Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
For those that missed the AMA session with FT71 today:
It was discussed that there is a Micro ES contract (E-Micro) "coming soon" by the CME. The ES is the e-mini of the full sized SP contract, trading at 1/5th value, and it is thought …
Just want to thank FT71 for recommending "Mind Over Markets". Being someone who has zero experience in finance or the markets, reading that book (well, I'm only several chapters in) has really helped me understand the mechanics and uses of market profile. Looking forward to the next AMA.
I was going through some webinars yesterday and heard FT71 mention that he uses a 2000 volume chart for the ES. I'm just beginning to work up my strategies, and although I am happy with how things are going so far, I can't say I'm anywhere near locked in on them yet. I've been using mostly time or tick chart variations with my strategies with moderate success. But something I never even considered before was how different chart types (range, volume, tick, time) might have such a drastic effect on results of the strategy you are using (or trying to formulate). I never considered trying a volume chart before.... but I figured if FT71 uses a 2000 volume chart on the ES, then it's definitely worth giving it a try. Now I know it's only been one day, but the 2000 volume chart is just making me look like a rock star!!! I have no illusions that I have found the missing "key" to my particular strategy.... but it has opened this beginners eyes to considering All the variables involved that may be helping or hindering a particular strategy.
Many thanks to @FuturesTrader71 and all the other great folks on futures.io (formerly BMT) that give of their time and knowledge for the benefit of others.
There will be a Live AMA session on Tuesday, July 23rd @ 12:00 PM ET.
- Quick and casual, 30 minute cap
- No prepared presentation
- Live screen sharing
- Floor will be opened immediately to questions
- Recording uploaded to AMA thread afterwards
- Attend live to get your questions answered
I think you guys did a great job answering half of my question last time. You talked about the differences between your two trading styles.
Sorry for asking a long question in the first place, but this time could the two of you take a stab at where your find common ground with regard to what is important for trading success?
This morning, FT tweeted "ES opening on the edge of yesterday's range. Expecting responsive selling at open." Why expecting responsive selling in this context?
I assume since we opened out of range so the probability is for traders to seek balance, yesterday's balance, hence the responsive selling.
Also, since the ON inventory was clearly bullish, at the open we could have traders trying to "clean" that inventory.
Unfortunately we went through it and test yesterday's balance low (VA low). This really don't give a good perspective to see new highs above the ON high, but than again, it's still early.
Now we are having issues against today's developing area so until we break above it, shorts will be alive and kicking.
If I become half a percent smarter each year, I'll be a genius by the time I die
Hopefully, as you develop as a trader, your strategy and approach are a living process that changes gradually on a weekly basis.
I use volume bars because it helps me see how active the market is. Having 1000 1-lots trade to form a bar is much different to me than having those show up as an incomplete volume bar. On a tick chart, that may be enough to form another bar.
Just remember that ultimately, it won't be a technical indicator, chart type or tool that makes you who you are as a trader. It is about your habits and discipline first and foremost. So whatever you decide to stick with, just do it consistently and long enough to see whether or not it needs to be changed.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
I would be interested in exploring this, but I think this would be a lengthy discussion. We trade on completely different time frames, so our views will be fundamentally different.
I'm curious, what question are you really seeking to answer from this discourse? Are you trying to figure out what time frame you should be trading in?
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread