That’s right, it’s “splitter eve.” So tell someone you love that you love them.

Tonight, I sent off the first release version of the volume splitter to the eotpro.com mothership. From there, it will be disseminated to the elite series subscribers. I really think this indicator works very well.

In its release form, it is a function that you can use in custom indicators and strategies, which is sweet. In fact, the indicator itself just calls the function, scales it, and displays it.

Here is a screenshot of the volume splitter in action as a market timing device. Today I went over more examples in indicator lesson school, and also during my segment in the eotpro live room. It’s easy to see examples of how the splitter can be of help, all day, every day. At least, that’s the way it seems to me…

I was investigating ninja coding issues this morning, so I didn’t make any trades. But, I did go back and take a snapshot of another example scalp from what is becoming my favorite hit-and-run setup:

Nice, clean, and (relatively) easy.

Not only am I still working on getting the main eotpro functionality moved over to ninja, but I also closed a deal to do some ninja strategy work. So, I’m going to be quite busy the next couple weeks, and trading may be light as a result. We’ll see!

Since I’ve been trading abbreviated days this week, I’ve mainly been using my scalping technique. It’s a simple setup I’ve gone over in the eotpro live room most days lately. I’ve described an early version of the setup in the forums and old blog posts. The only real difference is that I’ve changed up the support indicators a bit… so that I use my new volume indicator variant, and my custom paintbars. But the idea is the same… a tag of the rolling vwap and a small move.

Anyway, here’s three examples from the end of the day today:

The third one is a pretty loose example of “tagging” the rolling VWAP, but look at how well volume precedes the move down just before entry (as seen by the volume indicator in the bottom subgraph diverging sharply against price).

I have found the technique is especially effective when you scalp moves after big volume divergence on a larger-grained chart (like a 2584 share bar chart, or a 3/4 pt range bar chart). This is doubly effective if we are near support or resistance on a PnF chart. Things like that are even more evidence in favor of a probable swing in a direction. That’s how I’ve been playing it, anyway, with very high success rate (no losses this week, that I can recall… sound good?).

Barb’s Reversal indicator also had two wins today, though I didn’t trade them. Here’s the second example:

Very nice!

Even though volume and the range were abysmal, I used my latest scalping method to make 7 trades this morning, for 6 wins and 1 loss.

I don’t remember if this is one of the ones I made or not (the bars go by really quickly on a 233 share bar chart!), but this is a good example of the setup. We tap the rolling vwap, then come down with red bonnie’s bars and red market sync. Then I take profits at the math line, skipping the line I’m right on top of on entry.

Yeah, it’s kinda fun to scalp… but also much more strenuous than what I’ve been doing… and the money you make is not proportional to the extra effort needed. I hope I don’t feel inclined to do this all summer! But, you gotta adapt, and if the market wants to chop, you gotta either have a method that works, or step aside.

Anyway, I’m done for the week. Have a good weekend, and I’ll see you next week.

I’ve been playing with a simple scalping method, based on the eotpro elite series indicators (which I authored, and so I obviously think they are the bee’s knees).

What I like about this chart, is that it’s all price action. No subgraphs. It is deceptively simple-looking, though… I would never take every trade that sets up this way. I use my other charts to decide when good scalping times are. Still, as an easy in-and-out method, I like it. In this morning’s trendless, oscillating market, I was able to find some little trades to make this way.

Basically, the entry is always just after price comes down and tags the rolling VWAP (that blue line). Then, for longs, entry when the paintbars (bonnie’s bars) turn green. Then exit at the math lines, and bail on any remaining contracts if bonnie’s bars turn against the trade.

Very easy to follow, but like I said, you still have to know when the right times to believe in this kind of setup are. That takes a bit more finesse and experience.