Market Internals for Day Trading YM

[MC]

	Quote:	john99
	Hey Guys this is HPT, Most of my blowups and screwups have been from doing what mcichocki said, gambling. Gambling as in, adding to losers, and overleveraging myself on bad trades. As long as you have good risk management (dont add to losers, use planned out stops, and trade the right size for your account), then you should avoid the screwups that you frequently see I have. I believe market internals are very helpful in day trading the indices. For example, you wouldn't want to be looking for short setups in the market with nyse A/D at 3 in the afternoon and when NYSE tick extreme readings haven't touched -400 all day and the volume is below avg. These are the types of slow low volume days that creep higher all day that many traders get stuck trying to fade. I know this from experience. HPT

I wish your HPT blog was on a domain you owned...you got so much publicity and linkage on your video, that traffic would be worth $$$ now. I'm sure that's the last thing on your mind though. Can one sell the rights to a blogpress site I wonder? At least you can do ads on the site.

I'm glad you didn't take offense to my opinion. Honestly, the way you handle the peoples criticism you should NOT quit the market at all. You know you can do this, you had wicked profits before your mind blew up on ya. Just start back with a small size and don't over leverage and realize the gains you made were that large from gambling. Focus on discipline and execution and you WILL be profitable again, just a bit slower this time around.

You didn't really quit did you?

[forsearch]

	Quote:	mcichocki_
	I wish your HPT blog was on a domain you owned...you got so much publicity and linkage on your video,

Where's the video that you are talking about located?

I looked about over here at http://highprobability.blogspot.com/ and didn't see the infamous video.


Never mind, I found it over at break.com.

Definitely NSFW.

Wow.

[forsearch]

	Quote:	john99
	Hey Guys this is HPT, Most of my blowups and screwups ...

This is a must see trading video. Check it while you still can here:


Stock Futures Trader Having Rough Day


-fs

[Trader333]

	Quote:	OAC
	Hey, we got a celebrity here ! HPT, you should check out Jperl's thread: http://www.traderslaboratory.com/for...mary-3326.html And consider using the Standard Deviation Bands with the VWAP. You can get NinjaTrader which is free to hook up with your IB feed. And there is the code for the VWAP SD bands somewhere on the Ninja forum.(PM me if you can't find it) Fading at the 3rd SD band confirmed by other internals is a High-Probability Trade.

I have quite a lot of experience trading using VWAP and SD bands along with other SR levels to confirm the liklihood of a trade. However, this has been on stocks and not indices. It is curious how others are using this and reading this has sparked my curiosity again.

I did try to read the post from your link but I don't have permission to view it, is this a private forum or something else ?


Paul

[OAC]

	Quote:	Trader333
	I have quite a lot of experience trading using VWAP and SD bands along with other SR levels to confirm the liklihood of a trade. However, this has been on stocks and not indices. It is curious how others are using this and reading this has sparked my curiosity again. I did try to read the post from your link but I don't have permission to view it, is this a private forum or something else ? Paul

Sorry, some of the stuff are in the Premium section. Try this: http://www.traderslaboratory.com/for...lume-1962.html

Just to let you know that I do my own stuff and don't exactly follow the methodology as laid out by Jperl..

[john99]

	Quote:	mcichocki_
	You didn't really quit did you?

No. I'll probably never quit. I know how to trade. I just need to have daily stop loss limits in place in case I start trading against the plan and let my emotions take over. It's really that simple. And I bet it's this way for a lot of "FUTURES" traders that experience losing weeks or months worth of profits in a single day. It's just plain stupid. If your a futures trader you have to have a planned stop and trade only signals that you recognize. If you start trading against your plan the best precautionary measure you can take is to have a daily stop loss in place that will close out your positions when you get down X amount of dollars.

There's been days where I've been down $5k and I made it back to positive, but there's been just as many days where that $5k loss turned into a $10k loss. I pretty much know that when I get down X amount of dollars, that the day is going to be a loser and that I should quit, but sometimes I let the emotions turn on and I use increased leverage to get back to breakeven. This is pretty much like a gambler going on tilt. Experienced traders know the end result is more often bad than good in this scenario. You correct bad behavior by reducing leverage, not increasing.

To some it up. Use daily stop loss limits on your account. Trade your signals that you have planned ahead of time, and only take trades where you feel comfortable with the risk of having your planned stop loss hit.

HPT

[forsearch]

	Quote:	john99
	To some it up. Use daily stop loss limits on your account. Trade your signals that you have planned ahead of time, and only take trades where you feel comfortable with the risk of having your planned stop loss hit. HPT

+ YouTube Video

[justlurkin]

	Quote:	MC
	Anybody use a $UVOL/$DVOL comparison? Here's how I use it myself.

Anyone know what the IB symbology is for these internals?

[OAC]

As far as I know, IB doesn't have these, only the Advance/Decline Ratio.

[justlurkin]

Crap. Guess too good to be true. Was chopped too many times today, this would have probably helped. Thanks for the reply. IB TWS does accept VOL-NYSE@NYSE as a symbol input. It also has a description available, but no quotes on it and no way to specify UP or DN.

http://www.interactivebrokers.co.uk/...ess=1211924460