Post by traderAllen on Feb 28, 2016 11:04:41 GMT -5
This week I took the opportunity to look at market Delta/market profile. While I did not get a lot of trading done I did have fun playing with some new things. My first two thoughts or concerns are the fact that it is very complex and it does not work with spot Forex.
I've took a look at three different methods well 4 actually. The first steps I took was try to make it as simple as possible by eliminating anything that there that's flashy but does not serve a purpose. Kind of strip it down so to speak to its bare essentials. The cost of these methods for the codes run from expensive IE overpriced to affordable to free. I found they all contain the exact same information only package slightly different. One method the code needs to be refined as it takes ninja trader far too long to run the calculations. Which by the way is also the most expensive. The affordable method is very well laid out, also the affordable method mentions that they solve the problem with Forex. I'll be testing that theory this week as I continue looking at these methods. My hope is that it would be useful in Forex. (I wonder how many people are using these methods in spot Forex not realizing that in Forex orders are filled differently than futures so basically the bid ask prints are backwards in some of their calculations).
That brings us to the week ahead I've made adjustments to a free version to show only the information that's needed and make it easy on the eye. I'm going to continue to trade my FPAS and FXA methods this week but I'm going to decrease my position size so that I can be comfortable adding in the market Delta platform. Once I spot my entries areas. I'm going to attempt to fine tune them with market Delta.
I don't believe at least at this point that you can use a market Delta chart by itself you have to have, well you have to know how to trade to start with. But you need additional chart to look for those areas of buyers, sellers, and trap traders. Once those areas are identified then we will attempt to spot them on the Delta chart.
One item that needs worked on is the position of the stops since we are scalping we do need to place stops. In trying to use some of the methods that I have seen on the market Delta style websites my simulated trades were getting stopped out only to immediately turn to the profit target. I have to do some more research on that one, however is that issue can be solved and the issue with spot Forex then I would say market Delta would be a viable and profitable trading method.
I've took a look at three different methods well 4 actually. The first steps I took was try to make it as simple as possible by eliminating anything that there that's flashy but does not serve a purpose. Kind of strip it down so to speak to its bare essentials. The cost of these methods for the codes run from expensive IE overpriced to affordable to free. I found they all contain the exact same information only package slightly different. One method the code needs to be refined as it takes ninja trader far too long to run the calculations. Which by the way is also the most expensive. The affordable method is very well laid out, also the affordable method mentions that they solve the problem with Forex. I'll be testing that theory this week as I continue looking at these methods. My hope is that it would be useful in Forex. (I wonder how many people are using these methods in spot Forex not realizing that in Forex orders are filled differently than futures so basically the bid ask prints are backwards in some of their calculations).
That brings us to the week ahead I've made adjustments to a free version to show only the information that's needed and make it easy on the eye. I'm going to continue to trade my FPAS and FXA methods this week but I'm going to decrease my position size so that I can be comfortable adding in the market Delta platform. Once I spot my entries areas. I'm going to attempt to fine tune them with market Delta.
I don't believe at least at this point that you can use a market Delta chart by itself you have to have, well you have to know how to trade to start with. But you need additional chart to look for those areas of buyers, sellers, and trap traders. Once those areas are identified then we will attempt to spot them on the Delta chart.
One item that needs worked on is the position of the stops since we are scalping we do need to place stops. In trying to use some of the methods that I have seen on the market Delta style websites my simulated trades were getting stopped out only to immediately turn to the profit target. I have to do some more research on that one, however is that issue can be solved and the issue with spot Forex then I would say market Delta would be a viable and profitable trading method.
