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Plan the Trade

  • #8,821
  • Nov 8, 2018 11:49am Nov 8, 2018 11:49am
Quoting hilmy83
does sierra show time and sales as bids or offers? CQG only shows volume. i'm at work so can't check..
Yes it shows both
  • #8,822
  • Nov 8, 2018 11:50am Nov 8, 2018 11:50am
Quoting Divergence
early day for me made quota went shopping {image}
I've been following this thread for a while and really like the strategy so I thought it was time to sign up and thank Harold for all the charts and video's!

I took the same two setups but at slightly different entry levels resulting in a +14 and +1 (I now see where entries should have been). Then made couple of mistakes (taking trades at end of large moves, it's even on a note on my screen with rules when not to enter/ cancel pending orders... ) resulting in my first losing trades this week. Finished the session with 2x +10 for a +11 day with 7 trades.

Had a +42 and +39 earlier this week both with just a couple of trades so it's great to see it all coming together. Just need to work a bit more on focus and discipline on trade selection/entry.
  • #8,823
  • Nov 8, 2018 11:53am Nov 8, 2018 11:53am
Quoting hilmy83
{quote} not too far behind you old man. my target is about $1400 based on 30% range target i have for today. i don't usually trade big on fades..taking bit of time {image}
ok i'm out. those levels were goldmine today. just kept picking at it.

will watch the fireworks from sideline later..

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  • #8,824
  • Nov 8, 2018 11:53am Nov 8, 2018 11:53am
Quoting hilmy83
{quote} it's just interesting. coming from forex, i paid zero attention to this. 1 year into futures..i'm just getting familiar with tape reading to see if there are patterns. it's more of a intellectual pursuit rather than trading for now..
Same here. Was watching some yesterday and its interesting how many single contracts are coming through. Makes me wonder how many people have platforms that will automate dispensing single contract orders everytime a price gets hit up to their designated number (say 15 or 20, whatever) . . .
Anyway, its not really changing my strategy now, but its interesting . . .
  • #8,825
  • Nov 8, 2018 11:56am Nov 8, 2018 11:56am
Quoting Divergence
{quote} What do you mean market maker
See this:

https://www.cmegroup.com/confluence/.../Market+Makers

They provide best bid - best offer, liquidity etc.
  • #8,826
  • Nov 8, 2018 12:01pm Nov 8, 2018 12:01pm
Quoting angus
{quote} See this: https://www.cmegroup.com/confluence/.../Market+Makers They provide best bid - best offer, liquidity etc.
that pretty much throws orderflow reading out the window...
  • #8,827
  • Nov 8, 2018 12:02pm Nov 8, 2018 12:02pm
Quoting angus
{quote} See this: https://www.cmegroup.com/confluence/.../Market+Makers They provide best bid - best offer, liquidity etc.
That would be is low volatile conditions I think. When volume is high no need to facilitate bid ask
  • #8,828
  • Nov 8, 2018 12:12pm Nov 8, 2018 12:12pm
Quoting Divergence
{quote} That would be is low volatile conditions I think. When volume is high no need to facilitate bid ask
then i'm a market maker in the asian session then. i got bids/offers on both side of the range most the time..

asian session=where freaks come and play NQ. it's like playing low stakes poker table during this session..it's nice

us session is the high stakes...
  • #8,829
  • Nov 8, 2018 12:24pm Nov 8, 2018 12:24pm
Quoting hilmy83
{quote} that pretty much throws orderflow reading out the window...
I ruled out order"book" via the DOM as a useless endeavor. Algos at work putting and pulling in rapid orders to entice buyers and sellers. You simply cannot beat these fake MOFOs. I use DOM only for each of entry and exits.

In Sierra, you can either add "Large Volume" candle or apply filters directly on the chart itself to limit/restrict min/max volume or trades at bid/ask. I have yet to find any decent edge related to "Volume Spread Analysis"... the buzz word I keep hearing from the gurus. Currently focussed on Market Profile, POC, VWAP, decision bars, correlative behavior etc. I need one more quantified thing than just price action to make a entry decision. Research continues. Last night I tried pairs trading between NQ and ES via 1 contract in NQ and 2 in EQ and scalping one over/under the other was quite encouraging to limit the downside moves in a ranging market.

I also discovered the Global Profit/Loss Management feature in Sierra and an associated indicator that we can use to display the Net PnL ACROSS multiple instruments. If you attach the trade tool on a chart, it becomes dumb and only trackes PnL for the specific chart. I m sure there is a better way out so sharing what I am learning as part of my own journey.

I could not trade again today and I am on business travel all of next week then thanksgiving then again on travel so rest of November is f*cked up. Sim and Market Replay continues for now :-(
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Staying in my lane...
  • #8,830
  • Nov 8, 2018 12:25pm Nov 8, 2018 12:25pm
Quoting hilmy83
{quote} then i'm a market maker in the asian session then. i got bids/offers on both side of the range most the time.. asian session=where freaks come and play NQ. it's like playing low stakes poker table during this session..it's nice us session is the high stakes...
exactly what times do you trade NQ during Asian?
Staying in my lane...
  • #8,831
  • Nov 8, 2018 12:28pm Nov 8, 2018 12:28pm
Quoting Divergence
{quote} That would be is low volatile conditions I think. When volume is high no need to facilitate bid ask
They are always active no matter what the conditions are at any time of the day or night - without them the spread would be all over the place. They are paid by the exchanges.
  • #8,832
  • Edited 12:55pm Nov 8, 2018 12:31pm | Edited 12:55pm
Quoting VEEFX
{quote} I ruled out order"book" via the DOM as a useless endeavor. Algos at work putting and pulling in rapid orders to entice buyers and sellers. You simply cannot beat these fake MOFOs. I use DOM only for each of entry and exits. In Sierra, you can either add "Large Volume" candle or apply filters directly on the chart itself to limit/restrict min/max volume or trades at bid/ask. I have yet to find any decent edge related to "Volume Spread Analysis"... the buzz word I keep hearing from the gurus. Currently focussed on Market Profile, POC, VWAP,...
You might be interested in these guys:

https://www.jigsawtrading.com/
  • #8,833
  • Nov 8, 2018 12:43pm Nov 8, 2018 12:43pm
Is that the number bars trading
  • #8,834
  • Nov 8, 2018 12:46pm Nov 8, 2018 12:46pm
Volume has its place in trading futures. Below is one of the charts I look at for NQ. It has two indicators on it. VWAP with standard deviation bands and order flow volume profile. The yellow line at the bottom of the screen that price just reacted to is yesterdays POC (Point of Control) it is the price that had the highest volume yesterday. The two blue horizontal lines are todays value area where 68% of all of the volume for today resides. The yellow line in between is todays current POC. The multi colored lines on the left are the volume profile set to heat map instead of standard. Take a moment to look at the standard deviation bands, see anything of value? Volume is one of the tools that I use to be able to get into and stay in trades for significant runs.

Don't discount volume analysis. It has more value in futures than it does in Forex.

Attached Image (click to enlarge)
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  • #8,835
  • Nov 8, 2018 12:52pm Nov 8, 2018 12:52pm
I have used both at 1 time not at same time. For me I have tried everything and always revert back to pullback trading. Don't let me discourage all from experimenting I'll stick to what I found as a money making strategy
  • #8,836
  • Nov 8, 2018 1:01pm Nov 8, 2018 1:01pm
Quoting Divergence
I have used both at 1 time not at same time. For me I have tried everything and always revert back to pullback trading. Don't let me discourage all from experimenting I'll stick to what I found as a money making strategy
I actually use a form of pullback along with a few other things like the chart above. I figured out a way to combine them and it works well for me. Your system is great as it is. I am always experimenting and studying charts. It is my video game addiction so to speak. LOL!
  • #8,837
  • Nov 8, 2018 1:10pm Nov 8, 2018 1:10pm
Quoting VEEFX
{quote} I ruled out order"book" via the DOM as a useless endeavor. Algos at work putting and pulling in rapid orders to entice buyers and sellers. You simply cannot beat these fake MOFOs. I use DOM only for each of entry and exits. In Sierra, you can either add "Large Volume" candle or apply filters directly on the chart itself to limit/restrict min/max volume or trades at bid/ask. I have yet to find any decent edge related to "Volume Spread Analysis"... the buzz word I keep hearing from the gurus. Currently focussed on Market Profile, POC, VWAP,...
I trade Asian at 9pm CST. Come join me ::-D

Hey man I travel for work too, and still trade. I just need 5min at start of each hour to analyze and few minutes in between to manage trades.. That's where alarms from phone come in.

If I'm in meeting, I just excuse myself for bathroom breaks (and yes I have taken 3x breaks in the same hour before:-P) I just say new medication or some shit like that

Whatever it takes man. Dual income don't come easy
  • #8,838
  • Nov 8, 2018 1:33pm Nov 8, 2018 1:33pm
Nothing like a little afternoon delight. LOL! I said I wasn't going to trade until Friday but this set up was picture perfect. 81 ticks profit in less than 10 minutes.

Attached Image (click to enlarge)
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  • #8,839
  • Nov 8, 2018 1:44pm Nov 8, 2018 1:44pm
Quoting magnumfreak
Nothing like a little afternoon delight. LOL! I said I wasn't going to trade until Friday but this set up was picture perfect. 81 ticks profit in less than 10 minutes. {image}
judging by your chart.i can bet with 90% confidence we trade almost the same way..


shhhhhhh
  • #8,840
  • Nov 8, 2018 1:48pm Nov 8, 2018 1:48pm
Quoting hilmy83
{quote} judging by your chart.i can bet with 90% confidence we trade almost the same way.. shhhhhhh
my chart. looks busy as hell, but there's a wealth of information on it.

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