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The Ultimate DAX Scalping Discussion Thread!
- Thread starter Scientist
- Start date
Quote from easyrider:
nononsense
I advise you to read Jacks post carefully. He definitely is listening to a different drummer but I learned something the other day that has made me money already. Its kind of like panning for gold. You have to clean a lot of gravel.
Thank you easyrider,
I'm glad for you! Talking about gravel, I always kept a few of Jacks 'nuggets' in my archives. I don't want to distract you from your panning with that old stuff!
I don't mind Jack hanging around. I sincerely wish him lots of success in his audience as in his trading. I simply learned not to rack my brains about it.
Be good,
nononsense
To get to SCT you must do some basic learning and accummulate capital. I will pop in a few attachments for three dyas Friday 9th, Monday 12th and Tuesday 13th. For each day there are several items that are done. By hand a trading description and a market log. Then a print(Record of trades) and a chart (TA annotations of forms and also the volume and indicators) is copied at the end of the day. This set isused for debriefing.
All the vernier NOW data is gone because it is a flowing record that is quite long. For example, an exit on a stock for me may require a print from T&S of over 30 non continuous pages.
The list of beginner 1 contract attachments coming up is:
MPT22E print of friday (net 212.50 on 4 trades).
MPT214 trading description (TD) for Monday (net of 125 on three trades)
MPT21C, MPT23B and MPT234 the print, TD and Market log for Tuesday (Net of 362.50 for 20 market actions.)
You will notice that this is beginer activity on 1 contract in a mentoring context for as much of a day as can be handled by the beginner. you can also note that (for nononsense that the spread is "bought" on each action. the tuesday has 24 actions so 24 ticks (6 points) are bought as cost of trading. The net is still 7 points and one tick. What you are looking at is a beginner grossing over 13 points on tuesday.
When you look at the Market log you can see how the verniers are set for the day. The path of the market scribed at the left is done as a NOW statement.
Scientist points out to you that the market is always providing SEVERAL streams of profits on several levels of consideration.
Others point out their work in understanding the market.
You will see in this collection of records, the possibilities of being in complete control with several leading indicators of NOW. This strength that is available is translatable into a steady deep process that migrates through several skill levels.
Beginners trade low risk fast paced trends only; they are held out of he market until all conditions, circumstances and situations thatare not nearly risk free. Their intial skill acquisition is learning to wash (execute flat turns). Four level of intermediate trading allow for many many skill acquisitions. Intermediates can scalp. do reversals and let the market take them into a trade under most all conditions. They cannot trde low volume low volatility lateral trending markets. That is reseved for expert SCT trading where lateral channel width exceeding three ticks yield net profits.
Notice in the illustrations how many wash trades are done by this beginner.
With respect to my posts, there is a consensus as to their difficulty of comprehension. It is universal. The two camps of opinion are blamers and miners. I take the blaming in stride. From a Semper Fi point of view I am used to pussies, whiners, and goof offs. From a mining point of view, I understand that I am separating the wheat from the chaff. Panning is done with either pans or sheepskins (the golden fleece). I know when a person here is down to "black sand" and I know how to conduct the person through the process of separating the blacks from the ore complex. I am not a person who uses aqua regia to analyze complex ores. I use a mass spectrograph, etc.
If you have to handle a Mig over 'nam, it's best to know the uniquenesses of speech of the pilots as to whether they are native or mercenaries speaking. Once you know who the other guy is you know his training and it's easier to make your point. i try very hard to find out what the other guy's handicaps are when I am trading against him. I trade ahead of smart money as a rule. i will post some charts that show you how to peg smart money moves ahead of the market in a few weeks. Recently I have had to abandon my 1000 day views for planning and I am doing meds visits of more than 4 visits a week presently. Until I resolve these issues, I will continue to be unreliable. The pussy viewpoint that I abandon whatever is out of order.
As AMT said it takes about 6 months to learn to "read" DOM. You can be at SCT in that time too. It took 200 pages of copy here in ET to get from ground zero to intermediate last year from February to August. 75% of that copy was from the pussies, whiners and goof off's. The rest was from miners working their brains off and succeeding.
Scientist explains that bull$hit will be ignored. I will use it as prime examples of mental deficiencies from this point on.
All the vernier NOW data is gone because it is a flowing record that is quite long. For example, an exit on a stock for me may require a print from T&S of over 30 non continuous pages.
The list of beginner 1 contract attachments coming up is:
MPT22E print of friday (net 212.50 on 4 trades).
MPT214 trading description (TD) for Monday (net of 125 on three trades)
MPT21C, MPT23B and MPT234 the print, TD and Market log for Tuesday (Net of 362.50 for 20 market actions.)
You will notice that this is beginer activity on 1 contract in a mentoring context for as much of a day as can be handled by the beginner. you can also note that (for nononsense that the spread is "bought" on each action. the tuesday has 24 actions so 24 ticks (6 points) are bought as cost of trading. The net is still 7 points and one tick. What you are looking at is a beginner grossing over 13 points on tuesday.
When you look at the Market log you can see how the verniers are set for the day. The path of the market scribed at the left is done as a NOW statement.
Scientist points out to you that the market is always providing SEVERAL streams of profits on several levels of consideration.
Others point out their work in understanding the market.
You will see in this collection of records, the possibilities of being in complete control with several leading indicators of NOW. This strength that is available is translatable into a steady deep process that migrates through several skill levels.
Beginners trade low risk fast paced trends only; they are held out of he market until all conditions, circumstances and situations thatare not nearly risk free. Their intial skill acquisition is learning to wash (execute flat turns). Four level of intermediate trading allow for many many skill acquisitions. Intermediates can scalp. do reversals and let the market take them into a trade under most all conditions. They cannot trde low volume low volatility lateral trending markets. That is reseved for expert SCT trading where lateral channel width exceeding three ticks yield net profits.
Notice in the illustrations how many wash trades are done by this beginner.
With respect to my posts, there is a consensus as to their difficulty of comprehension. It is universal. The two camps of opinion are blamers and miners. I take the blaming in stride. From a Semper Fi point of view I am used to pussies, whiners, and goof offs. From a mining point of view, I understand that I am separating the wheat from the chaff. Panning is done with either pans or sheepskins (the golden fleece). I know when a person here is down to "black sand" and I know how to conduct the person through the process of separating the blacks from the ore complex. I am not a person who uses aqua regia to analyze complex ores. I use a mass spectrograph, etc.
If you have to handle a Mig over 'nam, it's best to know the uniquenesses of speech of the pilots as to whether they are native or mercenaries speaking. Once you know who the other guy is you know his training and it's easier to make your point. i try very hard to find out what the other guy's handicaps are when I am trading against him. I trade ahead of smart money as a rule. i will post some charts that show you how to peg smart money moves ahead of the market in a few weeks. Recently I have had to abandon my 1000 day views for planning and I am doing meds visits of more than 4 visits a week presently. Until I resolve these issues, I will continue to be unreliable. The pussy viewpoint that I abandon whatever is out of order.
As AMT said it takes about 6 months to learn to "read" DOM. You can be at SCT in that time too. It took 200 pages of copy here in ET to get from ground zero to intermediate last year from February to August. 75% of that copy was from the pussies, whiners and goof off's. The rest was from miners working their brains off and succeeding.
Scientist explains that bull$hit will be ignored. I will use it as prime examples of mental deficiencies from this point on.
Attachments
Jack,Quote from Grob109:
To get to SCT you must do some basic learning and accummulate capital. I will pop in a few attachments for three dyas Friday 9th, Monday 12th and Tuesday 13th. For each day there are several items that are done. By hand a trading description and a market log. Then a print(Record of trades) and a chart (TA annotations of forms and also the volume and indicators) is copied at the end of the day. This set isused for debriefing.
All the vernier NOW data is gone because it is a flowing record that is quite long. For example, an exit on a stock for me may require a print from T&S of over 30 non continuous pages.
The list of beginner 1 contract attachments coming up is:
MPT22E print of friday (net 212.50 on 4 trades).
MPT214 trading description (TD) for Monday (net of 125 on three trades)
MPT21C, MPT23B and MPT234 the print, TD and Market log for Tuesday (Net of 362.50 for 20 market actions.)
You will notice that this is beginer activity on 1 contract in a mentoring context for as much of a day as can be handled by the beginner. you can also note that (for nononsense that the spread is "bought" on each action. the tuesday has 24 actions so 24 ticks (6 points) are bought as cost of trading. The net is still 7 points and one tick. What you are looking at is a beginner grossing over 13 points on tuesday.
When you look at the Market log you can see how the verniers are set for the day. The path of the market scribed at the left is done as a NOW statement.
Scientist points out to you that the market is always providing SEVERAL streams of profits on several levels of consideration.
Others point out their work in understanding the market.
You will see in this collection of records, the possibilities of being in complete control with several leading indicators of NOW. This strength that is available is translatable into a steady deep process that migrates through several skill levels.
Beginners trade low risk fast paced trends only; they are held out of he market until all conditions, circumstances and situations thatare not nearly risk free. Their intial skill acquisition is learning to wash (execute flat turns). Four level of intermediate trading allow for many many skill acquisitions. Intermediates can scalp. do reversals and let the market take them into a trade under most all conditions. They cannot trde low volume low volatility lateral trending markets. That is reseved for expert SCT trading where lateral channel width exceeding three ticks yield net profits.
Notice in the illustrations how many wash trades are done by this beginner.
With respect to my posts, there is a consensus as to their difficulty of comprehension. It is universal. The two camps of opinion are blamers and miners. I take the blaming in stride. From a Semper Fi point of view I am used to pussies, whiners, and goof offs. From a mining point of view, I understand that I am separating the wheat from the chaff. Panning is done with either pans or sheepskins (the golden fleece). I know when a person here is down to "black sand" and I know how to conduct the person through the process of separating the blacks from the ore complex. I am not a person who uses aqua regia to analyze complex ores. I use a mass spectrograph, etc.
If you have to handle a Mig over 'nam, it's best to know the uniquenesses of speech of the pilots as to whether they are native or mercenaries speaking. Once you know who the other guy is you know his training and it's easier to make your point. i try very hard to find out what the other guy's handicaps are when I am trading against him. I trade ahead of smart money as a rule. i will post some charts that show you how to peg smart money moves ahead of the market in a few weeks. Recently I have had to abandon my 1000 day views for planning and I am doing meds visits of more than 4 visits a week presently. Until I resolve these issues, I will continue to be unreliable. The pussy viewpoint that I abandon whatever is out of order.
As AMT said it takes about 6 months to learn to "read" DOM. You can be at SCT in that time too. It took 200 pages of copy here in ET to get from ground zero to intermediate last year from February to August. 75% of that copy was from the pussies, whiners and goof off's. The rest was from miners working their brains off and succeeding.
Scientist explains that bull$hit will be ignored. I will use it as prime examples of mental deficiencies from this point on.
I don't mean to bull$hit, but for a know nothing like me it would have been a little easier if you would have told us someplace what you are trading. I can kind of guess it but with all your bull$shit about helping newbies, little nononsense finds this a little hard to swallow. It seems to me that you only write for people already on Mars. The rest of us have to pan their way through a lot gravel as one poster put it.
nononsense
Just a newbie question.
I feel most scalpers usually have very strict predetermined exits and they would take few ticks and go. Some even use time stops. But if the situation looks very promising, would you stay and wait for more?
I feel most scalpers usually have very strict predetermined exits and they would take few ticks and go. Some even use time stops. But if the situation looks very promising, would you stay and wait for more?
Quote from Scientist:
What wonders me most is that while this stuff is so logical, nobody else has actually written about it.
For those here who have a copy of Larry Harris' "Trading & Exchanges", you will find all sorts of stuff in there (~650 pages!), but nothing too much that will really make you a good trader.
IB sent many (high-turnover) customers this fat book for free last year, and while I was thrilled at first, it just turned out to be another academical work on what's rather irrelevant and "matter of course" stuff on actual trading. Larry Harris, PhD, proclaimed "an expert in market microstructure" is a nice guy and I do like some of his work. He also holds various chairs and honours in the field of finance, is chief economist of the SEC and many other things.
Yet I'd beat the crap out of him in trading any day - for sure. Because most of the "science" is the really irrelevant stuff.
Funny that we got this book from IB, saying "We want you to succeed because our success depends on your success". Sure, we know that the people from IB are just as smart to traders' real needs as any other broker & co out there. All the great wizards that understand why markets move, but few of them know how to trade.
When I look for something on the price/volume relationship, I can't find anything useful in Harris' - or any other book for that matter.
Looks like I'll have to keep looking. Or write my own book...
Have a nice weekend!
Scientist
Your comments on the P,V relationship are the singular cornerstone of trading to make money.
Below, I have sketched out a sunnary list of items that are worth digesting to get a set of good NLP pictures regarding the P, V relation.
All price formations follow the P, V relation. By using it to check out any formation, you gain an understanding of why formations work so simply.
The P, V relationship is what clearly establishes thatmarket operating points migrate rather than rendomly move about.
The three basic questions that provide for vey efficient trading (extracting the full potential the market offers you) grow out of the P, V relationship. The Q's are: Where am I in the cycle? What is automatically next? How fast is the cycle progressing?
With regard to charts for trading (five min for commodities (intraday trading) and 30 min for equities (interday trading)), the longest volume bars dictate the trend diraction to you. For ES it changes 3 to 4 times a day usually (the typical W or M path through the day).
Look for volume change (decreasing to indicate trend endings, increasing to indicate trend continuation)
Look for the levels of volume during the three parts of the day. On ES the market pace is determined by volume levels. Fast paces (beginner trading requirement) require over 10 to 12.5k per 5 minutes; intermediate over 4.5 to 6k per 5 min; SCT trading above 2.5K per 5 min.
Volume below 2.5K per 5 min is a precursor for a new market condition. Within 1 or 2 bars after a VDU (less than 2.5K per 5 min) a volue BO will precipitate a Price BO. Enter 1 tick outside of the prior bar extreme. The market will take you in from you orders or you can hit the "market" T button.
The vernier for volume velocity is the DOM.
Volume preceeds price. A complete cycle of price includes TWO cycles of volume. This phenomena is the bane of most beginners and intermediates. The causal factor is that the P, V relationship is more complex than dealing with opposites. If a person has NLP pictures composed primarily of opposites he is screwed from becoming an expert or advanced intermediate.
Increasing volume indicates a price trend will continue.
On the other hand, decreasing volume indicates the existing price trend will change. The change will be to one of two other trend possibilities.
Steady volume is most frequently vry low relative volume and results in a 4 o'clock drift.
Volume dictates three possible price trends. The odds are, therefore, 1 in 3 at all times relative to NOW. This is the second most powerful basis for why the vast majority of traders are losers. (the first most is predicting habitually).