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  #821 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


jamebo View Post
jngrim, I've only been using Sierra for a month, so there may be a simpler, or better way to do it, but this is what I came up with:

Or that.

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Can you help answer these questions
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  #822 (permalink)
 
josh's Avatar
 josh 
Georgia, US
Legendary Market Wizard
 
Experience: None
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Trading: ES, NQ, YM
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Filling Area between two subgraphs

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  #823 (permalink)
 
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 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


Looking back through the day, I did get to work through some issues by watching a live trade swing back and forth, letting myself say "if I would have gotten out", and then getting over it. I also got some advice that was worth more than the trade, and it is not necessarily that the day was "rotational". It is that it is possible to have that expectation in advance.

What I did wrong though, is I was willing to sit and take the heat, but did not hold to my targets, both of which would have hit. And On the original buy I probably would have if @Private Banker would not have commented on the day. Not that I am upset, or that I would not welcome him to comment as much as he feels like, or better just tell me where to get in and out. LOL!!. (not really, or I would not be doing all this)

But that I was looking for an excuse all day anyway, and all it took was someone else to back me up. "Closed (So glad that is over)". I watched that trade go for me at least 20 ticks I can't remember how many times, I let it ride to within a few pennies of the pre-open LOD, the whole time just trying to breathe normal and watch. Did the zone I was watching still exist? yes. Did I still think the day had that chance? yes. And if I can get past that my trading will be on a new level.

Many trades I think I know where to get in and out better after I am in the trade than before I got in, and that belief allows me to shift the risk reward dynamic based on emotion. Very often I will set a target, that later in the day hits, but I closed out way early because I no longer wanted to risk what I had. But I was willing to risk losing money in the beginning of the trade. The logic makes no sense sometimes, and I think the issue for me is tied to scalping and how I have learned to use volume.

So today I moved volume to a secondary position, removed all the other indicators from it, put a volume ladder type chart beside it, and made my decisions based off charts I am not as familiar with. I still got tunnel-vision when I was picking an entry, but once I was in I forced myself to watch anything but volume. I watched delta, I watched a 5m, a 500t, an old 6 range chart with DCs and momentum, my account balance...

So I scored on taking a less active role, and lost on hanging in there until the end. But in the process learned several things. One was how to play a rotational day. Another is I can hold a trade and treat it as a core position, and still scalp around it if I want. I just have to truly be willing to accept the trade. I learned that my belief is still weak, but getting better.

And that my dog would prefer to buy CDs. But, she is still scared of hats, has a long way to go.

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  #824 (permalink)
 
Zondor's Avatar
 Zondor 
Portland Oregon, United States
 
Experience: Beginner
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It's interesting that there were 3 of what Barry Taylor calls Professional bars, with large average trade size, before the CL topped out today at around 1:30 PM ET.

(There are no fib lines on this chart, but there are price gridlines on a 20 tick spacing.)


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“Lack of proof that something is true does not prove that it is not true - when you want to believe.” -Humpty Dumpty, 2014
“The greatest shortcoming of the human race is our inability to understand the exponential function.”
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  #825 (permalink)
 
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 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


GaryD View Post

Interesting that area was today's LOD, without a hundred fib lines.

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  #826 (permalink)
 
Private Banker's Avatar
 Private Banker 
La Jolla, CA
 
Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
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jamebo View Post
jngrim, I've only been using Sierra for a month, so there may be a simpler, or better way to do it, but this is what I came up with:

As I've made a comparison in the past regarding looking at various developing value areas, I prefer to use the two 1st standard deviation levels as my value high and value low. This represents in theory 34.13% on each side from VWAP or the point of control or 68.26%. You can also break the 34.13% in half which gives you 17.065% that gives you half deviation levels from the VWAP/POC. The 2nd standard deviation serves as the outer extreme however the market on rotational days will often stop at the 1.5 standard deviation level.

Here's my settings for just the VWAP and filling in the 1st SD levels:



Here's an example of how they all look. Note yesterday was a rotational day which was derived on the market opening within the previous session's range and lower balance and testing that lower end to see if there were still buyers which there clearly were. You can see how the market reacted to those lower extremes with the outer VWAP levels providing excellent confluence.





Here's a standard bell curve to reference what I'm talking about:



*** Update *** Looks like we're comparing the two different VWAP indicators in Sierra. The quoted is the Sierra stock version which is broken into 0.5 devations so, those settings are correct. I'm using the user added version which displays 1.0 deviations. Just want to clarify that in case anyone is confused. I just noticed this after posting.

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  #827 (permalink)
 jngrim 
new york, ny/usa
 
Experience: Beginner
Platform: nt
Trading: futures
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Thanks to everyone here. Getting used to Sierra takes some time but I appreaciate the input. Big Thanks to GaryD and Private Banker to sharing their insight.

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  #828 (permalink)
 
jamebo's Avatar
 jamebo 
Washington, DC
 
Experience: Intermediate
Platform: Ninjatrader, TOS
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I just checked my vwap band values against Ben's and thankfully, they match. Starting with Sierra is a lot of trial and error it's great to have other's charts to compare with, especially Ben's.

Question... is that countdown with a line 2 studies (last price line and countdown) or one study. Thanks!

Here's how my chart looks:


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  #829 (permalink)
 
Private Banker's Avatar
 Private Banker 
La Jolla, CA
 
Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
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Trading: CL, NG
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jamebo View Post
I just checked my vwap band values against Ben's and thankfully, they match. Starting with Sierra is a lot of trial and error it's great to have other's charts to compare with, especially Ben's.

Question... is that countdown with a line 2 studies (last price line and countdown) or one study. Thanks!

Here's how my chart looks:


Yeah, its the price line as well as the countdown indicator. Just a helpful tool to have especially with the 30 minute TPOs.

Good luck with setting everything up. Let us know if you get stuck.

Cheers,
Ben

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  #830 (permalink)
 crosscreek 
Studio City
 
Experience: Advanced
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Broker: IQ Feed
Trading: ES, ZN
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GaryD View Post
I thought the same thing. You probably know I used nothing but black backgrounds for years. I only changed to white to remind myself I did not know the charts I was using, but then found out I "felt better" watching white charts all day.

I know that I have had eye strain headaches from black screens, and so far, not from white.


It is a known fact (outside of trading) that black background is very strenuous on eyes. There is a reason why books are always printed on a white page with black text. The problems some experience with white is when they set their display brightness far too high.

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Last Updated on August 5, 2013


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