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  • #81
  • Feb 25, 2007 1:14pm Feb 25, 2007 1:14pm
Okay. But I still do not understand what you mean. This is not tick volume.

Let's move on. I am a little thick headed sometimes.

Quoting Tradeit
When I was referring to Tick charts, that was the chart I was talking about. It is a very usefull chart if ticks were reliable in Forex
  • #82
  • Feb 25, 2007 1:35pm Feb 25, 2007 1:35pm
Quoting DownRiverTrader
Okay. But I still do not understand what you mean. This is not tick volume.

Let's move on. I am a little thick headed sometimes.
Don't worry, I am a little thick headed too occasionally.

My point about that chart is that the way you establish the view of the most active price occurences are based on ticks and those are based on the platforms. I conclude that based on the description of the charts in Market Profile and TS description,

Let's move on.

I wish you could comment some more on shorter term trading eventually,

Thanks and Best Regards
  • #83
  • Feb 25, 2007 2:17pm Feb 25, 2007 2:17pm
I noticed that two of the links in my signature area that linked to the website have been removed. Are you not allowed to link to a personal website here at Forex Factory? Does anyone know? I figured it was okay since I was not selling anything.
  • #84
  • Feb 25, 2007 2:37pm Feb 25, 2007 2:37pm
DRT,

Interesting how do you determine your river level if Price Distribution has almost a bell curve like it was on EURUSD in August?

Wookey
Wookey
  • #85
  • Edited 4:18pm Feb 25, 2007 2:43pm | Edited 4:18pm
This Market Profile indicator for metatrader does not use volumes for calculation, but still it's lacking. It calculates only for daily and incorrectly calculates Upper Value Level and Lower Value Level. Although, I don't know if DRT uses them.
Unfortulately the correct Market Profile indicator is hardly possible in Metatrader because of its bad timeframe coordination.

Wookey

Quoting Tradeit
Perhaps I am not following you but didn't you say that you were not utilizing Market Profile and more specifically that your river indicator are not "volume" based (MP is volume based)

I am attaching a chart with the Market Profile in MT4 platform (this is the platform that majority of the forum participants are using). Looks to me it is volume based and therfore not reliable in Forex.
Wookey
  • #86
  • Feb 25, 2007 4:41pm Feb 25, 2007 4:41pm
Quoting wookey
This Market Profile indicator for metatrader does not use volumes for calculation, but still it's lacking. It calculates only for daily and incorrectly calculates Upper Value Level and Lower Value Level. Although, I don't know if DRT uses them.
Unfortulately the correct Market Profile indicator is hardly possible in Metatrader because of its bad timeframe coordination.

Wookey
wookey, thank you for your explanation.

My point was as mentioned above is that MP is based on ticks and ticks are still platofrom dependent.

Do you know of any Bell Curve indicators? I did not have any intentions of using MP in MT4 but it is nice to know that it is lagging.

Perhaps since you are using Drummond you can also comment and show your charts of course if it is usefull and not a secret
  • #87
  • Feb 25, 2007 5:31pm Feb 25, 2007 5:31pm
Tradeit,

Yes, the actual Market Profile from CBOT is calculated by ticks. But here it doesn't matter. There is enough data in 30 min TF to correctly calculate daily Point of Control and Value Area. I tried and saw litle difference between 30 min and 1 min except that the curve looked smoother.

The problem of metatrader is that you can't use values from lower time periods on higher time periods. This stops you from receiving intrabar activity necessary to build Market Profile. Of course you can build it on lower time period for higher but it's not always convenient.

For anyone interested I am attaching Trading Methods with Market Profile. They were written for futures so likely will not work on spot forex market.

My charts are not secret, but they are useless if you don't know how to build them. Drummond Geometry is an advanced method. To study it, is like receiveing a new degree, it has 30 lessons 100-300 pages in each. But if you are interested, I'll publish my view on market.

I think that DRT's method has very good potential. Although, he doesn't tell how he calculates his values, I think I am starting to get the river concept. But how he calculates the other lines is hidden from me yet.

Wookey

Quoting Tradeit
wookey, thank you for your explanation.

My point was as mentioned above is that MP is based on ticks and ticks are still platofrom dependent.

Do you know of any Bell Curve indicators? I did not have any intentions of using MP in MT4 but it is nice to know that it is lagging.

Perhaps since you are using Drummond you can also comment and show your charts of course if it is usefull and not a secret
Attached File(s)
File Type: doc Market_Profile_Trading_Methods.doc   25 KB | 989 downloads
Wookey
  • #88
  • Feb 25, 2007 6:00pm Feb 25, 2007 6:00pm
Quoting wookey
Tradeit,

Yes, the actual Market Profile from CBOT is calculated by ticks. But here it doesn't matter. There is enough data in 30 min TF to correctly calculate daily Point of Control and Value Area. I tried and saw litle difference between 30 min and 1 min except that the curve looked smoother.

The problem of metatrader is that you can't use values from lower time periods on higher time periods. This stops you from receiving intrabar activity necessary to build Market Profile. Of course you can build it on lower time period for higher but it's not always convenient.

For anyone interested I am attaching Trading Methods with Market Profile. They were written for futures so likely will not work on spot forex market.

My charts are not secret, but they are useless if you don't know how to build them. Drummond Geometry is an advanced method. To study it, is like receiveing a new degree, it has 30 lessons 100-300 pages in each. But if you are interested, I'll publish my view on market.

I think that DRT's method has very good potential. Although, he doesn't tell how he calculates his values, I think I am starting to get the river concept. But how he calculates the other lines is hidden from me yet.

Wookey
Thank you for a prompt response and great information.

I do also like what DRT has been offering. I like the simplicity. And neither do I understand how he calculates his lines.

Someone earlier metnioned j-charts and I looked at their site and it does appear to have a similar view of the market that at first sight looks like MP but it is not and seems more in line with DRT river theory. Still reviewing it but it looks interesting so far.

I do want to continue totrade 4-5 hours a day for smaller intraday trades and treat them seperately from intermidiate trades which can be done based on DRT levels when we undrstand more how those levels calculated and work.

As far as Drummond chart, I do not know much of him accept that his method has been mentioned as accurate way to calculate SRs levels which is attractive to my trading method. I have used Demark, Wyckoff and Fibs (no pivots) for setting my intraday levels. If Drummond can extend this view I would be very interested seeing and hearing more.

Thanks again. This thread is starting to become the best one I have ever come across. Thank you everybody for your contribution
  • #89
  • Edited Feb 26, 2007 7:20am Feb 25, 2007 7:06pm | Edited Feb 26, 2007 7:20am
Drummond is indeed good at finding support and resistance levels especially on big time frames. I like trading 4H and 1H levels for intraday, but lately I rarely enter intraday trades. I noticed that trading on bigger timeframes is less stressful and more profitable for me in a long run. I like trading yearly levels when there is a setup in a side of positive swaps.

I also traded DeMark before found Drummond, what method you trade? I would like to find some method based on Market Profile, I think it will be a great addition for Drummond. That's why this thread immediately caught my attention. This thread is really great, thanks DRT for opening it.

Wookey

Quoting Tradeit
Thank you for a prompt response and great information.

I do also like what DRT has been offering. I like the simplicity. And neither do I understand how he calculates his lines.

Someone earlier metnioned j-charts and I looked at their site and it does appear to have a similar view of the market that at first sight looks like MP but it is not and seems more in line with DRT river theory. Still reviewing it but it looks interesting so far.

I do want to continue totrade 4-5 hours a day for smaller intraday trades and treat them seperately from intermidiate trades which can be done based on DRT levels when we undrstand more how those levels calculated and work.

As far as Drummond chart, I do not know much of him accept that his method has been mentioned as accurate way to calculate SRs levels which is attractive to my trading method. I have used Demark, Wyckoff and Fibs (no pivots) for setting my intraday levels. If Drummond can extend this view I would be very interested seeing and hearing more.

Thanks again. This thread is starting to become the best one I have ever come across. Thank you everybody for your contribution
Wookey
  • #90
  • Feb 25, 2007 10:27pm Feb 25, 2007 10:27pm
Quoting DownRiverTrader
Lenny,

Maybe you can share some of the content with us if you think it is worthwhile. I may have been a little too quick to judge it. I will consider evaluating it. Thanks for the input.
There is a decent review of The Secret on Steve Pavlina's site.

Steve has a lot of great content on personal development and is well worth checking out.

DRT is shining a beacon on the holy grail for those with the eyes to see. Focus and work on yourself. Not only as a trader but as a better human being. Really work at it and you'll achieve everything you set as a realistic attainable goal.
  • #91
  • Feb 26, 2007 7:06am Feb 26, 2007 7:06am
Quoting wookey
Drummond is indeed good at finding support and resistance levels especially on big time frames. I like trading 4H and 1H levels for intraday, but lately I rarely enter intraday trades. I notified that trading on bigger timeframes is less stressful and more profitable for me in a long run. I like trading yearly levels when there is a setup in a side of positive swaps.

I also traded DeMark before found Drummond, what method you trade? I would like to find some method based on Market Profile, I think it will be a great addition for Drummond. That's why this thread immediately cought my attention. This thread is really great, thanks DRT for opening it.

Wookey
I have used Demarl's trendlines, Fibs, breakouts. I did use sequntial before but not anymore.

I am not so sure that MP is a good match for the markets. IMHO Chaos and Fractals are a better match. That what attracted me to DRT River Theory

Would love to hear you showing more in Drummond

Thanks
  • #92
  • Feb 26, 2007 7:23am Feb 26, 2007 7:23am
DRT,

I was curious about yellow lines. You said that they never change. Do they never, ever change or you might still recalculate them sometimes, like every six months or year?
And a second question, is it my impression that when river line moves up or down then yellow line closest to it beocmes a transition and all other yellow lines are renamed accordingly?
  • #93
  • Feb 26, 2007 7:29am Feb 26, 2007 7:29am
The yellow lines remain fixed for the period that I choose. They do not change during "this time only". For the purposes of our discussions here. I will likely change them to correspond to the longer term PDA analysis. 5-6 Weeks is my guess, but it could be shorter.

Once the yellow lines are named. They do NOT change "names". River flow and its corresponding levels flows within them or above and below them depending on price action.

If you were able to read thru the explanation near the beginning of this thread, I said that I used to this by hand. The lines are simply a visual aid for me. I am using my interpretation (read good old fashioned visuals on the charts) to manually input values into the calculations. This is the reason I am trying to encourage everyone to study their own charts.
  • #94
  • Feb 26, 2007 7:53am Feb 26, 2007 7:53am
Well, I think that breakout methods work worse and worse every year on Forex. The number of false breakouts is constantly growing. Apart from that I like Demark's theory, it's simple and nice.
I think you underestimate Market Profile. It's a very powerful indicator. It should be adjusted for 24hr forex market, though. I am not so proficient with it as DRT is, but it's one of the most important indicator of the market to see the current market state. Drummond and all other S/R systems are forecasting methods and together they can play nicely.

Wookey

Quoting Tradeit
I have used Demarl's trendlines, Fibs, breakouts. I did use sequntial before but not anymore.

I am not so sure that MP is a good match for the markets. IMHO Chaos and Fractals are a better match. That what attracted me to DRT River Theory

Would love to hear you showing more in Drummond

Thanks
Wookey
  • #95
  • Feb 26, 2007 8:01am Feb 26, 2007 8:01am
Quoting wookey
Well, I think that breakout methods work worse and worse every year on Forex. The number of false breakouts is constantly growing. Apart from that I like Demark's theory, it's simple and nice.
I think you underestimate Market Profile. It's a very powerful indicator. It should be adjusted for 24hr forex market, though. I am not so proficient with it as DRT is, but it's one of the most important indicator of the market to see the current market state. Drummond and all other S/R systems are forecasting methods and together they can play nicely.

Wookey
I like Demark for very same reason. His method are simple but his explanations are not. Breakouts cannot be used as anything else by themselves. You have to use them along with other methods but they work.

As far as MP, I am sure it might work. I am just more of a fan of Bill Williams who is more of fractal proponent. But has not offered much to solve the nature of chaotic approach. MP is more linear and the markets are not based on linear motions per se. I do not think what DRT has been showing us qualify as MP.

I like to see your Drummond forecasting examples here. Always looking for good SR methods.
  • #96
  • Feb 26, 2007 8:12am Feb 26, 2007 8:12am
Quoting DownRiverTrader
If you were able to read thru the explanation near the beginning of this thread, I said that I used to this by hand. The lines are simply a visual aid for me. I am using my interpretation (read good old fashioned visuals on the charts) to manually input values into the calculations. This is the reason I am trying to encourage everyone to study their own charts.
Drt,

can you explain how to manually input values into the calculator? I am not quite sure which values I am suppose to input and what formula to use? Perhaps that is covered in the book you recommended? Please advise.

Thanks
  • #97
  • Feb 26, 2007 8:17am Feb 26, 2007 8:17am
The only books I have recommended are to help you with mental aspects of trading. The code I wrote takes the values I enter and makes the lines on the charts. I wrote the program in easy language.
  • #98
  • Feb 26, 2007 8:21am Feb 26, 2007 8:21am
Quoting DownRiverTrader
The only books I have recommended are to help you with mental aspects of trading. The code I wrote takes the values I enter and makes the lines on the charts. I wrote the program in easy language.
The book I meant was Mind Over Markets that you recommended early in your posts.

I am not asking you to share your code. I am asking you to point me in the direction how one sets those calculations manually.
  • #99
  • Feb 26, 2007 9:13am Feb 26, 2007 9:13am
As you trade today, what are you thinking in terms of value right now. In general, its Monday, there is no meaningful data, we know the options players are likely done now that 10:00 NY cut has passsed. We know that there is a slew of USD data tommorrow. So what do you think is likely to happen on the curve today. If it goes to an extreme do you think it will keep going up or down or will it return to value.


If you have looked at any of the i"Type of Day" nformation I have given, you would now know that approximately 94% of all days are NOT trend days. Where are your odds today?

http://home.comcast.net/~downrivertrader/eurusd_day.PNG
  • #100
  • Feb 26, 2007 9:45am Feb 26, 2007 9:45am
Quoting DownRiverTrader
Now this is a great question.

Yes. I have a number of mental exercises that I do. I will try to come up with a post or two about the processes...

Once the trading day winds down I will try to explain some of my thoughts on this.
DRT,

Do you still plan to post number of mental exercises that you do? I saw a couple of general posts about the Mental Approach but not any exersises that you do.

Thanks
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