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I'm unable to make a recommendation although many followers do use VP for Crude Oil. If you have a twitter account, I would suggest asking that question on Twitter and adding #FT71 to the end of your post so that it hits that hashtag stream. You will likely get some interest.
Alternatively, you can start a journal on futures.io (formerly BMT) and post your analysis/read on that hashtag stream and others will comment. This helps bring attention to your approach and also brings traffic to futures.io (formerly BMT) to support the forum.
Best,
FT71
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
Answer to Q1: True. Market balances/coils and then breaks out into a trend/imbalance and then resumes balance yet again at the new fair price range. Trend days are not a friendly environment for daytraders whether remote or in the pit. Trends are generally caused by a higher time frame stepping in to adjust or take a position. This generally means that we are likely to realize a loss before we see that happening.
In my webinar material, I cover some clues which might be used to see what kind of day may be developing. What is the opening type? Where are we versus prior day? How wide is the Initial Balance? Has the context changed?
Answer to Q2: I'm a daytrader, so I am always measuring the current day's development against prior day, prior balance from a few days and then looking at the large context. I don't think it is wise to limit yourself to 1 time frame.
The market is a story that is a story that is narrated in terms of price and volume. That story has participants in it from HFT nano-second players to very high time frame commercial interests. The best context can only be derived by having a pulse on the entire field.
If you are raising your time frame to a multi-day swing, then you need to have a sufficient account size to hold those positions for days.
Answer to Q3: I start a new micro-composite profile every time the market moves out of balance to a new area and starts to balance around itself. So a breakout bar to new territory gets my attention. As soon as the market starts to retrace on the ensuing days, I start to consider that balancing and will draw a composite to see what is happening inside those bars collectively.
Cheers!
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 agree that it is more common for B to happen, in my experience. This is the reason I don't work orders for entry in the market. I need the market to show itself before I step into it in most cases.
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 chose 2500v (2500 volume per bar) because it gave me the information I needed to see when the market is breaking. It would not scroll things off the screen when the market is very dead and through the mid-day hours. However, if there was a big player in the market and volume was active, then it gave me the structure I needed to see. Since your post, I have transitioned to using 2t Renko candles to see structure but am keeping track of my areas using a 15 min chart. The Renko chart is more of a trigger chart.
I wasn't never a fan of time-based charts because they scroll by even when nothing is happening.
It is probably best to speak to a broker about the details. S5 Trader doesn't have any fees imposed by the clearing firm or by us even for inactivity or simming (assuming your account has sufficient funds). However, the CME fees will be passed on to traders depending on their individual situation. This is the case for everyone regardless of where you clear your trades.
Frankly, this whole data fee thing has been nothing short of a nightmare from an administrative and all other aspects. I hope the CME wakes up soon and sees that this is hurting traders.
FT71
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
Quote : Answer to Q1[/B]: True. Market balances/coils and then breaks out into a trend/imbalance and then resumes balance yet again at the new fair price range. Trend days are not a friendly environment for daytraders whether remote or in the pit. Trends are generally caused by a higher time frame stepping in to adjust or take a position. This generally means that we are likely to realize a loss before we see that happening.
In my webinar material, I cover some clues which might be used to see what kind of day may be developing. What is the opening type? Where are we versus prior day? How wide is the Initial Balance? Has the context changed?
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How to detect trend day - what clues ? trader bite 14/03/2014 towards the end
Clues are mainly contextual -
1. One time framing
2. On a shorter time frame - that the rotations in the direction of the trend are much stringer than the counter rotations. Like for example 6 point rotation down with a 2 point rotation up
Any counter rotation that doesn't take back at least half of the rotation , that means that the move is going to continue
It is hard to answer this question without seeing your performance over time using this management method (hence, the reason we created Stage 5 Trading). If you are not consistent at this point, then I strongly suggest a fixed exit for that 2nd contract. This is my opinion. Over time and using a fixed trade management scheme, it gets easier to troubleshoot the issues you are having. Once you have some consistency, then you can make the 2nd exit discretionary.
I can demonstrate this during an AMA, if you attend.
I have to be frank here: I believe that you are better off seeing a performance psychologist on a regular basis than a trading coach. This is my opinion alone. I simply haven't met anyone outside of a prop firm who would be a worthy trading coach.
Frankly, through dealing with so many traders at Stage 5 Trading, I come across issues relating to psychology much more than anything technical. This is another good AMA question.
The technical side of trading is incredibly saturated with coverage. There is a book on everything. So the issues, in my opinion, relate to your relationship with risk, losses and discipline more so than with where and how to enter (which should never be something someone else gives you).
Ha! Mum's the word. Let's just say that I know prop very, very well. There is a purpose to creating Stage 5 and it definitely isn't simply to provide brokerage services. Stay tuned....
Best,
FT71
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
In my opinion, absolutely yes. The stock has to have good volume though and it is best used on large time frames. For example, I have used VP to select option strikes for covered calls on stock positions. I have also used it to determine what condition AAPL is in and to time exits, etc.
I don't care what you are trading (even if you are a merchant running a grocery store), the market is an auction. Where there is price and volume, there is an auction and VP is simply organizing the data to see what it is doing at every individual price. It is not a system.