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ES 4-7-11


ghost town today..starting short s at 34.50..Volume spike.....into old VPOC...33 is inititial target
trying for 27.75 .....lunchtime...stop set at 31.75...i see no whales buying.....so nothing like putting theories to the test will real $$$$
I appreciate the video Bruce - thank you - chance for all of us to learn.
moving stop to 30.25...
I don't know market delta so I'm waiting for feedback on that one....so I may be wrong!! but thanks anyway...
Originally posted by mrg

I appreciate the video Bruce - thank you - chance for all of us to learn.
I run a relatively restrictive charting package that does not adequately back-test. I’d like to help out a young trader with his simple setup but I currently cannot. Will someone please refer me to a reliable back-tester? (The CME/CQG solution is outside his budget.)



Thanks in advance,
Bruce I'm not sure what your question is here. There is nothing to miss from your explanation of the action.

Price falls into the 22.50 area and rallies on large ask volume, which is what you would expect to see if buying was occurring.

On the retest of the volume node there was no significant bid volume meaning sellers weren't present and total volume is lower.

Price proceeds to rally.

No disrespect but can't get more text book than that.







Originally posted by BruceM

I made this quick video not because of ego or that I like to hear my own voice.....but I can't write on my IRT charts.....so these questions are to make sure that I understand a fundamental concept and to see if I interpreted that correctly....


Making a big effort to really learn this Delta stuff so I hope u don't think this is too extreme
No video below? Try this link: questions.swf







Originally posted by BruceM

I made this quick video not because of ego or that I like to hear my own voice.....but I can't write on my IRT charts.....so these questions are to make sure that I understand a fundamental concept and to see if I interpreted that correctly....


Making a big effort to really learn this Delta stuff so I hope u don't think this is too extreme
No video below? Try this link: questions.swf









Your explanation, after the fact, is as good as any other. I'm sure you are aware it is possible to create a "story" for any statistical coincidence(SC)that makes as much sense.

The important thing for me is to find those events or conditions that bring about changes in delta. This allows you to verify the effect in realtime. Changes in delta on the ES are the result of other influences. Find those influences, verify with a change in delta, you now have a truism (A leads to B, B leads to a known change in price direction).
You make it sound so simple, Lorn. Is it really?

it kind of looks that way, but....
thanks for your comments to Bruce


Bruce, are you still feeding that program with Interactive Broker's data or did you get a different feed?
hehe...hence the textbook reference. Its not that easy.

Originally posted by PAUL9

You make it sound so simple, Lorn. Is it really?


This is why I only pay attention to delta at levels of interest...

ie.

O/N high/low
YD RTH high/low
Volume nodes...etc


Originally posted by beyondMP


The important thing for me is to find those events or conditions that bring about changes in delta. This allows you to verify the effect in realtime. Changes in delta on the ES are the result of other influences. Find those influences, verify with a change in delta, you now have a truism (A leads to B, B leads to a known change in price direction).
Thank you very much Day Trader. I will check them out over the weekend. Appreciate the sharing nature of the forums here. Have a solid trading day and a great weekend coming up!!