My platform (Sierra) automatically creates a seamless chart by shifting the past day so that the close matches today's open. So I scramble in the first 5 Minutes to move the carryover lines. For that reason, I leave only the most important lines on the chart the evening before. I do project slow RTL's and LTL's, sometimes from weeks back, and major Swing highs and lows. Have seen the market complete a sequence right there and bounce back too often... hth, Vienna
I understand, but when you draw major horisontal support/resistence levels, do draw both the levels on the degaped chart and the actual price levels from a traditional gapped chart?
Although Jack doesn't teach this in his PEP methods, I absolutely think this chart is very complimentary to his "Volume leads price " mantra... The chart is a de-gapped cumulative delta volume 5 minute chart for the 405 bars of last week. Take the time to draw channels on both the price chart and the cum delta chart and match up FTT's on different fractals. I also overlayed the volume bars so that gaussians could be matched up. Hopefully, someone will get an "AHA moment" from it.
A brief comment. A trader's goal is to be able to work effectively in real time. you will see the market and simultaneously your mind will fill in the thought so you have perception. Perception is 90% inference from your mind and 10% what you sense. On the 405 bar charts you are going to do when the weekend begins, need to be done bar by bar by covering up future bars and focussing on adjacent bars. One measure of this is if and when you can slide the cover as fast as the market operates and also have a complete set of MADA loops transpiring. Start with bar 1 and bar 2. Make a list of each activity in each of the four letters. M A D A This is your routine. On the other hand, your posted chart looks like you are picking off the easy stuff and remaining in a quandary on the parts that did not have the routine applied to them. I could do all the bars and run a narrative on my processing. When we did boot camp sometimes it seemed like the month of boot camp was going to go more than a couple of years. This is your situation. You cannot build your mind into a fully differentiated mind, if you do not begin to work purposefully. A very effective way to do things is be messy and make a lot of mistakes. Moving to where you have done five 405 bar charts and a comprehensive log for each, what is the new situation? The market opens. You scramble to get the carryover incorporated using your final summary of what the day will begin with that was written the day before at your leisure. You are in the market on bar 1 (early) and making money. You know you will make enough points to add a contract soon (how many depends on your entry number of contracts). I'll use 30 as an example. Your gour goal is 50 this week. The first point you make allows you to add one contract. By bar 2 you have the rtl and ltl drawn and you see the volume, as usual @ extraordinary. By this time you have the urge to trade point to point on the fractal you began trading FTT to FTT. Instead of 4 to 7 trades a day you are looking at 15 plus. Since this is the case use some old 1, 2, 3, and ftt and clone or duplicate them on your chart and place them about where they are going to go. Add in some ltl's and rtl's so you have one for each color and throw on some LTL's and RTL's so you also have one for each color as well. Do the same for two levels of volume. Always use the same respective line weights and keep them short in length. To apply each as events pass, always drag the left side to the appointed place. Then fool with the right end. Here is the question. What in the world lets you do all these things in a routine manner as you log on sheets of preprinted logs. What lets you do it is that you know what is going on now and what will happen in the near future. Look at an RN chart and see he is just always in reaction. Since everthing he might use in the near future is missing on his neatly done mistaken charts. Be Prepared is a child's rule for getting through the day at a time you are not old enough to drink. Each row on a log is the same in all columns but one column. That column has a change in it. You can read the rows as the day goes on and fill in the rows ahead of time. If you did the 5 cycles on a log five or ten times, then you would find it easy to fill in a log. When you trade 10 contracts you have a longer time before you add a contract than when you have 30 contracts operating for you. Consider a pm BO. Twice last week the price changed 13 points oover two five minute bars. The 600 seconds were interesting. 13 points on 30 contracts allows the addition of more than one contract. And you have to lock on to the end of bar segments and shove them to a point on a chart. The acceleration going on during those two bars required you to get set up for the ftt that was going to pop up. You need to move some P's and T's on the volume chart as well. If you are showing an MACD you are glancing for an end of the divergence which is underway. (What? says Lucrum ... lol) We really keep ahead with the leading indicator signals on the lagiing two lines. You all know what the next two sequene items are don't you. Good. When you see the turn, you have added 13 contracts and have to reverse through 86 contract buys (the move I spoke of was down). You are now holding long and 20,000 bucks or so richer and in the market. The story is just this. You have to do weekend efforts so you can trade during the week. There are 405 bars during the week so you have to do 4050 bars on the weekend. (Or half that much) Print about 50 log pages to get started. Say you are in the Marine Corps. You are learning, in boot camp, how to remain alive. So you wear out your weapon doing this. your weapon for trading is your mind.
Hello Jack, am drilling on the weekends, right now I am just blocking out price portions of the chart from Volume alone...working fast, trying to locate every FTT, BO, PT 2 , 3 and VE from the volume pane . Right now I can do this reasonably accurate in 10-12 Minutes per chart, blocking out level 2,3 and sometimes 1. I want to get to the point where I just glance at the volume pane and immediately "see" what price did all day... so the monitoring is keeping improving with practice, I can now see things right away that were invisible to me months ago. Question re beginner Level of trading (and I am sorry if you probably answered this numerous times over decades): Right now, I am trying to catch the FTT's and then hold as long as indicated (ideally to the next FTT). Regarding the FTT itself: 1. Is it recommended to trade EOB at the beginning? Enter at the open of the bar after the FTT? 2. When do you wash? If you enter EOB and exit when the Bookmark is taken out, you get some losses (not washes). I find the reversing thing hard to do with EOB entries, and find I get whipsawed. What do you recommend if entering End of Bar? Thanks as always! Vienna