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Post by keen246 on Oct 23, 2014 4:36:03 GMT -5
Wow, how I learned how to read the tape goes way back, I'll have to think about who's book and video it was that I first started learning how to read the tape.Back price today trade the QQQ I placed many winning trades using level II time and sales nothing else. There's no need to spend a bunch of money learning all the ins and outs about level II time and sales. Nor does it take a lot of time for what we need to know in Forex. What you're looking for is just participation. When a market goes to breakout you want to see that there's a lot to order flow coming in, if the market breaks out and goes up one PIP out of the range and only one trade has fired off to move the market that one PIP, which happens all the time there's not enough players to move the markets. You can expect that breakout to fail.It's all about where are the buyers and where are the sellers. When the market breaks out to the upside are buyers coming into the market, if you see your time and sales screen start clicking off a bunch of trades you should be able to scalps a few pips out of the market. You think about what happens when the market breaks out, first you have the breakout traders jumping in pushing the market higher if they can push a high enough the countertrend traders will have to close their positions which adds more buying pressure. Which will run your scalp to your profit target. I'll try to come up with some more information and post the links. Once I get to doing a webinar I can show you all you need to know and probably less than an hour. Thanks for your reply Allen, I'm trying hard to find little clues on the T&S that can hint whether a breakout is real or just a fakeout. I've been recording the London and NY sessions so I can move backwards and see in detail the behavior before and after on the T&S indicator. No ahha moment as yet. However, to make matters worse, it seems like the data feed is somehow filtered or corrupted and not the real data is shown on NJ. I spotted a huge bug on Ninjatrader which I already reported. As usual, they were reluctant to acknowledge it, but finally they scaled to the developing team. I'm using ProRealTime as well, and even their charts are impeccable, they don't provide T&S. |
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Post by traderAllen on Oct 24, 2014 9:24:16 GMT -5
Keen246 check your account connection setup you created in NT, Check the box that says use snapshot data for realtime level one data. See of you like it better, I do.
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Post by keen246 on Oct 28, 2014 15:08:22 GMT -5
Unfortunately, the option "use snapshot data for realtime level one data" is not available on my NT 7. Moreover, I'm absolutely dumbstruck with the answer from NT's technical support about the issue I reported about the candles on the 70 tick chart not properly displayed on real time and differing significantly from the historical data. They replied to me after some 3 days of investigation: "The underlying cause of this issue has been identified and I'm happy to report that it will be resolved in NinjaTrader 8. Unfortunately, a fix is not possible within NinjaTrader 7 however."
So, it seems like tick charts are not properly displayed on NT 7 and we have to wait until release 8 to have the them working properly.
I wonder how come all the people using the tick charts are working with the charts showing not so accurate information. I realized this bug as I'm testing ProrealTime side by side and the difference is quite appreciable.
Allen, are you using a different NT version than 7? I checked one of you recently posted charts and it look ok.
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Post by traderAllen on Oct 28, 2014 23:27:58 GMT -5
I know ninja trader has already announced that there will be no more updates to NT 7. What data feed do you use with NT? Keep in mind that a decentralized market your charts will always be slightly different from one data feed to the next. This doesn't matter if you're using your broker as a data feed which is what I prefer. Also keep in mind that tick charts are always created from the right edge of the chart backwards in time. That's why I take a snapshot of each trade as soon as I close it. If you are looking at a tick chart, close the tick chart and then reopen the tick chart again it will be slightly different you may or may not be able to notice. Therefore it's also understandable that historical tick charts would be different. I use the latest version of the NT 32-bit since my broker doesn't support the 64-bit version. Also when I used to talk a lot in one of the other forums most everyone else used Pro real-time. And most would comment that my ninja charts showed a much clearer chart pattern. All this has to do with how the data is filtered. Not sure this clears matters up any.
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Post by keen246 on Nov 1, 2014 14:01:18 GMT -5
First I like to say we had a great time in the chat room today. It was the last trading day of the month but we managed to get a couple trades in. I've had a great month, I think my best one yet. I've made an 18.02% profit for the month on 585 pips.To be honest, I did have one trade get away from me but I managed to trade my way out of the loss and turn it into a profit. As Raghee Horner is so fond of saying "trade my way out of a loss".
My goal for the coming month is to increase in my position size. And try to focus on getting a little bit better entries on the setups.
Here was a first break set up from the chat room, I close a little bit early taking six, others took eight. Being the last day of the month I did not want to give back any pips. Hi Allen, Taking the chance you uploaded the screenshot of your trades last Friday, I compared it with the charts I'm using and wanted to highlight how different and how much the price action is lost on NT 7 tick charts (please check the attached screenshot). To my eye, the PA is way clearer on PRT charts and on NT most setups are difficult to see. Compare how beautiful the FB - DD setup you took looks on the PRT charts as compared on your NT's. By the way, I'm using FXCM data feed which is the same as Kinetick datafeed and anyway the NT 7 tick charts are totally corrupted. Attachments:
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Post by fxoutlier on Nov 1, 2014 16:30:30 GMT -5
Better if both charts were to be viewed on the same scale. TraderAllen did a video on this a few weeks back. The pro realtime set up for the FB looks totally different with that DD on top at the 40 and where I would have possibly missed it on NT I could hardly on this chart. Both show clear SB set ups below the 50. That BB entry short on the prorealtime above 57 also looks crisp with many touches to the bottom barrier then stalling at the 50 as one might have expected.
Of course one chart isn't enough. Keep going with this line of conversation please as it's getting very interesting.
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Post by traderAllen on Nov 1, 2014 18:58:12 GMT -5
Obviously you should use whatever you're more comfortable using. I have no affiliation with ninjatrader but I think the numbers speak for themselves that the combination that I use with ninjatrader and MB trading work very well for me. I would only have to speculate That what you're seeing as corrupted data is most likely just a difference in how the data is filtered and where the source comes from since there is no centralized trading in 4X. An example would be FXCM users more liquidity providers then MBT so naturally you see more ticks. I have no clue as to how ninjatrader filters the FXCM data.
In reality I don't think it even matters how well a chart pattern shows up on one person's chart or another, it's not the chart pattern that's important, I think that's why so many people have trouble trading this method, they focus too much on trying to see a perfect chart pattern and not enough on what's really important. That is where are the buyers and where are the sellers. And what type of fill's they get from their broker. An important difference there as an example would be an slippage just as often as slippage has worked against me it also works in my favor with my broker. FXCM has a reputation of not passing that positive slippage on to their clients but pocketing it for themselves.
Everyone needs to use what their comfortable with, and what they can execute with quickly. You need to know your trading platform like the back of your hand. Those people that like Pro real-time charting should stick to it. I try not to promote Pro real-time, because most people that I talked to our newer traders that are not profitable, and since they're already not making money why steer them to a platform where they have to pay a monthly fee which will drain even more money out of their accounts.
Another example would be the way I use time and sales. I prefer the raw data that I get from my broker over the ninja trader time and sales window, reality is it's just a personal preference. I've profited from hundreds of trades using only the one provided by NT. So doesn't really matter if ones shows slightly different. The fact is it does not, just because I like one over the other makes no difference to my trading account. I've traded this method with everything from a 60 tick chart to 144 tick chart, and got the same results. So the point is as long as you can see buying pressure and selling pressure and know by looking at whatever chart you choose where will the buyers be and where will the sellers be you could use just about anything.
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Post by keen246 on Nov 2, 2014 12:43:12 GMT -5
Hi Allen,
I didn’t mean to cause you the impression that I’m trying to persuade you from using NT. Not at all. I just thought it would be important for aspiring FPAS traders like myself, to realize that NT 7 is not working properly when it comes to display our 70 tick charts. For a master on the subject like yourself, maybe it doesn’t matter and I hope we all can get to that stage someday. Your success is my inspiration and I’m trying to learn from you.
But for we beginners on FPAS, it’s truly important to see clearly the setups on the chart. I’m using PRT and NT7 side by side, and that’s why I realized the NT’s 7 flaw. As already mentioned on my previous posts, this is not matter of data feed, broker, etc. NinjaTrader support acknowledged the issue and it’s clear for them that tick charts are not displayed properly on real time. What pisses me off, is that if I were a paying customer, they would give the same stupid answer…”wait until NT 8 for the issue to be solved”. Fortunately I’m not paying for PRT nor NT as there are ways around to avoid their ludicrous monthly fees (at least during the learning process).
I found that even the MT4’s EA to display tick charts work pretty well, so there are plenty of alternatives for us.
Well, I don’t want you to get upset discussing this issue anymore, I just wanted to point it out and help other FPAS traders and newcomers.
On a side note, recording the sessions and playing back in slow motion on the interesting breakouts, test of S/R, etc, has become really educational to see the Time & Sales behavior as you described it.
Cheers
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Post by traderAllen on Nov 2, 2014 14:32:01 GMT -5
I moved all these comments on ninja trader from my journal to hear just so we have a spot for future ninja trader discussions and be able to keep everything in one thread.
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Post by traderAllen on Jan 21, 2015 18:57:44 GMT -5
NinjaTrader
Happy New Year to you as well!
NinjaTrader is out of primary development. What we are doing right now is:
Heavy internal QA work
Performance profiling --> Improving memory utilization and reducing CPU cycles
Fit and finish
Help Guide completion
In short, we are making sure that the product is up to spec and clearing out as many bugs as we can find before we are comfortable labeling it as beta. We will release to a smaller group first before unleashing it to the general public. I don’t have a specific beta release data as of today but it’s much sooner than later.
(copied from another forum) posted by a NT Rep.
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