Market profile + Tick

fantastic4

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I'll start recording results on Monday, December 29, 2008. If I can succesfully trade well for 1 month, then I'll add real money, yes, this is paper trading journal.


My rules are fairly simple.

One trade, one contract per day on the YM. This is because I want to start slowly and preserving capital is my main goal.


Decide if you are bearish or bullish, with likely entries and exits for the day and trade those only.

I will use market profile areas, and look for entry on a Tick extreme.

Here's a video example of my trade entry:
YouTube - Market Profile
 
Long time ... I haven't checked on your blog! Can you post the
link ?

Why are you going for 1 trade/day?
 
Hey fantastic. My goal is to make sure I don't burn out my account. If I do one trade a day then it will take a couple of weeks before I fall below the limit to trade. That would be two weeks of losing in a row with no winners. Also, the other big problem I experienced with my first round of paper trading the YM, was that I took winners to soon. If I've only one trade then that will encourage me to make some money with it, and pick only the juiciest of set ups. Normally, when paper trading, every succesul day I had was find until I got hit with a full stop , and then a couple more. Not cool!

Well, I've a few blogs up now;

Help me day trade the ES because I have no idea what I'm doing
Market Profile
mythaitrades.blogspot.com
Free Trading Videos

Well, the last one's not mine but you'll often find me there too.
 
Well, I'm just giddy! Tonight's the big night. I'll be doing the ES again because of the low volume in the DOW and I'm also worried that the bad news with DOW, the chemical company, might shake things up, and also mypivots.com hasn't been giving the YM numbers lately, I don't know why?

Market profile numbers for the ES tonight are:

VAH 869

POC 867.50

VAL 865.00
 
Since, I'm bullish today I'll only be looking for a buy, and I'll also need bullish or atleast not bearish internals before buying, and the TICK extreme. Will I get a chance to trade? Possibly not, but I seriously doubt I'll get stopped out!
 
Well, I've a few blogs up now;
Gosh, so you have now expanded!

Tonight's the big night
Your emotions must be high then.

Having a look to the links.
 
Well, Monday, was Monday. It was Monday wasn't it? My first paper trade was a loss. Funny thing is, I knew it was against my plan but I'm just so darn bored paper trading, I've got to atleast take a trade. The only thing more boring than paper trading is not being allowed to trade. I was about to make a video why I shouldn't have taken it, then I got stopped out. There were really no other oppurtunities for the rest of the day.

YouTube - Trading with market profile
 
Tuesday presented no oppurtunities, but I am working on an intraday value area strategy. Like a sort of mini me high value area/ low value area, just from two areas where price is trading with high volume, Maybe price is near the top of them, and the tape is consistently showing more red than green, then sell until nearing the bottom area. I'm just playing with this for now. But my main concern isn't making money, it's just not losing it that I"m concerned with.
 
Sorry about that, that's my fault. That's a link to another forum where I'd put it up and it wants you to join before going in. Let me move it over here. Give me a bit.
 
This has all been super boring. I can't even go on. The up move has been fast and strong, and market profile numbers haven't come into play at all.
 
Well, this week wasn't very active. The numbers were put to a lot of use premarket but not so much during market hours. I've been catching up on some sleep as well, but have been using market profile in the Thai market. I'll post a video about that soon. What I've been doing is making a market profile graph after the morning trading and looking to buy the low value area of the morning's session.
 
Who are you when you trade

Well, this week wasn't very active. The numbers were put to a lot of use premarket but not so much during market hours. I've been catching up on some sleep as well, but have been using market profile in the Thai market. I'll post a video about that soon. What I've been doing is making a market profile graph after the morning trading and looking to buy the low value area of the morning's session.



good thread Mr fantastic

Watched your little film show

Hope you don"t mind the post below by a guy who it turned out new me better than I new myself. It was my first thought while watching you trade.




Who are you when you trade?
________________________________________
Ive seena lot of posts about tips and tricks in the trade but few that relate to the biggest issue of all.. YOURSELF

Of far more importance than anything else it is YOU who are the focus of the markets. The markets dont like or dislike you they are just there and the markets exist to move money between accounts.

If you set stops too short, keep modifying your stop loss, feel that the market is against you or that you are in a fight with other people, or perhaps want revenge for the losses youve sufered... or you still take impulse sucker trades without any notion of the value of your entry/exit and total possible loss IN ADVANCE let me assure you you will oh yes YOU WILL LOSE!!!!

All the above issues are unresolved problems that YOU have to confront. The best way to deal with that is to have a written plan and EXECUTE EVERY signal to the letter like a machine..after which you can then test your results after 3-5- days and only then perhaps modify your apporach. If you arnt doint these things then I assure you you will lose!!!! PERIOD because you have no means of measurement, no means of control and your lack of discipline will kill your account.

You either approach the markets like a machine who measures plans and executes without emotion inc euphoria or you will LOSE!! It takes around 3 weeks minimum to learn this habit of discipline to trade as well as stopping completely any arbitrary entries that send your money to disciplined trader accounts until it begins to become ingrained in your Psych. Most traders dont get this far before they blow out because they thought the markets represented freedom to them but the paradox is they require diligence, discipline and a scientific approach which by the way can be helped greatly by using automated platforms if you know yourself to be weak at sticking to your executions and end up chasing the market...another sucker trade. Are we all getting the message? Traders are not born they are made..and those willing to commit to discipline during the learning phase will most likely end up winners.

Most people simply dont want to face that level of discipline thats why they lose by impulse trades...sucker trades that have no feedback value whatsoever .

you/we have bigger issues to confront and those are first a commitment to be aware of yourself and how and why you cut corners. You must always know how much you will lose before the trade begins... this also helps to keep emotion out of the market.

read Trading in the Zone by Mark Douglas and forget for now any intense study of the markets.. more knowledge of the markets is NOT what will make you successful.. Knowing yourself and why you do things and then committing to discipline is the path to success...

commit to consistency... this is what I have learned from my bitter experience to date..please please get this message.

by Paul


all the best with it

Andy
 
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its nothing, because of your 0 MA it makes it look like a head and shoulders. head and shoulders is where the price has made a high, pulled back, made a new high, pulled back again and failed to make a new high. if you look at this tick chart this is not the case as the first high tick reading was the highest..the close of the bars is meaningless tbh and this is where your MA is calculated from
 
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