AHG - Profitable Strategy for Struggling Traders

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Quote from Anekdoten:

Forget Level II Level III and Level IV :D

Unless a trade happened the information can be deceiving.

Anek
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That's almost the conclusion i got. Level II might be another decieving indicator that the pros invented to distort the public view. i found it completely useless at times,for example, i would look at it and see a certain broker with an order of 10,000 shares and as soon as the market approaches his price level, he disappears. so, it was a dangerous game that i didn't want to play:)
 
Quote from fearless9:

In fact if I did not have a window showing tics to HOD and tics to LOD and tics to OPEN, I would not know whether the day was going up or down.

regards
f9 [/B]
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F9, if you don't mind, in your style of trading the ES what do you use this window for?

Thanks
 
10:00 on a Friday night, beautiful wife on sofa beside me. 2 dogs on the floor, watching tv. Plenty things to do, places to go, but me, here I sit contiplating bid/ask implications.

Is this a terrible oversimplification? I use IB, and with booktrader can follow order placement. If at a potential turning point, I observe an increase in larger orders above market, I do not know if those are new longs getting in place, or the stops for the current shorts. However, would I be wrong to assume that the larger number of orders placed above market would be a magnet for price, since filled orders generate commissions. So the bottom line would be to follow the volume of orders as an indicator of direction at potential entry points as a confirmation.
Gross misinterpretion?:confused:
 
Quote from madmax98:

That's almost the conclusion i got. Level II might be another decieving indicator that the pros invented to distort the public view. i found it completely useless at times,for example, i would look at it and see a certain broker with an order of 10,000 shares and as soon as the market approaches his price level, he disappears. so, it was a dangerous game that i didn't want to play:)
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However, to be completely truthful, i've used Level II successfully in scalping and jumping in front of momentum, but it was very quick, short term and risky=====> something i don't like doing any more.
 
Quote from bmwhendrix:

10:00 on a Friday night, beautiful wife on sofa beside me. 2 dogs on the floor, watching tv. Plenty things to do, places to go, but me, here I sit contiplating bid/ask implications.

Is this a terrible oversimplification? I use IB, and with booktrader can follow order placement. If at a potential turning point, I observe an increase in larger orders above market, I do not know if those are new longs getting in place, or the stops for the current shorts. However, would I be wrong to assume that the larger number of orders placed above market would be a magnet for price, since filled orders generate commissions. So the bottom line would be to follow the volume of orders as an indicator of direction at potential entry points as a confirmation.
Gross misinterpretion?:confused:
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Bmw,

Once again remember short covering is buying..

Let me put it this way, on the tape, who's panicking ? Who's desperate to get in or get out ? The trend of panic inside the tape is it balanced or is it favoring a specific side....

Hope it helps.

Tell you what, I will start taking screen shots of "special Kodak moments" in the tape to see if I can provide some insight into this.

Price action in this journal has been covered in just about every detail, maybe its time some tape reading stuff is presented and documented.

Anek
 
Quote from Anekdoten:

Bmw,

Once again remember short covering is buying..

Let me put it this way, on the tape, who's panicking ? Who's desperate to get in or get out ? The trend of panic inside the tape is it balanced or is it favoring a specific side....

Hope it helps.

Tell you what, I will start taking screen shots of "special Kodak moments" in the tape to see if I can provide some insight into this.

Price action in this journal has been covered in just about every detail, maybe its time some tape reading stuff is presented and documented.

Anek
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yaaaaayyyy, tape reading time:D
 
Bmw,

Here is a log of that infamous symm today and how I played it along with my comments as I was having fun with a few friends while reading the tape. Maybe some of the logic helps.

It's the only trade I took today.

Anek


(Anek) There is symmetric triangle on NQ on the 2.5 days charts
(Anek) Price is approaching APEX
(pat255) anek what tf?
(falcon50) anek can you post
(Anek) fal - http://img259.imageshack.us/img259/103/symmgm1.jpg
(pat255) what tf is that anek?
(Anek) 233 tick/1000 vol
(ggp51) thx anek
(Anek) its testing the support line now but I dont trust it to break down
(Anek) I dont trust any trend today just a chop
(Anek) what time does CME close today
(Anek) thanks
(Anek) should would could have, wanted to buy the support :(
(Anek) Symm breakout test NQ area to watch 26-27
(Anek) HH on NQ
(Anek) maybe we go to 45 :)
(Anek) Zendo - I wouldnt call a DTOP without a failure confirmation
(Anek) Truth is today is dangerous business for trading, least I prefer to watch like the perverts, no touching though :)
(Anek) great range to go insane
(Anek) Zendo not sure about ES but I dont see much selling on the NQ resistance area, least not yet
(ggp51) anek, do you want to define what you call selling?
(Anek) ggp - heavier volume at resistance point, havent seen it yet
(Anek) NQ should test 30
(Anek) it will
(Anek) just saw heavy buying
* Anek buys NQ 26.00
* Anek sells 3/4th NQ +5.00
(Anek) 2 tick spread on NQ due to low volume, getting thin sometimes
(andrew1) short cover?
(Anek) does it matter ?
* Anek sells last quarter +7.00
(Anek) thats it for me
(Anek) good weekend guys
 
A. Thanks, it helps. The double top that Zendo wanted was not at a HOD, is that why you said you wanted to see confirmation? I assume you meant not just a tl break, but a break of the swing point.
 
Quote from bmwhendrix:

A. Thanks, it helps. The double top that Zendo wanted was not at a HOD, is that why you said you wanted to see confirmation? I assume you meant not just a tl break, but a break of the swing point.
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Ya the guy was calling a top with no real basis. He had a short bias from before which is always a mistake.

All you have to do is follow price but people insist on telling price what to do. It's fascinating really.

Anek
 
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