Footprint Chart Screams 'Buy'

Hi guys,
I have told you several times how I love trading a Single with volume behind it to lean on. Well, we had one today and it worked really well. We had a Single from yesterday at 904.25 where the market took off in M period. We also had initiated buying from yesterday in the 903-904 area. We also had the Volume Value Area High at 904.25

I probably would have taken this trade without the footprint chart knocking me over the head to go long. But, the footprint was absolutely brilliant. Check it out. I hope many of you took this trade.

Hope it helps,

MG

My Support and Resistance Levels

Hi guys,
Here are some of the levels I am looking at. I scrunched the chart so you could see further out levels. I also look at the dark blue areas of heavy volume concentration. Note that the bars over 10 days old show thinned data as I only have the tick set to look back 10 days.

I also have a 10 day FPPS and a 20 and 60 day Profile on the chart. They are set up as buttons. I have these so that I can look at the high and low volume areas. I also look for Singles that haven't been filled like at 886 on my Market Profile Chart (not shown). I also track past and current areas of initiated buying and selling on my 30 minute Footprint Chart.

With practice, and this excellent Market Delta software, it gets very easy to track and see these levels.

I hope this gives you some ideas on how you might want to set up your own charts.

Good trading,

MG

Right Idea But No Reward

Hi guys,
I got a question the other day whether I ever have a losing trade. I have been guilty of mostly focusing on the times I was right. Like all of you, I have losing trades and losing days. I got to trading late today, after the major down move and walked away with two losing trades and a small and manageable loss.

I took a long trade at 878.50 and got stopped at 877. The market went one tick lower and moved up around 7 points. As irritating as that can be, I feel like I was reading the market correctly. I had clear reasons for taking the trade where I did. I had reasons why I placed my stop where I did. It just didn't work out for me.

Check out the chart for my reasons. One thing that you will notice is that I didn't wait for Footprint confirmation before entering. In retrospect, I believe I wasn't patient enough. I wanted a winner. So, even though I didn't see what I was looking for in the footprints, I went for it anyway.

In trading, we need to make decisions. Every day, analyze your trades. See, in retrospect, what you were seeing and the inferences you were making. Notice if you missed any information that might have clarified the picture. Evaluate you strengths and weaknesses and work on those weaknesses. In this way, you will grow every day as a trader and as a person.

Hope it helps,

MG

Another Footprint Lesson

Hi guys,
Today, I wanted to show you some more nuance in my trade (or no trade) decisions. I have enclosed a 30 minute chart so you could see why I was interested in the 894 level. You can also see the Initiated Selling at the 889 area which I also shorted. The 1.25 Range Chart showed a pretty similar picture, so I didn't include it here. These two trades set up really nicely.

I snag shots throughout the day whenever I see anything interesting. I constantly analyze what I am seeing (or think I am seeing). Then I note what actually occurred. I also snag shots of stuff I missed in real time, so I can be more aware of it.

Hope it helps.

MG

Footprint Lesson

Hi guys,
I wanted to show you an example of how I interplay the 1.25 Range and the 6 Reversal Charts. They both play their roles. It takes a while to become adept at reading one chart, let alone two. So, I suggest, you keep it simple until you master one chart setup.

Hope it helps,

MG

IOAMT Daily Recap

Hi guys,
For those of you not in the IOAMT room, I thought I would post the Daily Recap from Bill Duryea (with Bill's kind permission). There are a lot of important ideas to mull over. I thought it was a really good lesson.

For those of you in Bill's room, I suggest you read it over again and make sure you understand every concept he puts forward. Mark the levels on your own charts so you will be prepared for tomorrow. If you have a different take on the markets, that's totally cool too. These are just one man's ideas. We need to be clear on our own analysis and our own ideas of what has occurred and what 'evidence' we will be observing tomorrow to make our 'real time' analysis and trade decisions.

I hope you enjoy it and find it useful.

MG

Good Entries with Footprint Confirmation

Hi guys,
I wanted to show you that it is possible to use the footprints for confirmation and still get very nice entries (much of the time).

See you tomorrow,

MG