You are flat fucked because there is nothing original in your charts. I see no proprietary studies. You won't make it without a unique approach. And you'll only get that by coding it yourself. Please note that the snide comment in my first resonse to you was preceded by good advice.
John Are you suggesting that only traders with some kind of proprietary study will make a living from this game? If so I would HIGHLY disagree and I can tell you because of FACT that your dead wrong.
Samson. Must be me, then. Why specifically am I wrong? If that's not proprietary, haha! The only things I have ever been able to make money with were oddball counterintuitive things. Mike.
Merchant. You see, I do find humor in some of your posts (this is good humor too and definitely not being sarcastic). I knew that you were being sincere, supportive, and humorous in the same initial thread post. I also see that you have a kick ass work ethic (ie. put in serious effort, meaning became type B after having been type A). In any event. I do partially agree with your posts. Frag. Let me add a tad if I may. IMO, volume is important, but Volume does in fact have a context. Merchant may disagree and that is ok. However, I look at volume to pull out a few bits of directional information. The first is to evaluate how much of the bar will change in price (bar volatility) and secondly the bias of the bar (ie. long vs short). Thus my second consideration. There is Long Volume and there is Short Volume. Both of these also have context and they relate directly to DOM. Certainly John brings up a few interesting points especially when considering YM. There the context is a bit trickier but there nonetheless. However, it may be interesting to check out how volume relates to bars and then note all the price changes that occurred in the bar with respect to the ratio of Long to Short volume of the bar. Beyond that, relate the Long Vol & Short Vol to AskSize & BidSize. Somewhere you'll have to work in there changes with respect to time, but that may be overkill... One set is supply, the other set is demand. The bar you note is a result of both of these concepts at work. Just my 2 ticks... Kindest Regards
(1) You are looking at volume incorrectly. There are always an equal number of bears and bulls as you need someone on both sides of a futures contract for it to exist. Volume is a measure of total activity. (2) It's not the chart setup, it's what you do with it that matters. Plenty of folks make money just looking at the price, without a chart too.
Thanks for your replies, guys. I'm off on vacation now for two weeks, so some reading to be done I think. Thanks.
John I'm sure you do make money with your own methods and I agree that just a bare bones chart is not enough for a begginer but you really don't need a lot more then volume and candles if you have the right experience. I say your wrong because myself and several friends do VERY well each day with correct volume analysis and just one or two other tools.