~FWIW~ I think this is your only problem. This clearly says 'predicting' to me. You were predicting that the downtrend would continue, which for whatever reason it obviously did not. If you decide to stick around, my advice is to just relax a little bit. I have tried this and has done wonders for me lately. Here we are arguing about a tricky situation that lost you 2 pts, after the market tanked straight down for 25pts. I stand firm on my assertion that entering on retraces is quite difficult. A good bit of the time that retrace is actually the new dominant and you missed a change signal along the way... In any event, let's trek forward. Good trading to everyone
This is the criteria i am using for volume pace: Extreme - +35k and up Fast - 20K-35k Medium - 10-20K Slow- 7.5-10K Dry Up - <5K Is this ok or should i adjust?
I really wouldnt be too concerned with it. I have 'eh, whatever' at <10k, then 10-25k is all pretty much the same, then over 25k is a money making jamboree...
Predicting isn't that bad, as long as being flexible and HAPPILY take every wash ( BE/Loss/Profit) when needed without fear.
Yes! This is what I've tried to articulate several times - complementary channels with their respective FTTs giving you P1 and P3 (see attached real time annotated chart). Knowing how any market turns puts you in a calm place. Note also how 20SMA behaves - if it's not in your channel or worse heading the other way, be cautious. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1653753>
Darn, I was kinda hoping I wouldn't see anybody write that, but some how I felt I would. Since December, I've done nothing with this stuff, except stare at Spyder's ES charts everyday for hours and read the journal. I own a business, so right now I can only watch price & volume live every now and then, but today I wanted to try paper trading and see what I could do staying in all day and just reversing. I didn't even look at p/l until the end of the day. Unfortunately, from other's comments today, it looks like it was just an easy day and it was just beginner's luck. 14 trades 37.5 pts
Reluctantly browsing through today's posts ... I found this interesting example. You seem to say that a longer price bar for the same volume (or smaller) makes you anticipate a move in that direction. Rephrasing it: for the same price bar length, a lower volume is a signal of strength. If so, a question would be over what time span this signal has effect? The next couple of bars? Longer? Looking at your example I wonder: the green highlighted bar (longer down bar on lower volume) anticipated: 1. the next two bars bump up? or 2. the down turn that followed after that? I prefer this kind of discussions ... You know how we talk about channels being the highway, volume the gas pedal, bars' range the price velocity. Also the fact that the minority is in control: "that one side of the DOM has dried up". I'd like to hear others' opinions on this too ... <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1653479">
Thank you I'll do that. I followed an instructional pdf that was posted awhile ago, but I must of goofed somewhere. Recently I've been checking out EM-PREM.Z as a substitute for str/squ. It's got some interesting characteristics.