wrbtrader

This is called a market tendency and many traders trade like this. They are extremely profitable via taking trades in verified market tendencies. If someone is the type that don't have time to trade every day nor a few times per week...trading during a market tendency is an excellent solution.

What happens after you find "new friends" here at Traderslaboratory ???

Most data providers and software trading platform designers do their advertising via promotion of their charts and the so called "bells & whistles" (technical indicators, advance charting, programing, fancy bid/ask screens, news alerts). They know they can not survive nor compete with their competitors via advertising only the data. These marketing tactics and advertising are seductive in luring us traders into thinking we can't trade without charts regardless if its easy or difficult to learn.

I started using charts when windows PC were mass marketed as home computers in the 1980's also about the same time when I subscribed to Investors Business Daily newspaper that had those small little graphs. Prior to that, I made hand drawn charts on graph paper as a kid for money for a relative that was a floor trader.

This is most likely not a trade strategy problem. In contrast, there is a problem within your trading plan involving something amongst all those components that work with your trade strategy. Those components in your trading plan are money management, proper capitalization, position size management, trading experience, discipline, proper trading environment, proper equipment and so on.

Onesmith, Maybe you didn't read what steve46 wrote earlier in a reply specifically for you. Basically, he say he discussed the details in Negotiators thread on trading the ES contract. Also, he seems to have said that if you're interested in reading the details on that "specific pattern"...he doesn't want to provide you a direct link nor does he want to regurgitate the info in this thread for you. He wants you to do your own research via reading Negotiators thread on trading the ES contract. In addition, he has clearly stated he will not go into the details of how he creates the distribution calc lines we see on his charts. Yet, those with the background will be able to figure it out on their own. Simply, its seems to me this thread is really aimed at those that have been following his commentary elsewhere in someone's else thread (Negotiators) and/or aimed at those familiar with distribution calc and statistics. Therefore, if you're not willing to read the other thread or you lack an understanding in distribution calc/statistics...this thread is not for you and you should stop expecting him to spoon feed you this information especially since he knows (its very obvious) that you don't have a sincere interest. P.S. steve46, please correct me if there's anything wrong with something I've said above. By the way, thank you for the hints or clues involving distribution calc/statistics and I'm fully capable of digging into this further on my own.

That's exactly my point...what is KISS to me and you...I've seen others say its "too complicated". Just the same, I've seen some complicated stuff and others say to me "its very simple". Yet, I don't debate with someone when they say something is simple or complicated. I know that as traders we have a different perspective via your education background, trading experience, communication skill of educator and so on. Therefore, if one person say its simple and someone else say just the opposite (complicated) about the same analysis or trade signal strategy...what matters is the perspective of the user because its his/her money on the line.

KISS is relative. An analysis or trade signal strategy that is simple to you will be complex to someone else. Just the same, an analysis or trade signal strategy that is complex to you is simple to someone else.

EuroFX 6E Futures via hourly chart

Some trade methods are sensitive to volatility and others are not. I love volatility but that's because my trade methods are sensitive to key change in volatility. Thus, when volatility is low...I tend to be less aggressive in my trades in comparison to being more aggressive when volatility is increasing or high because the latter has more trade opportunities. Therefore, if you like volatility trading, be careful when volatility is low.

It depends upon why you're traveling. If you're traveling because its a vacation...you're defeating the purpose of going on a vacation and will probably pssst off those you're on a vacation with. Yet, if you're traveling because you're on a business trip or traveling to something that's trading related...its ok to travel and trade. Usually when on a business trip or doing something trading related...you'll already know you're going to have access to a decent connection but bring you're laptop with your trading software even though it won't be your typical trading environment you had from where ever you've left. Today's technology is a lot more suitable for traveling and trading in comparison to 10 years ago. For example, most decent laptops today (powerful and lightweight) come with HDMi for connecting your laptop to other devices, decent security software for securing your WiFi use and many other things that was a problem 10 years ago. Just make sure where ever you're going that you'll have privacy or low level of distractions.

Your chart does not correlate with your question. The $TICK in your chart is not flat. In fact, it moves ABOVE and BELOW (back n forth) to the zero. In fact, I measured, the $TICK had more ticks ABOVE the zero line that correlates to your rising blue trendline you've drawn along the higher price lows on your chart. To be exact, since 1155hr on your chart, the $TICK spent 2.5x more above the zero line than below the zero line. Simply, it seems like you're having problems visually comparing the $TICK subgraph to the price chart that's above it. By the way, I trade the Emini futures too. The $TICK is great to help with price direction analysis. For example, if the $TICK spent most of its time ABOVE the zero line...I would ignore any Short signal I got and instead concentrate on any Long signal that may appear. Yet, I don't use the $TICK for trade signals. I tried and couldn't find any usefulness that way except for using it for price direction analysis as mentioned.

Siuya, Excellent question and is something I'm very curious about too. Hopefully, others can chime in to give us their perspective about automated systems using other inputs not defined as TA.

4EverMaAT, The distinction you make for a coder/programmer is that the if/then rules used to build the system is discretion in nature from one coder/programmer to another coder/programmer. Simply, two different coded systems due to the discretionary route that was traveled to the code/program. Therefore, at the end of the day, the system being applied by a system trader is still absolute in comparison to a discretionary trader that uses variables intentionally or accidentally in their trading that can't be tested. On a different note. Why some vendors, traders or academia navigate to system trading versus why some vendors, traders or academia navigate to discretionary trading isn't a concern of the book EBTA. My point, this is not a discussion about vendors because there are thousands of vendors that are using black box, selling automation systems, selling mechanical systems, selling books on how to code/program or anything else that falls under the umbrella of system trading. Just the same, there are thousands of vendors that are discretionary traders that are selling methods under the umbrella that the trader decides if/when to take the trade. With that said, a system trader is only discretion by nature when in comparison to another system trader via the fact two system traders can be using different codes or used a different route to arrive at the same rule and so on...comparing one apple to another apple. In contrast, a system trader in comparison to a discretionary trader is like comparing apples to oranges. Thus, in the actual trading process...guess which one is using discretion while the other is being absolute. Therefore, I'll use another quote taken from that earlier posted link because its obviously clear its not comparing apples to apples... Combining Discretionary and System Trading It is possible to be a discretionary trader that uses system trading, but it is not possible to be a system trader that uses discretionary trading. For example, a discretionary trader may follow a trading system for their entries and take every trade that the system identifies, but then manage and exit their trades using their discretion. A system trader does not have this option, because they must follow their trading system exactly. If a system trader ever deviates from their trading system (even for a single trade), then they have become a discretionary trader rather than a system trader.

Hi Suby, Regardless to what a discretionary trader use...discretionary trading can't be tested via some computer code. The fact is that discretionary traders use variables that can't be tested such as market experience, trading experience, emotions, discipline or lack of discipline, interpretations or perceptions along with "some" objective rules. Yet, it never fails that someone in the academia or none believer that meets a profitable discretionary trader will only want to test (prove) the traders profitability via whatever rules they can find while ignoring the fact that trader is profitable for additional reasons that can't be tested via a code. Therefore, if you want to be a discretionary trader that uses "some" objective rules...you're obviously going to use them with discretion. Thus, the fact will always remain that you determine if/when to take a trade based upon those other variables (e.g. trading experience, bias, emotions and so on) when you get a trade signal. EBTA rejects discretionary traders because discretionary traders use a subjective approach to using TA as in "I decide if I want to trade that valid trade signal based upon whatever reason that's important to me". Further, you need to decide if you want to be a system trader or a discretionary trader...then use whatever you need to be profitable while letting the academia folks debate the issue why you're profitable. Just remember, a profitable discretionary trader that uses TA...that trader has other chapters in their book that's arguably more important than the chapter called TA. Simply, you need to decide if you're going to be the most important factor in your trading or if your TA is going to be the most important factor in your trading. How can a Discretionary Trader apply systems/systems provided in the book "Evidence Based Technical Analysis? You do so by using discretion based upon your market experience, trading experience, market context, discipline or lack of discpline and many other things that's not TA to determine if/when you want to take the trade or not when a trade signal appears. continue reading the book.

The thread starter question was essentially about corporate traders...not retail traders (those trading from their homes). Simply, for corporate traders...the individual will need academic degree and academic success to get to their interview and a little more than that to land a job with the corporate. What happens after that...successful or not will greatly depend upon how fast of a learner, following the corporate rules and being in the right place at the right time. In contrast, retail traders obviously don't need a academic degree nor academic success to open up a trading account. Yet, I would bet my life that the successful retail traders out there have at least a high school diploma or equivalent. Yet, depending upon the high school (academies and top tier private schools)...some are tough like a university. Therefore, don't fool yourself into thinking you would have been just as successful in trading had you not gone to high school or college. The fact that schools or educators teach us how to read from an early age should be enough all by itself to give merits to education as a requirement to become a successful trader let alone just a trader. Seriously, without the ability to read, do you think you can be a successful trader. :rofl:

This is only the tip of the iceberg...there are others out there.

Multinational companies, institutional trading and so on...usually use academic success as a weeding tool to determine whom gets to get interviewed even though a few get into the interview process based upon their last name or whom their family knows. In contrast, academic success is not a tool to determine ones success level after getting beyond the interview process. Simply, after getting the job...it comes down to whom you know and being in the right place at the right time because your actual trading results will be controlled, oversea until you moved up the ladder and then given more money to play with sort'uv speak. I base my opinion via my own personal relationships. My old man was a floor trader (Univ. of Chicago alumni) and 4 of my best friends are currently institutional traders or work directly with traders (Northwestern Univ. alumni, Univ. of Michigan alumni, Boston Univ. alumni and London Business School alumni).

I follow closely many different key markets to help me trade one market called Russell 2000 Emini TF futures.

Explaining to someone the in-depth details of a trade strategy, method is very different than teaching someone how to trade. The latter requires in person mentoring for extended periods of time for many months (at the minimum) inside the student's at home trading environment via the mentor trading with real money. Simply, to teach how to trade is not a weekend seminar, not a webinar, not an online class, not a book, not a video, not forum message posts. In contrast, mentoring is student and mentor side by side in the students trading environment via the mentor and student trading with real money on the line...at the minimum. All that other stuff (books, webinar, weekend seminar stuff) can be used as follow-up to in person mentoring. Therefore, that mental approach to the strategy or all that psycho mumbo jumbo can be only learned by oneself or taught in person by a mentor via extended periods of time as mentioned above (side by side while trading with real money in the students trading environment). Anything else (books, seminars, webinars, forum message posts, online meetings) is just follow-up and should not be used as a substitute for real trading experience (oneself or in person mentoring).

He started other threads about candlesticks since this thread. You should read the other threads.

Unfortunately, the few discretionary traders that do "journal"...are primarily imputing entries/exits only. Same info they can get from their broker statements. Therefore, the journal becomes useless for feedback. Fewer will include charts...yet...the charts don't reflect what the price action looked like at the time of the trade nor do charts show how the price action, market, at home/office trade environment impacted his/her trade decisions. Also, most are unable to journal beyond a few months for whatever reason. So yeah, few know the importance of a journal, fewer will do it long enough and fewer will do it properly. In addition, in my opinion, traders should be able to select any trading day in the past and know how they felt before, during and after trading...know what was occurring in the home/office environment the day of trading, market events et cetera. All of that stuff you won't find in any broker statement.

These types of message posts are posted multiple times at this forum and other forums "every month"...ever since since the internet discussion forums birth. Sadly, it just doesn't sink in and most see it as psycho mumbo jumbo when others say the critical factor is the trader until its too late. Yet, on the flip side, the market needs a lot of small fries to fail so that a few can make it big...consistently. That's the way it has been since the beginning and will always be.

Hi, There are many trade signal strategies discussed here at Traderslaboratory. You've been here since March 2012...have you been experimenting with the methods discussed here to see if they work with your perspective of what is support/resistance. ???

Hi Roger, How can I get access to the "Felton Renko Supreme" or you're going to post the code/configuration and tell us what software to apply the code too ? I use to use Renko charts a long time ago and would like to see if there's a different way of looking at Renko charts.