Once I got into the trade, I just monitored, bar by bar, the gaussians of my new down channel. I just held and held b/c it appeared that the dominating vol was down vol. I figured, until that changes, I shouldnt take action (ie cover my short). I did take action when price went to both RTL on both ES and YM and it looked as if we were just going to FBO and so I covered.
I like it! As long as things keep going along as expected, no need to worry. When it changes, I'm outtie
Hi all, I only discovered this thread around the beginning of the year and have spent the last 2 months studying the background material. Quite a haul! Also, I've read through Jan. 15, 2007 in this thread and am ready to start real-time practice of locating the FTT's using only ES price and volume. The problem is that I'm about 2 months behind the rest of the class. I don't want to start reading about using the YM until I've put in the recommended 20 days (minimum) drawing channels and locating FTT's so I guess for the next month or so, I'll just watch the mkt like you guys did in January and try to gradually catch up over the coming months. I've got 2 questions: 1. What is the best way to display PRV in TradeStation? I remember a post that talked about calculating it manually every 30 seconds and I have the "stacked volume" indicator that was talked about in this thread but I'm wondering if there's a way to display it automatically in TS. I think the indicator MAK uses is for esignal right? 2. Is there a way to get the volume bars on TS to display different colors based on whether the 5min bar is an up bar vs. a down bar? I created a simple paint bar in TS to paint the up price bars black and the down price bars red but don't know how to do it for the volume bars. Thanks.
Flier, It is STRONGLY recommended that you avoid using any kind of PRV tool to start. Just use an egg timer or whatever. Calculate in your head, it really is quite easy and you'll learn so much more. Spyder has said this time and again. In TS you should be able to color volume bars by adjusting the properites for the volume pane. It's been awhile since I used TS, but I think you can just right-click on the volume pane, select properties or whatever they call it, and find the tab to adjust the colors. I hope this is correct, I know I had done it quite easily.
I rock at hindsight trading. Attached is today's chart with thought process debrief for each trade. Please critique! It would be awesome if more people did this type of thing so we could compare notes. NOTE: this is forest reversal-only trading, while keeping a close eye on the trees for clues.
I think you have a great point. I didn't have a good today at all, starting with esignals time zone issues... Will start posting my chart and observations tomorrow, so we can compare.
Nice job on the debrief. Thanks for sharing. I found it extremely helpful when Spyder did this also. Kind of hoped it would be more than a one day wonder. I saw pretty much the same setups develop today however I used a 2min chart for the first down channel and exited on the big price and volume reversal bar at 7am(pst). The buy-sell volume was showing a shift at that point also. I did do a couple of my old habits in thinking it was a gap down, wishful thinking trend day down, and tried a couple shorts on the following up channel. Took small losses and came to my senses in time to get it back on the right side of the market. Got some more on a short after the rtl break and weak retrace entry. Again using the 2 min chart and market delta to confirm entry. I've been tracking both the YM and ES on a 2min fractal. Still find myself using the ES more for that resolution. Maybe because the delta is easier to read on the ES than the YM. I usually wait if they aren't in agreement. Only traded the AM with one quick trade on the break up this afternoon but had to exit too soon due to work. The methods taught in this thread are becoming clearer. The forest level is profitable. I can only imagine what finer resolution will bring after sufficient practice. I am continually amazed how well the 1-2-3 pattern works on either the 2 or 5 min fractal when incorporating volume. Even when I miss a FTT getting a confirmed BO of RTL and entering on a weak retrace in the 2 min fractal has worked well.
Ok, thanks. I don't remember reading that but then again, I've gone over THOUSANDS of posts in all these threads so it must have slipped by me. I wish it were that simple. You can choose which color to display the volume bars in and their thickness but I need to code a special indicator and I'm not a good coder. I searched the TS forum but couldn't find what I needed. Thanks for your help.
http://www.charthub.com/images/2007/03/12/1_min_ftt.png This is the 2 min chart I was using this morning. The 3rd pane, green and red histogram is the market delta(buy-sell vol). In the first 2 channels it gave several clues as to what might happen. The last 2 bars in the first green channel show a lack of conviction in buyers in both the volume and delta. The first up bar in the first red down channel shows increasing volume but the buyers didn't have much punch compared to the increase in volume and the following bar shows the sellers getting control again creating point 3. The reversal bar at 7 am shows the sellers starting to get overpowered. Don't know how long it will last but something to take note of and take some profits. I'm sure the tools to come during the remainder of the year will replace what I'm using now but this has been helping me see whats going on during the 5 min bars. I can't watch all the time so I need these snapshots to get a feel for things.