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trbates

Market Internals for Day Trading YM

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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

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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

 

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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/contract_info/index.php?action=Details&site=IB&conid=33887599&detlev=2&sess=1211924460

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Justlurking:

Depend on the charting software you are using, meaning whether it will accept Opentick.com data ? If it does, I think all it cost you is $1.00 NYSE exchange fee per month to get $UVOL and $DVOL.

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Justlurking:

Depend on the charting software you are using, meaning whether it will accept Opentick.com data ? If it does, I think all it cost you is $1.00 NYSE exchange fee per month to get $UVOL and $DVOL.

 

Thanks OAC. I found an old post dated back in December where you had mentioned that Opentick supports $UVOL and $DVOL so I tried a quick download and it worked, for history that is. I will run some tests to see its usefulness and take it from there. Whats that you say, a whole dollar! lol. I hope I get some good results with this. If you have any other internals supported by Opentick that's worth mentioning, I could use all the help I can get.

 

thanks

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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.

 

This is similar to IB adv-decl :

The IB ticker symbol VOL-NYSE works similarly. The advancing volume is reported in the bid, the declining volume in the ask, and the unchanged volume in the bid size. Similar custom instruments can be setup easily to track the NYSE advance/decline volume spread or ratio.

Most charting programs are unable to handle this peculiar type of symbol from IB.

 

BTW, Opentick may no longer be accepting new subscriptions. Did you subscribe to OT recently?

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Starting to make sense now. Whats odd is that although most charting platforms may not support these symbols, I don't see quotes in TWS either! I'll have to verify during market hours and see if I can at least get any field populated.

 

Luckily I am already an OpenTick subscriber so I am able to download historical UpDnVol for now.

 

thanks

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2008.06.06-UVOL-DVOL.jpg

 

WOW. How above that 12:1 closing strength of the DVOL?

 

Mid day there was some price action chop but all in all this should have helped you stay focused on trending short trades and scalping long trades if you even had the nerves to attempt a long.

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2008.06.06-UVOL-DVOL.jpg

 

WOW. How above that 12:1 closing strength of the DVOL?

 

Mid day there was some price action chop but all in all this should have helped you stay focused on trending short trades and scalping long trades if you even had the nerves to attempt a long.

 

 

Not sure if understand. Exactly what do you see on that chart that shows price chop midday?

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Not sure if understand. Exactly what do you see on that chart that shows price chop midday?

 

I don't see chop on this indicator...That's precisely why I'm saying it's helpful. With some indicators it's about what you don't see. ;)

 

If you were watching say the SPY (see below)...you had a period of chop from 2:15 till about 3pm Friday. Hell you had a range break upwards so some got sucked into going long there no doubt. If you were looking at this indicator, you would have been pretty assured that the trend was still down and should have kept out of the long range break.

 

2008.06.06-SPY.jpg

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If you were watching say the SPY (see below)...you had a period of chop from 2:15 till about 3pm Friday. Hell you had a range break upwards so some got sucked into going long there no doubt.

2008.06.06-SPY.jpg

Yup MC, I was one of em'! I've just added the $UVOL and $DVOL as your posts clearly show their value (Thank you). Apologies if this is a daft question, but I'm not clear how this indicator differs from $TRIN? Also, I use eSignal and as far as I can se, I can only display it in two separate charts as opposed to the single chart in your posts. Any thoughts on these fronts would be appreciated.

P&Fman

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Yup MC, I was one of em'! I've just added the $UVOL and $DVOL as your posts clearly show their value (Thank you). Apologies if this is a daft question, but I'm not clear how this indicator differs from $TRIN? Also, I use eSignal and as far as I can se, I can only display it in two separate charts as opposed to the single chart in your posts. Any thoughts on these fronts would be appreciated.

P&Fman

 

Cool...hope this setup helps you stay on the right side of the trade. :)

 

http://tradersbase.com/tbimages/mc/VIX-TRIN.jpg

Check out this chart to see what I think of the TRIN. IMO VIX is way better, I do run the TRIN but only to see if it closes outside the extremes (2.0 and .6). Many use the TRIN as something inverse to the market to try and spot trends, but again JMHO VIX shows trends and moves much more clear.

 

BTW...I also run an $ADVN comparison with $DECN to compare advancing issues to declining in the same fashion as the UVOL technique.

 

If lil old Think or Swim platform can do the comparison I'm sure you can do it on the beast esignal. I've never used esignal though so I'll be of little help there. You just need to do a comparison of the 2 tickers though. I'm sure somebody here uses Esig and could help you out if comparison isn't enough.

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