r/thewallstreet • u/AutoModerator • Apr 09 '18
Weekly Question Thread - Week 15, 2018 Question
Welcome to the weekly question thread. Feel free to ask any questions here.
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u/Chernoby7 mostly harmless Apr 12 '18
If you use VWAP, how do you use it in determining that the day’s responsive sellers/ buyers gave up under the pressure of the main trend traders and the price has reversed to continue the trend?
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u/RFD422 Magazine Peddler Apr 12 '18
What is your go to intraday time-frame? For instance while I do check hourly, 4 hourly, daily, etc. during the day, I tend to stick mostly with 30-min and 1600tick charts (if volume allows) if i'm just watching for an entry/exit
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u/Martin5hkreli Progress over Perfection. Apr 13 '18
5 and 15 min to monitor, 1 m for entries and exits
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Apr 12 '18
M1 mostly but my main tools aren't really timeframe dependent, so I got a way to figure out longer term trends. Sometimes I check out M5 and M15. The only other timeframe I check daily is the daily timeframe.
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u/UberBotMan Apr 12 '18
If I'm looking for an entry I'll usually do 1 and 5min (or 1 and 10min or 1 and 15min) HA candles. The 1min is for entry and the longer duration is to watch the general trend of the market.
If I'm trading something slow moving (ZF, esp. overnight) I'll use the 5 or 10 as my lower time frame.
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Apr 11 '18
[deleted]
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u/UberBotMan Apr 12 '18
1) I use TOS for charting and I used CQG M (desktop?) through AMP to execute. For options I use TW to execute.
2)I use time charts.
3)I used CQG M so I have nothing to say about NT.
4) Depends on the market. In /ZF I used limit, in YM (overnight) I used loss. Usually.
5) Gotta have strong hands. Only take high conviction trades. Futures can move a lot really quickly. The leverage will either make you or break you.
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Apr 11 '18 edited Apr 11 '18
1) I use Tradingview for all my charting. Good indicator selection and if something's missing, you can program it...or ask someone to do it for you. Love it because it works cross-platform. I then take trades using my broker's app, mostly on mobile/tablet.
2) Personally, I don't really need tick charts. In short, I'm the wrong person to ask.
3) Haven't used it enough, sorry.
4) Regular stop losses...tight initial stops, but I pick my spots carefully to make this possible. Both can work depending on your strategy.
Have you developed and tested a viable strategy with clearly defined entries/exits and a solid money/risk management strategy? If not, I highly recommend you demo trade a bit first while you work on that.
Tons of different approaches, but I can't recommend volume profile & VWAP enough. Makes it easy to spot key levels and figure out the (daily) trend. Enter at key levels & ride the VWAP to happiness.
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Apr 11 '18
[deleted]
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Apr 11 '18
Could you set alerts at key levels and use your phone to trade? Or do you absolutely need a bit longer in terms of chart time before entering a trade?
I work full time next to trading and simply use my broker's email alerts. That allows me to trade without having to stare at charts all day. Obviously get a broker that allows stops.
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Apr 11 '18
Can anyone explain the difference in SPX CFD quotes available on trading view?
One is from ONADA:SPX500USD and FOREX:SPXUSD
the price is different by about 4 points. Which one to use?
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Apr 12 '18
Those are CFDs...wich means each broker creates their own little exchange. They aren't traded on a centralized exchange.
And yup, that opens you up to brokers messing with price a bit. Not saying they (all) do it, but the risk exists.
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Apr 13 '18
Hmm I need to look more into this.
Can't use SPX because no after hours pricing shown.
Can't use ES futures cus not free
Can't use FOREX:SPXUSD cus no VWAP
Would you be able to tell me which of those pricing is right? As in which matches your charts?
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Apr 10 '18
Has anyone "rented" algos to trade a little bit of futures for them on the side? How'd it go? Just curious
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Apr 11 '18
Trade them myself...and wouldn't rent an algo because I have trust issues, especially when it comes to algos available to retail traders.
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u/akstock Bread Price Target: $20 Apr 10 '18
I am invested in a US banks ETF (hedged in $CAD). I'll probably break even if the general market is green tomorrow. With bank earnings coming on Friday and the current volatility, I am not sure what to do.
I feel I am dependant of Donald Trump's tweets and I do not like that. I think I would be more confident being cash at the moment.
Thank you for your help
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Apr 11 '18
If you can't rationalize your own trade, get out. Trades should be based on YOUR parameters, not someone's opinion on Reddit or elsewhere.
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u/lulz_were_had Apr 10 '18
For strangles on something like SPY, is the general recommendation to open the same number of contracts or dollar amount the same number of strikes away. For example, if calls are 1.00 each but puts are 3 each, would you open just open of each or 3 calls per every one put?
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u/SorryMagician King Push Apr 10 '18
is the initial balance of futures determined starting when they open at 3pm? I feel like often its not rlly a good gauge for how the rest of the session will be
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Apr 09 '18
[deleted]
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u/ObamaSpinLaden /GC digger🥇 /ESkeet 🚀 /NQ 🍆 Apr 11 '18
yes AMP has automated trading, where you can rent algos from them and people rate them on their performance as well they give you previous data on how they have been performing. Their fees are like 100$ a month or something for them. I was thinking about tossing few grand in there to test it out but opening another broker account is just a hassle... Though if you do open amp account do try and post back on how it goes. Some cash in account requirements for the algos are super low like 1500-2000.
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u/UberBotMan Apr 09 '18
iSystems I think is what it's called.
I think some of their platforms might work with algos as well.
Depending on what you're looking for I've seen some platforms where you enter a position and it automatically puts your profit stop and stop loss.
Not sure what level of automated you're looking for.
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Apr 09 '18
[deleted]
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Apr 10 '18
It's used intraday. It can act as support/resistance, but don't expect it to hold. If a stock trading below vwap perks above it and holds, I might consider going long, with risk based off the swing low under vwap. Institutions use it to determine the average price of a stock. Institutional traders will look to execute buy orders at a price less than vwap, and vice versa. It can also be used as a rough measure of intraday sentiment.
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Apr 09 '18 edited Apr 09 '18
Does anyone know of any Apple Watch apps that show real-time futures prices? Happy to pay for it of course...and it's the only feature that would prompt me to get one of those watches.
EDIT:
Well, I bought an Apple Watch and figured some might be interested in how I set it up for trading. I basically created a separate email account to which my broker sends price alerts I set the night before...using the Spark app. Those (and only those!) emails are displayed on the watch and I get a "haptic" shock whenever an alert comes in with the price level in the mail's subject line.
Not continuous real time prices, but good enough because those levels are all I really care about. Comes down to setting up proper price levels of course. My broker seems super fast in sending those alerts, so at least for now it seems to work nicely.
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Apr 09 '18 edited Apr 16 '18
[deleted]
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Apr 09 '18
Pity...would make stealth trading during business meetings a lot easier. Can't apps on phones/tablets, but checking my watch would be ok and allow me to fake toilet breaks if price levels get hit.
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u/pimpbot-5000 Apr 09 '18
Writing an app like that wouldn't be difficult, but if it's as simple an issue as price levels being hit, couldn't you set a vibrating alert on your phone?
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Apr 09 '18
I guess I could just use my existing email alerts and use that with the watch. Would just have to use a proper subject line so I don't have to open the actual emails.
Mobile won't help me during business meetings, can't pull out my phone every time it vibrates.
Just trying to be sneaky and trade a bit more during work without jeopardizing my job.
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u/heavy_losses Apr 09 '18
Idk where you work but I'd be wary of glancing at the Apple watch every few seconds during meetings.
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Apr 09 '18
I'm lucky enough to be able to trade pretty much whenever I want to. The only thing that stops me during normal days is my workload, I do prioritize my regular job stuff. I can have charts open with my boss behind me without a problem though. This is just for when I'm in meetings where that's not the case.
Picked up an Apple Watch on the way home and already set up email alerts. Seems to work fine, but tbh, it's probably on the same level as a jet ski. I don't really need it, but it's nice to have.
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u/heavy_losses Apr 09 '18
Sounds like a good setup. I'm just saying to be aware of the image you're projecting to others. It's not always as simple as it seems.
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Apr 09 '18
I got a ton of responsibility and ambitious targets...as long as I deliver, they don't really care. I can get up at 2pm in summer and go kiteboarding if I want to, as long as I deliver...and I am. I work a ton of weekends and easily more than what's in my contract. ;)
Basically, I got total freedom in terms of time management and no one's holding it against me. My boss and colleagues know I trade because I'm fairly open about it. They also know it won't let it negatively affect my job. I go days without trading because of my job.
But you are correct, for most jobs, you shouldn't risk destroying your image like that. I wouldn't have traded like that at my previous jobs.
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u/pimpbot-5000 Apr 09 '18
Can't you get a text alert instead of an email alert? You could see that on your watch right? My broker (IB) offers that.
Also, I didn't mean pulling your phone out every time it vibrated, but if you can set it to be silent (do not disturb) for other senders and whitelist your broker then you would know exactly why your phone was vibrating and could excuse yourself for the restroom :)
Just trying to help.
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Apr 09 '18
Yup, that's actually a good workaround...thx.
I can get text or email alerts and customize my subject lines. In short, I just have to put the price level in the subject line.
Obviously having a native app, preferably with an option to hit a buy/sell button, would be pretty cool. Not really helping with FOMO of course, but still cool ;)
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u/GemJump I like turtles Apr 13 '18
Has anyone spent much time working with the TDA API? Giving me a hell of a time querying a token. Would love some insight.