ORDER ENTRY PREFERENCES

almost in all platforms the default for: stop/if touch trigger type is

1) single trade tick
2)double
3) triple...........etc.

Since there are many exprienced traders here I would like to hear your order preference type.
Thank You

PS I left mine at single trade tick, but I'm afraid it is the wrong chice

I think the answer depends on the market you are trading. Fast thin markets like CL and 6E are going to require a faster stop style than slow fat markets like ES or ZN. As an ES trader I use volume to filter a stop trigger rather than number of ticks. No way you could use my volume filtering method in the CL for example, its way too fast and thin. Even a stop/limit order won't work in the CL because it tends to jump over key price levels in fast market conditions (leaving the limit order unfilled as the market races away).

You might do some simple statistical analysis of the different styles for your market of choice. Having some objective numbers may help guide you toward the proper way of handling a stop order for your specific market.

to PT EMINI Thank you for your reply I greatly appreciate it, in my previous post I failed to mention that I trade the SP emini mostly I scalp the market I use trade station platform. Will you please give me more details about your volume filter. how many contracts is your trigger stop?

My stop strategy, for the ES only, is based in the idea of price acceptance or rejection. I use the volume delta at the price level to make this determination in real-time.

What I want to avoid is being prematurely shaken out of a trade on a 25 contract price level probe. I am certain anyone that has traded the ES has had this experience of their stop being shaken loose to the tick and the market reverses off the stop level and the trade goes to the profit target without you (having been stopped out to the tick).

I look for at least 300 contracts (delta) to trade at a price before I will consider it accepted. I prefer to see 800 + contracts to feel completely comfortable the market has accepted that price. Anything less than 300 contracts I consider the price level is being probed or tested, a touch if you will. Often we will see a price level touched with 30 or 40 contracts and the test holds reversing price.

I made this little Video clip Example to help clarify the idea.

Great way to use Delta PT. Cheers for sharing.

Thanks Lorn, appreciate the encouragement !

I just made a second video clip example that shows a textbook example of a probe and reversal.

Oh yeah, those rock ! thanks PT!

Pt emini after watching your videos I feel I was so stupid to believe the way I was trading will offer me any gains. I was like a kid trying to enter the war zone with a water pistol.
You will greatly assist me if you could tell me the name of the chart you used, the platform which offer it and the school or course I can take to learn about it, Thank You very much

Originally posted by khamore1

Pt emini after watching your videos I feel I was so stupid to believe the way I was trading will offer me any gains. I was like a kid trying to enter the war zone with a water pistol.
You will greatly assist me if you could tell me the name of the chart you used, the platform which offer it and the school or course I can take to learn about it, Thank You very much

Market Balance for NinjaTrader

As far as training goes,I am not aware of any training specific for these balance charts, IOAMT is the closest fit. Market Delta is more widely used and well known in the industry, so you might look into educator's that teach how to use Market Delta. Not to take this reply totally off topic, but I strongly recommend you look into the techniques Koolblue and Bruce & Lorn have exhaustively documented here at MyPivots.

The Balance or Delta charts are just one arrow in the quiver. My philosophy is every chart on my workspace and indicator on a chart must have a specific purpose or problem it solves. As I showed in the video's the 4 range Balance chart shows me what the market is doing inside each candle. For me it is the most direct way I can see market acceptance and rejection at key price levels.

The reason why TS gives you a way to filter your stop orders being triggered is to solve this problem of being one ticked out of a position on a minor probe through a key price level. The TS method is to look at how long price lingers or bangs on a price level in order to determine to trigger the stop order or not. The Balance chart doesn't care about time, instead it focuses on volume based upon the underlying thesis of price acceptance or rejection.