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You are using ThinkOrSwim apparently (and NT)? He uses that to draw his levels.
Maybe the drawing tools in NinjaTrader (Fib levels etc.) are good enough.
I haven't really checked that out.
Attachment shows my pathetic attempt to use some Fibonacci. Obviously I have no idea
what I'm doing just yet with that. One problem I have is that sometimes prices stop moving
down or up, and there isn't an obvious support or resistance level there. Maybe Fibonacci can
help in such cases.
The chart (6E recent) shows 5 Fibonacci price levels in each down move (chart created with NinjaTrader).
That's just too many. The price is always at or near one of them.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
6E finally loosened up here today with a nice wedge break out that took price up to the 3142 high. Market clearly rejected price at these levels which was a low volume area and October's swing low. Very nice short set up there if you didn't catch the move higher. Pretty nice price action today considering we're heading into a relatively low volume period. But given the current events in the markets, we may see nice swings all the way through the holidays.
I never could wrap my brain around why traders trade such large time frames. This breakout, even if superbly and perfectly executed would probably be about a 3:1 risk/reward trade. I get on average between 5 to15, 3:1 r/r trades everyday on a 3 or 4 range 6E chart. What is the draw of a 15min+ chart for day traders?
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
I look at larger time frames for overall market structure and boil that down into my intra-day trade set up which is from a smaller time frame. The bigger picture tells a clearer story obviously. By trading just off a small period chart, you're potentially just trading noise so hopefully one would pay attention to the big picture as well.
I personally think it's interesting to look at high/low volume nodes as it gives you an idea where business has been done but when price is moving up or down, you don't know beforehand which node will stop price, it could be the next high volume node, the low volume node above it or further away on the road, who knows ? What were the other factors he (Private Banker) used in his decision process , i have no idea if i simply consider the chart posted.
I realize the majority of traders use multiple charts, with one or more higher time frames to get the 'big' picture. I happen not to use higher time frame charts, and don't really care what the overall market is doing. What ever is happening on a higher time frame is also happening on my small trading chart they are the same market. I can somewhat understand trading a higher time frame, and using a smaller time frame to fine tune an entry. But if I am trading small swings in a small time frame, not sure what a larger time frame does for me. Looking at the chart posted there are 6 days of what to me seems like nothing going on this higher time frame chart. Does that mean you are not trading for 6 days until this chart shows something happening on the 7th day? There's probably pure gold inside most of those 15 min bars.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
This is funny... Are you even reading what I write here? Yes, the last few days were range bound as clearly evident on the chart shown previously. With that context being observed, I traded those ranges based on my intra-day set up which is off of a smaller periodicity chart. How is this conversation morphing from what happened today in the Euro to a battle of who's trading method is superior? Lol!