Good work BillP
You are giving this matter serious thought and not just casually regurgitating what someone else said in a book or on a website no matter how well intentioned the offering is.
Frugi ( page 12) is getting closer to the mark.
I find that all I concern myself with is what volume is doing and its impact upon price in its raw form.
Somebody did mention that if vol does not move the bid/ask then there is no trading. While I suppose that this could hold technically true and in fact does for short bursts of time, remember V=pressure and so something is going to happen sooner or later.
Other people warble along with several indicators which apparently show the author buy and sell points when they perform certain tricks.
Remember that these indicators are derivatives of what we are talking about Vol upon Price.
Some are 1st derivative and some beyond.
Some are called lagging and some called leading and some are even confirming.
I have even heard Vol referred to as a leading indicator. Gosh that must make it feel good. It´s mother must be so proud.
If you are a Trader who trades beyond making a living then you will know that Vol is YOU once you have been filled.
In the matter of terminology.
I trade 3 instruments only and so I use market terminology out of simplicity and clear communication.
If a software package used the terminology in a different manner and I was trading that software as an instrument, then that terminology would belong to the market and I would use it.
Otherwise I dont.
The Delta has a place and a time.
However it is what lies under the delta to create it in the first place that is the real issue and in order to understand this then you must first understand the market auction process.
The author of this thread has the right idea.
He calls himself "Newbie" to constantly remind himself that he is just a humble student of the markets and is here to learn no matter how successful his trading has become.
This is the key to success IMHO.
This thread has some good traction but IMHO it is warbling on about illrelevant issues and fictional trading.
Now, if you combine your intellectual firepower into the underlying issues that drive the delta you will be in danger of stella progress.
Remember, almost nobody becomes a 100+ lot ES trader and that includes YOU.
So, once you recover from the brutality of this FACT, then you can get on with the serious business of joining this elite little band.
If you have to leave your egos and insecurities on the doorstep of failure in order to step through, then so be it.
If you are happy with the progress that you are currently making, then that is OK as well.
Just so long as you know where I am coming from with regard to trading.
"There is 100+ lot trading and then there is nothing"
And it is all in the mental approach!
The LONG set-up near the low of that chart looked real good!