very slowly. Volume leads price. see Granville... but skip the trip. Spyder and I are trying to support your learning process. If you have a printer, get some color inm cartridges and print the stuff underlined in red. Get a 5 pack of yellow high liters. A one pink one. Read everything and highlite it in yellow At the bottom of each page put a pink check it you did not invent something while reading it. the volume stuff you want is on the pages. Move the volume on your charts so it is right up and underneath price. Do a cut and paste with the things you posted as ideas that are out of the computer you did not throw in the river. Cut all from your software and paste onto a CD or floppy. Take the floppies and CD to the river and see how many times you can skip them before they sink below the surface. Spyder and I are people who do what is written in those red refernces that you are going to print and read and highlite. When I say we do it I mean we do not post in P/L because the prints cannot be digested by people here. There is an expression: "making margin daily". Get out your monopoly money. Pay your self on your pillow every night an amount equal to margin. Do it every day. Keep what you pay yourself in bags from the food store as the piles get larger. Print money to have enough play money to keep doing this the rest of your life or until...... At some point you will have read the red stuff and then you will buy a new computer and get the software. Then you will do it finally at some point instead of doing play money on the pillow. Two people who cannot post P/L's in ET are helping you. We are not trading 1 contract. We are not doing 10 contracts anymore. We cut off the contract level on T&S below 50 contracts. We do not trade YM. We use YM as a leading indicator of ES. We trade ES. Both of us are busy guys. We do not double team or anything like that. If you get a post from one or more of us it is to support you to do something. Do as we suggest. Try to not take any side trips.
I do not make entries ordinarily. I do on the BO of bar 4 as it goes past the exteme of bar 3 ordinarily. After that I am in the market with as many contracts as the market can bear without slippage and I am using volume to give me a leading indication of when to act. Naturally, I observe and judge whether or not an action is called for or whether to continue to pile up more profits. I do 20 to 40 actions a day to the combo of taking profits and getting on the other side of the market, simultaneously (this is a reversal type trade). How close do I come to doing reversals at the right time? I do not care. Why would I care? There is no reason to care because I always have recourse to correct a mistake at the first opportunity, the second opportunity or a later opportunity. As a matter of practice I do take the first opportunity. I do not deal with drawdowns or whipsaw or being on the wrong side of the maret and invoking what some traders call "HOPE". I am very risk adverse so I demand of myselt to stay on the right side of the market and I take profits at the end of each segment of profit accumulation. I use the variables of the market to collect sufficient data sets from which I draw conclusions, repeatedly and over and over. I continue to do a routine of four parts over and over all day long. A person in their 20's or 30's today in modern times, cannot do this level o work or think in this way. It takes a while to be able to have the conditioning to be able to be a trader and be one that follows the markets and be one that makes money all day long. I do it using sports memory as a professional athelete would do. They pay professionals to dribble balls and run arund corners better than others. Trading is not competing and it is so hard that conditioning is required and ordinarily people cannot do that. They are not in condition to be able to do a routine. Let say it takes 10,000 questions to get things straight to be able to perform. Lets say there are 100 word answers to those 10,000 questions. Make a note. I have posted over 10,000 answers of 100 words each as a side adjunct to trading. This means that what you read is a result of trading as an expert in a manner like Lance Armstorng rides a bike. Snarley cannot get started as yet. He cannot do as suggestd but he keeps trying to find a shortcut. Lance Armstrong for 7 years took not one shortcut. He gets on machines so scientists can find out what makes him a winner. It is not in their records of his sitting on the machine. Lance did the work and after he did the work to get over cancer. Cancer is what most trades have and it is what 90% of them die from. I am the type person who would walk the Tour de France course and takes notes. I did that for 50 years and took the notes. I get on my bike everyday and I ride for the 6 1/2 hours. If I say volume leads price as Granville did, then volume leads price. If I say if volume is rising, etc... then that is the way it is..... I am a seasoned absolutely superb trader who is in the market all the time that price is changing because the principle is that when price is changing, then money is made. I am always on the right side of the market because that is where the minority is for trading. When I see a turn in the road coming up I bike around that turn and take advantage of the turn at just the correct time to get the greatest advantage. You always have to be on the right side of the market at all times you are in the market. That is the KISS of trading. BE IN the market and BE on the RIGHT side. The market tells you everything by volume leading price; price is what you use to make money with contracts. People are the volume; you front run the herd by reading volume which leads price. QED.
Yeah, yeah, yeah. Weve heard this crap a hundred times. Right now go to to TWS/view/executions, take a screen shot and post it and shut your critics up. Of course it aint gonna happen for any number of mythical reasons.
Jack and Spydertrader, Hey, I am trying over here. Currently, I am reading your Channels for Building Wealth V2.2pdf. It's very good by the way. And I am trying to get my software to look like you want it to. I mean at least I can use my drawing tools now and draw "channels". Which I believe like you that it's a great idea. Ok...so far so good. So... (1). I switched to a 5 minute chart. (2). Software can draw "Channels". (3). Can only afford to trade (ym) at this time tho... (4). I am reading your Channels For Building Wealth. So...I think I am doing great. And in a fairly quick time period. Please check our my computer screen with the volume bars! This is the best the software can do (ya I know, get better software). Unless I take off the indicators (macd/stoch) and just trade with price bars and volume bars? Thankyou... snarlyjack
Jack. Or...software program with just price bars and volume bars. Just your basic set-up. Then I could add your "channels" later. But no indicators with the volume bars up like this. So...what do you think? snarlyjack
Jack I have a question... in the opening of your Building minds for building wealth, you inform the reader that he/she is reading it in their present state of existence? What the fuck is the point of that statement? Is it possible to be reading it in a present state of non existence? or a past state of existence? Why insert such obvious wankfest statements? It's pseudo intellectualism and mental masturbation at it's finest, it sounds lofty and intimidating but really its all ego and no substance. You need to take occam's razor to that intellectual beard you've been cultivating because it wont fool anyone that bothers to investigate it, and if it becomes habitual your true self will be lost to this fractured part of the psyche forever. I mean come on Jack, you're not sitting around the dinner table with your wife talking like that are you? you know how I know that Jack? She hasn't shot you yet! So why inflict it upon us? You obviously have a lot to contribute here but if you place ego and appearance over clarity and brevity nobody will bother with the message.
Jack, Maybe this will help someone. If we split the screen's it will show all the info you want our screens to show. Check it out... snarlyjack
Based on the limits of your software, it appears you have everything set as Jack described. I have recommended to others to begin by using only price (and channels) in an effort to locate the FTT (See posts I, II & III linked above). However, follow the directions as Jack has recommended, and consider my comments as 'filling in the cracks' of your understanding. The volume bars (Gaussians) also play a role in anticipating what comes next. However, for a quick primer on channels see the Determining Trend Thread linked above. The thread contains several .gif files captured by Jack - all of which illustrate the channel drawing process as the market unfolds. Good Trading to you. - Spydertrader