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The Zig-zag indie gets me the swing points, but it doesn't any more than that, so it leaves the calculation to me to work out if the swing points are all heading up or down or whatever. And actually they are not really the swing points as per the simple definition of having 2 bars before and 2 bars after lower / higher.
You can discover what your enemy fears most by observing the means he uses to frighten you.
It seems like no time but 2 years have flown by since my last trading attempts. A demanding full-time job and two young children ate up all my free time so trading hasn't been a possibility. Now that my offspring have got a little bit older and a little bit less demanding (especially nights which was always the killer), I think I might be able to ring-fence some time every week to devote to trading-related activities.
Whenever I look at the charts again, I still see all the things I used to see in terms of price action. I want to make use of that, so I'm going to stick with the price action trader approach from Lance Beggs.
I'll be looking at trading the daily chart, using yearly, monthly and weekly charts to provide market structure and S/R as well.
My main aim will be to prove to myself that price action trading can be done profitably.
Now that I've put some time between myself and my trading frustrations in 2013, I readily admit that I had given myself a mountain to climb trying to operate on the 3-min chart. Not only is price action trading in itself very demanding, but at that frequency it is so easy to make mistakes. I wasn't able to internalise the decision-making process, and I had made some poor strategic decisions too.
Rather than blame the tools I was working with, I have no reason to abandon them at all and hope this time around that I can use them more effectively.
It feels good to be back and I'm going to enjoy finding out how Big Mike Trading has changed over the last couple of years.
You can discover what your enemy fears most by observing the means he uses to frighten you.
No real major updated trading hints for you but here are a couple of comments:
NinjaTrader 8 is coming and coders are getting ready for it. HIGHLY recommend you try @gomi's new IMPROVED subscription based Market Profile and Order Flow that works on NT7, NT8 and Sierra Chart (SC.) The download has a 20 day free trial:
GOMI, original creator of GOM MP, has created a fully recoded enhanced multi-platform professional MP (volume based) and Order Flow for delta insights.
The new GomMPPro builds upon the open source GomMP hosted on nexusfi.com, and includes multiple …
MANY of the trading rooms now seem to be using a form of Renko bars in their trading plan. I.e... Look at a 1440 minute time frame, then a 60 minute, confirming R/S levels down to a tick chart and then a Renko chart for entry.
Trading rooms have exploded into over 1,100. All say they are the best. Most offer a trial period. My room that I subscribe to tradingfuturesinaction - Live futures traders offers a whole week for trial. These guys are really good and their trading record is on their web site as well as a request for a trial. Unlike the rooms you were probably famiiiar back then there is no entry fee or long term commitment. They are a monthly fee that can start and stop at your discretion. Once set you are grandfathered for that price - unless you cancel - then coming back in sets new price.
The fact you have been gone for two years and come right back into Futures.io hihlights the value of this sites' lifetime membership.