YM newbie Q & As
- Thread starter tomwalshco
- Start date
"The only thing I watch is ES and YM. The indexes, stocks, Advancers, Decliners, Ticks, Trin, etc. ad infinitum usually follow and are useless as far as I can tell, when trading either on a very short term basis. If anyone can demonstrate otherwise I will be happy to eat my words."
they are not useless as far as my result said.
here is what i watch (generally)
first, i have a background set by having looked at yearly, quarterly, weekly, and daily market profile charts. so, i know areas of general price acceptance and rejection, etc. and where hi volume nodes are building, where single prints are, etc.
i know all the past gaps that have yet to be filled.
i also know the ATR, whether it is expanding or contracting, and how recent volatility has been (VIX, etc.)
those give me a background.
but intraday i pay close attention to TICK, AD, and some key sectors and stocks.
TRIN is useful as a background, as is putcall level.
TICK helps me finetune my entries.
AD is more of a basic reference, but i find TICK immensely useful, and it is part of several of my setups.
TICK also helps me get out @ market extremes, and in at the better price points.
also, i have found it useful to know the program buy/sell levels for ES (even tho i trade YM) and monitor the divergences between futures and cash indexes. futures tend to lead cash, and ES tends to lead YM. knowing when a buy or sell program is likely to hit can be helpful in fine tuning scalps, or exiting a position that is on the opposite side of a fresh buy/sell program.
again, use what works for u.
sometimes, by simplifying, one can greatly increase the skills by eliminating stuff. i would LIKE to be able to trade using solely tape, at least for focus purposes. but i haven't done that yet.
they are not useless as far as my result said.
here is what i watch (generally)
first, i have a background set by having looked at yearly, quarterly, weekly, and daily market profile charts. so, i know areas of general price acceptance and rejection, etc. and where hi volume nodes are building, where single prints are, etc.
i know all the past gaps that have yet to be filled.
i also know the ATR, whether it is expanding or contracting, and how recent volatility has been (VIX, etc.)
those give me a background.
but intraday i pay close attention to TICK, AD, and some key sectors and stocks.
TRIN is useful as a background, as is putcall level.
TICK helps me finetune my entries.
AD is more of a basic reference, but i find TICK immensely useful, and it is part of several of my setups.
TICK also helps me get out @ market extremes, and in at the better price points.
also, i have found it useful to know the program buy/sell levels for ES (even tho i trade YM) and monitor the divergences between futures and cash indexes. futures tend to lead cash, and ES tends to lead YM. knowing when a buy or sell program is likely to hit can be helpful in fine tuning scalps, or exiting a position that is on the opposite side of a fresh buy/sell program.
again, use what works for u.
sometimes, by simplifying, one can greatly increase the skills by eliminating stuff. i would LIKE to be able to trade using solely tape, at least for focus purposes. but i haven't done that yet.