Money Never Sleeps… But You Probably Should

Posted by on Jan 20, 2015

Money Never Sleeps… But You Probably Should

Recently, while working on a few charts, I was perusing through the Netflix movie carousel looking for some background noise for my evening TA session ( I’m a hardcore mutli-tasker that requires 30 different things happening at once in order for me to feel comfortable doing any work, most of the time this consists of 2 or 3 movies playing in the background, some music, maybe a game of angry birds).  As I was scrolling through, I happened to land on the sequel to one of the greatest movies ever to be made about the topic of the financial markets:  Wall Street.  (Shia LeBeouf anyone???) Every trader at one point or another in his/her trading career should watch the movie, Wall Street.  It’s mandatory.  It’s like when you had to take pre-requisite classes when you were working towards your degree back in college.  The great Gordon Gekko emphasized some choice phrasing when it comes to the markets, such as: “Greed captures the essence of the evolutionary spirit.” Which, in the overdramatic world of cinema, makes for great movie fodder.  But the reality is, there’s a fine line between greed & ambition.  It’s good to be ambitious about trading the markets.  Particularly for those who just recently discovered the beauty and intrigue of doing this.  At the same token though, it’s important to realize that ambition can quickly turn to greed, which if not managed properly can cause all sorts of issues. When it comes to trading, it’s important to maintain a proper balance between your emotions.  And although greed, fear, and ambition can inspire you to reach goals that you never really would have expected of yourself, you still have to maintain a balanced perspective in regards to your approach to the markets. How Do You Accomplish This? Obsession can be dangerous and it’s important to know when to step away.  Clueless8 has mentioned time and time again, that the markets at various points necessitate a “reset phase”.  They can’t just perpetually go up or down.  Well, your mind works in a similar manner.  Meaning, you can’t spend every waking moment in front of your computer burning your retinas staring at charts.  This kind of behavior will wear you down both intellectually & emotionally. It’s integral that an individual trader be able to walk away from his/her screen and do other things in order to break up the monotony and emotional ebb & flow of trading.  It’s easy to become frustrated, overzealous or desperate.  When that happens, it’s easy to make mistakes, second guess yourself & over analyze.  PARTICULARLY if you’re dealing with a bad streak of trades.  Not only does this negatively affect you mentally, it’ll affect your portfolio too.  So the important point here, is to know when it’s time to walk away.  Take a run, maybe do some house cleaning (yeah, we see those dishes building...

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Previous Day’s High & Low

Posted by on Nov 5, 2014

Previous Day’s High & Low

This script offers a visual display of the previous days high & low price, which often acts as reversal or b/o trigger.  Very useful for day trading. Previous Day's High/Low #Previous Day Script #Justin Williams #justin@theinfinitygroup.us , @infinitycap, waterfronttrader #09/20/11: Now works on all chart time periods. #04/08/12: Changed both previous day line colors and made the open line dynamically colored. #04/13/12: Gave both previous day lines new colors so they don't blend with the open line & made the open line dashed. Also changed open time for people who use chart on /es. input ShowPreviousDay = YES; input ShowDayOpen = YES; def MarketOpenTime = 0930; def MarketCloseTime = 1600; def Day = getDay(); def Previous = getLastDay(); def Today = if(Day == Previous and secondsFromTime(MarketOpenTime) >= 0, 1, 0); def Current = if(Today, 1, 0); def PreviousOpen = if((secondsTillTime(MarketOpenTime) > 0), 0, 1); def PreviousClose = if((secondsTillTime(MarketCloseTime) > 0), 0, 1); def MarketOpen = if(PreviousOpen and !PreviousClose, 1, 0); def closeByPeriod = close(period = “DAY”)[-1]; def closingBell = if secondsTillTime(MarketCloseTime)[1] > 0 and secondsTillTime(MarketCloseTime) <= 0 or (secondsTillTime(MarketCloseTime)[1] < secondsTillTime(MarketCloseTime) and secondsTillTime(MarketCloseTime)[1] > 0) then 1 else 0; def PrevHigh = high(period = "Day")[1]; def PrevLow = low(period = "Day")[1]; def TodayOpen = open(period = "Day"); plot PrLow; plot PrHigh; plot DayOpen; if !IsNaN(close(period = “DAY”)[-1]) then { PrLow = Double.NaN; PrHigh = Double.NaN; DayOpen = Double.NaN; } else { PrLow = if marketOpen and today and Current and ShowPreviousDay then prevLow else double.nan; PrHigh = if marketOpen and today and Current and ShowPreviousDay then prevHigh else double.nan; DayOpen = if marketOpen and today and Current and ShowDayOpen then TodayOpen else double.nan; } PrLow.AssignValueColor(Color.Magenta); PrHigh.AssignValueColor(Color.YELLOW); DayOpen.AssignValueColor(if TodayOpen - close >= 0 then Color.red else Color.green); DayOpen.setStyle(Curve.MEDIUM_DASH); PrLow.HideBubble(); PrHigh.HideBubble(); DayOpen.HideBubble(); 123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657 #Previous Day Script#Justin Williams#justin@theinfinitygroup.us , @infinitycap, waterfronttrader #09/20/11: Now works on all chart time periods.#04/08/12: Changed both previous day line colors and made the open line dynamically colored.#04/13/12: Gave both previous day lines new colors so they don't blend with the open line & made the open line dashed. Also changed open time for people who use chart on /es. input ShowPreviousDay = YES;input ShowDayOpen = YES; def MarketOpenTime = 0930;def MarketCloseTime = 1600;def Day = getDay();def Previous = getLastDay();def Today = if(Day == Previous and secondsFromTime(MarketOpenTime) >= 0, 1, 0);def Current = if(Today, 1, 0); def PreviousOpen = if((secondsTillTime(MarketOpenTime) > 0), 0, 1);def PreviousClose = if((secondsTillTime(MarketCloseTime) > 0), 0, 1);def MarketOpen = if(PreviousOpen and !PreviousClose, 1, 0);def closeByPeriod = close(period = “DAY”)[-1]; def closingBell = if secondsTillTime(MarketCloseTime)[1] > 0 andsecondsTillTime(MarketCloseTime) <= 0 or(secondsTillTime(MarketCloseTime)[1] < secondsTillTime(MarketCloseTime)and secondsTillTime(MarketCloseTime)[1] > 0)  then 1 else 0; def PrevHigh = high(period = "Day")[1];def PrevLow = low(period = "Day")[1];def TodayOpen = open(period = "Day"); plot PrLow;plot PrHigh;plot DayOpen; if !IsNaN(close(period = “DAY”)[-1])then {     PrLow = Double.NaN;    PrHigh = Double.NaN;    DayOpen = Double.NaN; } else {     PrLow = if marketOpen and today and Current and ShowPreviousDay then prevLow else double.nan;    PrHigh = if marketOpen and today and Current and...

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Opening Range Breakout with ORH/ORL Alerts

Posted by on Nov 5, 2014

Opening Range Breakout with ORH/ORL Alerts

This script identifies intraday Opening Range Breakouts for a security along with an alert that triggers when price crosses over the Opening Range High or The Opening Range low. Opening Range Breakout with Alerts # Automatic Opening Range With ORH/ORL Alerts # Alert values added by: SiamShogun # Original script By Prospectus @ http://readtheprospectus.wordpress.com # Inspired by Trader-X @ http://traderx.blogspot.com # # This Thinkscript is designed to plot the OR high, low, # 50% fib retrace, and fib extensions for the current day. # This will only work correctly on time-based charts, # where the OR timeframe is divisible by the bar period # e.g. 30 minute OR, 10 min bars. An extra fib extension # may be used if desired to create a target zone. # def na=double.nan; # # Define time that OR begins (in hhmm format, # 0930 is the default): # input ORBegin = 0930; # # Define time that OR is finished (in hhmm format, # 10:00 is the default): # input OREnd = 0945; # # Show Today only? (Default Yes) # input ShowTodayOnly={"No", default "Yes"}; def s=ShowTodayOnly; # # # # Create logic for OR definition: Def ORActive = if secondstilltime(OREnd)>0 AND secondsfromtime(ORBegin)>=0 then 1 else 0; # # Create logic to paint only current day post-open: # def today=if s==0 OR getday()==getlastday() AND secondsfromtime(ORBegin)>=0 then 1 else 0; # # Track OR High: # Rec ORHigh = if ORHigh[1]==0 or ORActive[1]==0 AND ORActive==1 then high else if ORActive AND high>ORHigh[1] then high else ORHigh[1]; # # Track OR Low: # Rec ORLow = if ORLow[1]==0 or ORActive[1]==0 AND ORActive==1 then low else if ORActive AND low<ORLow[1] then low else ORLow[1]; # # Calculate OR width: # Def ORWidth = ORHigh - ORLow; # # Define all the plots: # Plot ORH=if ORActive OR today<1 then na else ORHigh; Plot ORL=if ORActive OR today<1 then na else ORLow; AddCloud(ORH, ORL); #Trigger Alerts on breach of Opening Range High or Low # alert(close>=ORH,”ORH b/o”,alert.ONCE,sound.DING); alert(close<=ORH,”ORH b/o”,alert.ONCE,Sound.Chimes); alert(close<=ORL,”ORL b/d”,alert.ONCE,sound.DING); alert(close>=ORL,”ORL b/d”,alert.ONCE,Sound.Chimes); # # Formatting: # ORH.setdefaultcolor(color.green); ORH.setStyle(curve.Long_DASH); ORH.setlineweight(1); ORL.setdefaultcolor(color.red); ORL.setStyle(curve.Long_DASH); ORL.setlineweight(1); 12345678910111213141516171819202122232425262728293031323334353637383940414243444546474849505152535455565758596061626364656667686970717273 # Automatic Opening Range With ORH/ORL Alerts# Alert values added by:  SiamShogun# Original script By Prospectus @ http://readtheprospectus.wordpress.com# Inspired by Trader-X @ http://traderx.blogspot.com## This Thinkscript is designed to plot the OR high, low,# 50% fib retrace, and fib extensions for the current day.# This will only work correctly on time-based charts,# where the OR timeframe is divisible by the bar period# e.g. 30 minute OR, 10 min bars. An extra fib extension# may be used if desired to create a target zone.#def na=double.nan;## Define time that OR begins (in hhmm format,# 0930 is the default):#input ORBegin = 0930;## Define time that OR is finished (in hhmm format,# 10:00 is the default):#input OREnd = 0945;# # Show Today only? (Default Yes)#input ShowTodayOnly={"No", default "Yes"};def s=ShowTodayOnly;#### Create logic for OR definition: Def ORActive = if secondstilltime(OREnd)>0 AND...

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