Hi guys, I have something a bit different for you today. I find the Market Internal $TICK extremely important and amazingly useful. I wouldn't want to trade without it.
Check out the posts on Dr Brett's blog (http://traderfeed.blogspot.com/) to learn more about what the tick is all about. Meanwhile, read my notes on this chart closely and start monitoring the tick yourselves. I hope to share more on this subject in the future.
Hi guys, Just a reminder that Bill Duryea is doing a class on Saturday on Anatomy of a Trade. If you are interested, just click on the IOAMT link near the top of this Home page. I haven't taken this course, but you all know (if you follow my blog) that I love all things Bill Duryea. Anything he teaches is worth studying. He is not an easy teacher (at first) but the concepts do get easier with time and exposure.
Here is IOAMT's blurb on the class:
The Institute of Auction Market Theory is excited to announce a 4 hour workshop on our latest DVD release Anatomy of a Trade. The workshop is based on the DVD and will be held on Saturday 5/02/09 at 8:00am PST, 11:00am EST. It will be conducted in our Live Trading Room. It will be 4 hours long and will cost $495.00 for both the workshop and the DVD.
HOW do you plan on improving your trading results in 2009?
In Anatomy of a Trade, IOAMT has broken down the criteria whereby you can define the market behavior and determine when the markets are in consolidation and when they are trending. To understand and recognize when the markets are consolidating and trending allows the trader to be on and STAY ON the right side of the market.
If you take the class, let me know how you liked it.
Hi guys, I have to run off to teach a class tonight, but I wanted to get you out something. The text should tell the story. Remember, be prepared the night before. Know what you are looking for and what you will do if/when you see it.
A gap up and a slight pullback like this to the Value Area High is a classic setup. And today, a really great trade.
If you'd like to change the settings for the manual shading, you need to use the button to select the FPTV choice. Double click on a bar to open up it's settings and make the changes you'd like. If you double click in the price column on the right of the chart you can change the vertical scaling if you'd like. If you set it to about 11, you will see the actual trading at each price point. I keep it set to around 5 so I can see more of the action over the past 10 days. I always want to remember the larger context when I'm trading intra-day.
Hi there guys, These were two great opportunities to short the market. Read my commentary for details. I didn't go into all of my reasons but suffice it to say, the quality of the trading day was much different from the trend days we saw on Monday and Tuesday. We all need our own methodology to determine if we want to go with the trend or fade the market. Today, gave a lot of clues that fading offered the better opportunity. I will go into this more in future posts.
I didn't post a Reversal chart for the 2nd trade, but it gave great clues with a strong push up into my level of interest followed by two bars where strong buying couldn't get close to making a higher high. Check it out.
Hi guys, Just a reminder that Market Delta is hosting a 3 part series of classes on: Strategies on Using Market Delta & Market Profile with Kam Dhadwar of L2ST from London.
The first class in the series is on Wednesday, April 29 at 2-4:00pm CST. The title is 'Understanding the Market Structure with Market Profile'. Here's where you can read more about the classes and register: http://blog.marketdelta.com/?cat=2
I do not know this guy personally but I have been told that he really knows his stuff. His second class dives into the Market Delta Footprint. I hear that he has some really cool ways that he uses it. I will certainly be there.
Hi there guys, I have been kinda busy with other parts of my life. Today was the first day in a while I could really focus on trading. And what a nice trading day it was. Nice if you were taking trades with the trend.
Here is a very nice trade. Once again, the superb Market Delta charts make it easy to see the potential trade opportunity. Check out the chart closely. I hope it gives you some useful ideas for your own trading.
Hi guys, I wanted to show you a new way I am looking at Volume Clusters of initiated buying and selling on my 30 minute footprint chart. I have already posted a definition of an earlier version of this chart, so go back and find that if you want to re-create this. I want to leave some of the work for you guys, so I'll describe the changes.
I had already had Total Volume set to manual shading, so that I could see the high volume areas very easily. This is just a variation on the same theme. I added the Button indicator and chose: Change the chart style. From the lower drop down menu I chose: Footprint Total Volume and Volume Profile. With this button, I can choose between either view.
What you are seeing in the above chart is the Volume Profile shaded just the way I want to see it. This is set exactly the same as on the Total Volume view (lower chart). So now I can see a histogram type view which is visually very useful along with the volume shading. If I want to see the actual numbers, I just choose the Total Volume Footprint type with the button.
I must tell you guys, I keep finding more and more I can do with this amazing software. I encourage you to explore Market Delta's possibilities on your own. It will only help your trading.
By the way, the bottom panel now has Relative Range. The horizontal line equals 100% of the average range over x number of days for each period. The panel above that shows statistically average and high volume for each period over x number of days.
I want to know (as do we all), what type of trading day I might expect. So, in addition to looking at Day Type (ala Dalton in Mind Over Markets), I want to see after the first 30 minutes what kind of volume and range we are seeing. Statistically high volume and/or range projects a very different picture than neutral or low volume and range. The best look back period is up to you. I am still experimenting with this. Bill Duryea uses 200 days. Some people like 5 or 20 days.
As for how I figure out how to construct these charts, I watch all of Market Delta's and Linn Soft's excellent videos. I frequent Chart Hub and check out the posted charts. When I find a chart of interest, I import the definition, open it up and study the settings. Then I apply it to my own charts. This way, I learn how to use this software for myself.
If you want to learn how to show average or relative volume, just search for it in Chart Hub. The resources are there if you search them. In time, you will learn more and more how to use this excellent software.
Hi guys, Here is an interesting chart. Read the text closely to see what I was looking at. I can't begin to tell you how much the versatility of Market Delta 9.2 has helped my trading. These are things that are easy to see in Real Time with the right chart setup.
Hope it helps,
MG
Monday, April 13, 2009
Hi Guys, Bill Duryea and IOAMT have a class coming up that may be of interest to you. It's called Anatomy of a Trade. Bill's stuff is foundational material on Auction Market Theory. He is a great (and challenging) teacher. As you probably know, he has deeply influenced me (on many levels) and really helped my trading.
Here is their blurb on the upcoming class. If you want to reach them for more info you can email them at:
support@ioamt.com
The Institute of Auction Market Theory is excited to announce a 4 hour workshop on our latest DVD release Anatomy of a Trade. The workshop is based on the DVD and will be held on Saturday 5/02/09 at 8:00am PST, 11:00am EST. It will be conducted in our Live Trading Room. It will be 4 hours long and will cost $495.00 for both the workshop and the DVD.
In Anatomy of a Trade, IOAMT has broken down the criteria whereby you can define the market behavior and determine when the markets are in consolidation and when they are trending. To understand and recognize when the markets are consolidating and trending allows the trader to be on and STAY ON the right side of the market.
Hi guys, Hope you all had a great Easter weekend. Sorry to not post this holiday weekend, but we have had guests galore and not much time. Here is a quickie chart with some levels I am looking at, so you don't feel totally abandoned.
Hi guys, I want to show you something different today. I posted several days back about the Don Jones web class video at IOAMT. I posted a link if you somehow missed it. I have been following this strategy and have taken several trades - based on it.
It is not my goal to teach you his strategy in my blog. Watch the video for that. But, it is my goal to assist you in understanding how to put this simple strategy to use. Drawing reference lines like I do help me see areas of temporary balance. It gets me waiting on break outs from these clusters.
I don't take all of these opportunities. I posted this trade because it had evidence that a break out to the down side might be a very nice opportunity. I had been long just prior to the break out of the prior high in G period - hoping for a big pay day. Well, I got the break out - but not the big pay day. This failure to attract buyers had me leaning (for the short term) to the short side. We formed a balance area within G,H and I periods with each period forming a lower high.
The break down in J period was (to me) an extremely high probability trade.
How you take these is up to you. I usually want to see a 2 or 3 tick break out from the cluster area before entering (to lessen fake outs). I do not give these trades a lot of room. If they come back into the cluster area (the pause area) I will usually exit for a few tick loss if I have to. The bigger/longer the balance area forms, the more likely the market will pop (once they move out).
You may have to take a few scratch trades (for minor losses) before the true break out. If the market breaks out in one direction, fails after 1 or 2 ticks and re-enters the P-A area this is fine. If it then breaks in the other direction, great. That may be the direction the market wants to go. It's another possible trade opportunity.
Only ask me questions after you have watched the video one or two times. I will be glad to try and answer them. If you come up with an alternate effective way to trade these, let me know. Remember, I am not an expert on this strategy. I have just been looking at this for a week or so - so I am just learning also.
Hey guys, Here are two charts that should be instructional. It is so important to be able to easily see possible support and resistance levels. I am always trying to refine my charts to make this easy.
Hey Guys, I have been getting multiple requests for the Definition of my 30 minute Footprint Chart. Here it is: http://www.charthub.com/images/2009/04/03/30_Minute_Footprint_Chart.png
I find it really easy to track high volume areas with this chart setup. You'll find some other goodies on the chart also.
As always, when I supply a definition, I recommend you study the settings to help you better learn how to set up your own charts in a way that is best for you.
Hi Guys, I got permission today from Bill Duryea to post a link to the Don Jones class from yesterday. (http://www.ioamt.com/media/videos/studymaterials/don331/don331.html)
For me, it was a great class. I learned some things that I feel will benefit my trading. In the least, it has gotten me thinking in some new ways. At best, I may have a new and lucrative trading strategy. Time will tell.
So, if you are interested, check it out. I have watched it twice so far, to make sure I fully understand what Don was saying.
I have practiced Functional Medicine for 30 years. It is something I love and am passionate about.
I have been an avid Day Trader for the past 5 years. It is a serious hobby for me (with benefits). I am equally passionate about trading.
The focus of this blog is on Auction Market Theory. In my posts, I share my observations, analysis and charting ideas.
Please remember, I am just a student like you. Don't believe anything I teach here. Check it all out for yourselves. Discover what works for you. It is my pleasure to share this blog with you.
