It's actually 3 - 2 - 1. 3 Rules, 2 Formations and 1 Indicator. Trading is a fairly simple discipline. The complexities of human behavior is what makes trading difficult for some.
Sure the trading is a simple discipline. The difficult part is only to catch the right market direction.
would you mind posting a chart of the ES with 60 minute bars (rth) that doesn't expand or contract based on volume traded.In fact can you just show total volume as a histogram [get rid of the bid/ask stuff]. Also, with the volume by price, instead of using 360 days, could you use the march lows as a starting point? thanks
Both Market Delta and Cisco Futures offer excellent products. I would see the differences this way. Market Delta provides the number of contracts traded at the bid and the ask and provides a nice user defined element to color the rectangles under the bid ask data to show the intensity of the move. Trademaven F3 and F4 charts not only show a visual of volume at price but color the bars to replicate a Market Profile distribution. To my eye, this is more easilt interpretable. Trevor Harnett is an excellent trader and, at least at one time, the owner of Market Delta. It is an excellent product and, if their web site intrigues you, I'd take their free trial. Unless something has changed from when I was a subscriber, they don't have an equivalent to the TIE Trader Room with Charles Cochran. Cisco has an excellent short and long course on Market Profile. I have taken the short course myself and was formerly a subscriber. Don Jones is exceptionally knowledgeable and does thorough research. He was one of the original providers, if not the original provider, of MP data from the CBOT. I would interpret their offering as more applicable to a swing trader. Again, there is no equivalent to the TIE Trader Room. Cisco has a wealth of free information on their web site. I would also also suggest taking their free trial if swing trading suits you. Both Trevor Harnett and Don Jones belong in the "good guys" category of quality people in this industry. Both are extremely knowledgeable and are of high integrity. I have had only good experiences with them and their products. I see Trademaven as the most complete offering in the industry. Their charts are well designed and provide a wealth of information for the type of trading I do - short term swing trading and scalping. They are very visual and are the only ones that include a deceleration indicator, which is absolutely key to volume interpretation. Subjectively, I find Charles Cochran to be the most knowledgeable analyst I have experienced, and I have been in some rooms that had excellent commentators. The only way a new trader will be able to make an informed decision will be to try out these excellent offerings and decide which suits their personality best. Again, subjectively, I prefer Trademaven. And as I have previously mentioned, I am an independent trader who is doing consulting for Trademaven. I could go anywhere and use any software. Trademaven is my choice.
Thanks for your response. At long last, a vendor with a professional attitude. Much appreciated. I haven't used MarketDelta much personally, but I can most definitely vouch for Don Jones. I think the chart setup that you have could be useful for other methods of trading besides the specific method/system you teach. The drill down approach that the chart setup facilitates could be useful for almost anyone who uses auction market/MP analysis. Is that specifically part of the Inside Edge program, or can someone get that same set up using the TradeMaven Pro platform? In other words, if someone does not require handholding via chatroom, do you still offer the same tools on a separate basis at a lower subscription rate? Also, on that note, is the setup only available on certain instruments, or could one use them for other underlyings? Thanks.
I think that you should elaborate further, most of the people feel that supply and demand drive the market directionally.
News Day Trade After a news announcement, like PPI on Tuesday, your first job is to determine if the news is positive or negative. Then wait for a pullback to enter. On Tuesday, PPI was negative for the bond. Charles Cochran's called buy level was 116.29 to 117.01. The market hit 116.30 twice yielding two 6 to 9 32nd trades in the ZB, and supported higher prices for the rest of the session.