet and...well check out my bio for the full story. I think I have a fairly good grasp on emotions, especially considering I'm only in for 11 months. IMO people should trade live with limited $ at first to learn to check emotions and learn from losses. Only then does paper trading become beneficial to practice strategies. JMHO As to the perfectionist thing...I don't mean that I think I'll peg bottoms and tops perfect or anything like that. Just that I want to improve my skills and keep progressing. I don't mind leaving some profit on the table, though I would like to get much better on my exits and not sell so early. Like you said I really need to "let the trade play out". In time I'll learn to trust the pivots and range. Personally I think MP will add a dimension to market range I'm lacking. I'm not jumping ship at all, I am comfortable with my setups and just looking for a supplement. I mainly need the added discipline that will come from screen time and experience. I'm profitable on Ninja's demo. From what I've read and heard it puts you in the DOM and has fairly accurate fills. I also agree that 80% wins with tiny profit and 20% with good sized losses = disaster. That's not the case for me, though the fact that I'm profitable on paper may not mean anything, or it might mean my setups work. When I go live I guess we'll find out quickly how well Ninja works for simulated trading. :o Have a good weekend
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The reason for that is I often cut my profit short, I wimp out for sure profit. I end up wasting commision that way but for as new as I am, I'm ok with that. I hope having a range and knowing where the bulk of people bought will help me feel more secure to hold for better exits. I usually do pretty well on paper but on occasion I let a loser run and that of course wipes all the scalping profits out. :crap: I'm expecting perfection 3 months in, I really need to chill out and keep learning.
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Thanks for the input. I'll check the first book out asap. I "know" the markets at least in basics. I know there is no whiz bang indicator and its all supply and demand. Now if only I can get a better grasp on this auction concept I'll be set. On my paper trading the YM for the last 2 months my setups are about 70-80% accurate for reversals and/or scalps. I'd like that to be higher and think by understanding the markets value range and volume by price activity I may get better. The main reason I'm still on paper is I have on occasion let stops fly by and dug a hole, so I'm hesitant to move to live. Though I understand paper isn't the full blown emotions I take this very seriously and have lots of work to do. Thanks again
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For futures the market internals and candles with bias on volume. I'm still learning the tape reading slowly but surely. I also like to watch rsi and macd because thats what most fairly new traders focus on and I like to know what the masses are looking at.
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I appreciate the input. MP really is for creating a value based set of pivots that take into account volume at the given prices if I understand it correctly. It seems to be a good visual for supply and demand, though I don't read it very well yet. Is there any 1 book you would recommend? I'm gonna read the MP section right now in fact. Thanks, Mike
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OK so I'm running the demo and thinkin of buying this for Ninja which will be fed by Tradestation data. Is anyone using this setup with good results? Another question being I'm a noob at MP. I understand the POC and VAH/VAL areas. And I get the basic concept of virgin POC's. Does anyone have any tricks or tips, I plan on reading the MP stickies later tonight. Thanks
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I'll take it one step further, James where do I send the check so you can exit my trades for me.
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NP, I pulled the charts for now and left the descriptions.
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My broker for stocks is Choicetrade and I just use their website for order entry backed with charts from stockcharts.com. I haven't traded a stock in several months though as I've been so focused on the futures. I will be using Tradestation for futures and eventually for stocks as well when I get another $5k to open an equities account with them. For the paper trading I'm using the Ninja trader with the zenfire 30 day trial demo. It's my 2nd time with that and I also used OEC for their 14 day trial demo. I'm going on 3 months of YM paper trading using RT demos.
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CBAK...Nice weekly volume traits, weekly RSI is looking good and weekly macd 12,26 has just crossed 0. EGMI...Nice weekly volume traits, weekly RSI is looking good BUT weekly trix is kind of worrying me. ONNN...In a weekly squeeze, decent weekly volume traits and macd just turned up still above 0. Also OBV breakout. BCON...weekly bull flag with nice daily volume traits. Nice weekly rsi and long term macd is crossing above short term macd. DLIA...Looks like a weekly reversal pattern with light resistance up to about $5.60. Weekly rsi is about to come out from oversold and weekly Slow stoch as well. SONS...Looks like a weekly reversal pattern as well. Weekly rsi is about to come out from oversold and weekly Slow stoch as well. Weekly macd is curling up too. EMC...I missed the breakout but it still has lots of room IMO. Nice weekly volume on it's range breakout. And hell they own VMware. SGTL...This is the most iffy of the batch but its at the bottom of the channel. I spy weekly divergence but I wouldn't get greedy on a downtrending stock, take a pop and run.
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I used to annotate alot, I guess now I just see what I want in a stock and post it up. If you think members would like more background on why I picked the stock I could throw some info under the links.
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I do have real time actually, I just use bigcharts.com to post cause it's free and I can glance at my picks EOD and see the auto updated chart. I use stockcharts.com RT but they stopped letting you do auto updating embedded charts. Also only stockcharts members could see my charts if I linked them and I dunno who has it and who doesn't. I dunno why anyone would bother trying to learn off delayed data if they are serious about learning the craft. Ya gotta pay the tuitions to learn how to really play this game. One wouldn't try to bake a cake without a set of baking tools and RT charts are just one of those must have tools. What I use now is stockcharts.com RT for stocks and market internals. Really sucks for internals cause it's refreshed every 15 seconds not tick by tick. Then I use ninja for charting the YM, as that's what I'm paper trading with. (the ninja RT demo account) I plan on moving to Tradestation when I go live on the YM. (In a week or 2) Also from reading the MP section here at TL I think I'll keep ninja since it's free, feed it with Tradestation data and buy the TPOchart program for $250.
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I'll copy over the prior logs for my futures paper trading tomorrow perhaps. Just wanted to get this thread open to reserve my spot in the TL cyberspace. :o
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Glad to be here and entrusted with being a mod James. Thanks for all your info and for creating the best site for future traders. I'm going to create a thread here to track my daily P&L soon. I'll put it up from when I started paper trading for real and hope to get feedback, including a smack in the head when I do something dumb. I'm feeling pretty good about going live and think I may be just a few weeks away. Then I can finally start using the Tradestation platform and get tick hooks in a proper fashion. For now I'm stuck using stockcharts.com and having it refresh every 15 seconds instead of streaming. I have several internals windows and then my Ninja trader layout and have to flip back and forth, it's very in-efficient the way I do this now.
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Thanks for the input, I'm still a long ways away from bothering with pit noise. I'm actually about a few weeks away from going live on the YM. I've been pretty consistant on profitable paper trades with Ninja and OEC demo accounts. I'm not lookin to run before I walk, that you can be sure of. :o I trade from work so the noise isn't an option even if I wanted it to be. When (not if, but when) I trade from home for a living then I may add things like noise. Thanks again for the insight, especially your candle threads.
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Thanks, great tips. I was looking at using traders audio when I'm ready to benefit from it. Glad to hear some good remarks on them. I want the pit noise more so than the caller I think. For the exact reason you said, to fade emotions on key level breaks. Just like I'll watch the tape and see if the big blocks step in or if its all noob emotional buyers. :o And would you say on continuations you want the noise to blast and the pullbacks to be soft volume?
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I intend to try and use it when I get to trade full time. I can't run squawk at work and expect to get a check there. LOL I don't intend to really use squawk to get in a trade though it could be used for confirmation of the pressure of the direction/reversal I suppose. I think I would use it more for knowing when a pullback might be turning into a rollover and when to exit. And also at key levels I would try and note the volume level from the action much like the tape is used. This all in theory as I haven't applied it yet so anything could happen, but I will give it a try. I think it's like any other market tool, you just have to learn how to filter it but the noise levels are showing raw emotions IMO. If it's not useful I'll be glad to save that $75 per month anyhow. :o
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Awesome post Tin, thanks for the insight.
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Something I want to say to anyone new here (or to trading)
MC replied to Reaver's topic in Beginners Forum
Great post. I agree that if someone doesn't/can't/won't put in the screen time, a seminar or paid mentorship won't mean crap. And if you can't get your setups from this site and pay your market tuition you won't make it anyhow. The setups on this site are easy enough for a pretty new trader to make some green but the key is learning market flow and putting in the screen time. It's not so much brains as it is dedication and refusing to give up IMO. -
I don't totally understand the Cisco issue. Do you need a chart for Cisco or some volume figures from a certain time frame? I can post a chart for you if you need. Just let me know. EDIT---- Never mind, I saw the other post and know what you meant now. :o