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davewolfs

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Posts posted by davewolfs

  1. Posted

    Yes, but without an API, how does one gain access to the ZenFire data before it is processed by NT?

     

    By thinking creatively.

     

    The ZenFire API is free and available to anyone who would like access.

     

    From there its a matter of bringing the data into NT in the same manner that you would with any other software.

  2. Posted · Edited by davewolfs

    The point that is missed by some, is that if you import your data into NT directly from Zen your latency really will not matter since all ticks are stamped based on exchange time and not on the time that they are received by your machine. If you process within NT you must estimate a ticks time based on the last time your machine processed a tick - which could introduce latency (up to 1 second) since you are estimating the time in which the trade occurred based on when your machine processed the data. The maximum precision of the Zenfire feed is in the milliseconds.

  3. Posted

    He could have easily gone the route of a paid website/chatroom, tutoring, DVDs, etc but instead decided to go back to just trading his account. He says he wants to trade institutional size which he describes in the book as 100 contracts. I wish him luck and hope he changes his mind enough to just post end of day charts; something that will not interfere with trading during the day but would be of immense help to the many people who bought the book.

     

    Rather then complaining you should focus on your own trading. If you can't read the signals end of day you should re-read the book.

  4. Posted

    Wedge and FFF.

     

    In and out within seconds, as even on demo the tick value is too much for me. Is there any oil instrument or derivative that can be traded with a smaller dollar value per tick, that moves similar to CL.

     

    Thanks.

     

    No, your trade was appropriate and you should have re-entered. If you can't handle stops, trade another instrument.

  5. Posted

    The gap really didn't matter. We had a failed wedge yesterday up to the high and made two legs down. The upswing at the EOD was just the beginning out of the second leg and this morning was a continuation. The first bar was a strong bar and any trade on either side of a strong trend bar is a good trade.

     

    On the 9:50 bar, the market pulled back after all bull bars. This was an inside bar and a low risk long trade, we were only on our first leg up right now and I expected a minimum of two. From here the rally took off. Every pullback after this took off and not a single swing trade was stopped out. The highest risk trade was at the 10:05 pullback as this was 3.75 pts but it still worked. Either way, you could have swung from the previous entry and all would have been good.

     

    Bottom line, strong swings like this are far and few and when they show up you should be buying every H1, H2 that you encounter.

     

    Between scalps and swings on the morning session there were almost 25 pts to be made and if you refer to all the with trend examples in the book, I don't think that it gets much better then what we saw on the tape today.

  7. Posted

    To JoLee,

     

    Thanks for posting the charts you have. I actually disagree with your statement that publicly posting them has no benefit for you. You do gain from the actual display of the charts and the work involved - and the responsiblity to do it. However, I can understand your frustration because not many have been contributing to the discussion (myself included).

     

    The main reason why I haven't is because I DO NOT LIKE the Brooks method. First of all, I hate giving up the height of the bar of potential profit rather than fading from higher up against some S&R line. I just do not like Stop Market entries.

     

    Secondly, this is definitely a scalping method, which may be useful for summer time trading - but I prefer to try to catch a larger intraday move and trade less frequently.

     

    Finally, I prefer to add to a winning position and start with only 1 or 2 contracts... which is opposite to the MM suggested by Brooks.

     

    That said - I have read the book (it is not a well written book by any means) and am happy I bought it and I am sure that I will refer to it from time to time in my trading future.

     

    Good luck with your trading

    Bakrob

     

    Can you elaborate on how this would not be useful for trading that is not in the summer time? Also, if you don't like giving up profits on the bar, why not swing your positions.

  8. Posted · Edited by davewolfs

    I took this M2S Short (2nd attempt to break above EMA) After a Strong downmove off the High expecting a 2nd Leg Down. ALso Double Top Bear Flag, sucker went up for -2.25 Stop on me. It started coiling up for hours after that.

     

    The M2S you traded on was an L1, I believe these work best when they are L2's. Additionally, after a strong bull rally, I would have been expecting a an attempt to put in another high and as you can see the market did so and then failed. Eventually rallying after the third leg down.

  11. Posted · Edited by davewolfs

    I thought this was a good example, of how you need to be willing to get back in the trade even if things don't go your way the first try. As you can see this second entry was successful. After getting stopped out on my H1, I again re-entered and the market rallied shortly after.

     

    In hindsight, I probably should have bought at the H2 to begin with :)

     

    3717391851_ea4d0d0a5c_o.jpg

  13. Posted

    Hello everyone,

     

    I'm looking for a platform that is reliable and also supports paper trading (unsure if all platforms usually support paper trading). Being able to keep track of my performance record is also important.

     

    I was considering TradeStation and MultiCharts (primarily because of EasyLanguage, but am unsure if I can paper trade with either of these platforms). I'd also consider NinjaTrader.

     

    Any recommendations?

     

    Thank you,

     

    Dave

  14. Posted

    What would be great and beneficial to many (myself included) would be for someone with knowledge on the subject to post a thread about how to trade Support and Resistance.

     

    There are plenty of threads here on the subject, but they are all mostly academic. I have searched for one for some time that is packed full of actual, trades taken based on S/R. They are sprinkled throughout, but there really isn't one EXCELLENT thread about it with many ACTUAL REAL EXAMPLES.

     

    Like a good book, the posts could have a beginning, a middle and a end.

     

    Like, "I picked this support level from (insert time) because I saw (insert rationale here), I then saw price approach this level, and entered (insert entry criteria here and price upon entry) here, and I exited because of (insert exit criteria here)."

     

    I'm sure there are many that could post actual daily charts on WHY they found various levels significant, and WHY they entered trades based upon them, and more specifically HOW they entered the trade. Similar to this thread where there are charts posted everyday, which is probably why it has gotten so much attention?

     

    There are a wealth of examples in the book on trading resistance levels, double tops, double bottoms, lower lows, higher highs, previous high, previous low. Aren't these all forms of support and resistance?

  16. Posted

    Not necessarily. Brooks warns to be cautious when a second entry lets you in at a better price. They often fail. Often, an H2,3 & 4 are successively higher.

     

    The main thing to remember is that Brooks method is entirely about scalping setups. As such they are highly reliable. Most traders are looking for small swings though & if you use Brooks methods without scalping out a small chunk quickly, you will lose more than you win. You swing a small portion of a position in the hopes that you will catch those larger moves, but the trade is really all about grabbing a very small profit quickly.

     

    Aside from whether or not the entry is considered a high probability trade, when would what I have defined as H1 and H2 not hold?

     

    The reason why I ask is that I'd like to implement some subtle indicators simply to help coach what I see on the charts as I attempt to become more comfortable with this form of trading.

  18. Posted

    There is currently no market data API available in the TradeStation platform. You can however, download a lot of data and export as text or CSV.

    What you are looking to do is fairly simple, using daily data, and a lot of studies have been done (see Steenbarger). You can open a Tradestation account with or w/o their brokerage acount. Alternatively, if you are just testing the waters, download a 30 day trial copy of Multicharts from TSSupport, which is a TS clone, and just use the free Yahoo EOD daily data.

     

    As someone had pointed out in the other forum to your question, you can do all of these in MS Excel as well, which is what Steenbarger did with a lot of this studies.

     

    I didn't realize that the data is easily available from Yahoo for the daily values and it seems like this could easily be done in excel. Thanks for the help.

     

    How is Multicharts compared to the actual Tradestation platform? Are almost all TS Studies/Indicators backward compatible?

  20. Posted

    Hey everyone,

     

    Quick question for you pros. Is there any software out there that will allow me to back test how the market reacted after a specific event occurred over the course of a specific time period.

     

    Say for example, the market hit a 20 day low and I wanted to know how many times the market bounced when hitting a 20 day low since 2000 and what the average return after the bounce was vs the average S&P gain over a two day period without previously hitting a 20 day low.

     

    I'm sure some sort of tool/package exists to compute these types of statistics, could this easily be done with TradeStation? Any recommendations would be appreciated.

     

    Thank you,

     

    Dave

  23. Posted

    Hey everyone,

     

    Quick question for you pros. Is there any software out there that will allow me to back test how the market reacted after a specific event occurred over the course of a specific time period.

     

    Say for example, the market hit a 20 day low and I wanted to know how many times the market bounced when hitting a 20 day low since 2000 and what the average return after the bounce was vs the average S&P gain over a two day period without previously hitting a 20 day low.

     

    I'm sure some sort of tool/package exists to compute these types of statistics. Any recommendations would be appreciated.

     

    Thank you,

     

    Dave

  25. Posted

    Hello all,

     

    I'm fairly new to futures trading and would like to starting trading ES Mini futures. I've read that using the VIX and TICK can be good indicators in helping to understanding overall market direction and price action.

     

    I was hoping that one of you could point out how you use both of these indicators with your trading or perhaps provide a link to some info that explains when and how to use either the VIX or TICK.

     

    Thanks!

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