DislikedYou ask some of the hardest questions
Alittle bit of both, and it depends. I personally feel that the longer term players(otf) carry more weight than the local traders. I use the longer profile daily/weekly for my direction. If im below value on the higher TF (not skirting the edge of value) that means otf buyers will be looking for a good place to step in and get resopnsive. And that place is usually were the locals believe prices are falling through the floor. Im long and stay biased only when pa is traveling from below value taveling up...Ignored
i asked this question because i kept using as a previous the previous session and wasn't sure if i'm doing something wrong in my analysis or i'm just knocking at the wrong door...
QuoteDislikedthe important info imo is in the distribution of prices (the shape of the profile) . you may be below value but thats not a good enough reasson to get long imo, what the shape of the profile means, is everything.
maybe i'm not there yet in the book where i can understand what do you mean by shape? the only thing i can think now is the five typical daily patterns but it must be more then that...
i'm definitively not a scalper so i'm more inclined to keep a trade open a little longer and by the way my plan as a trader is to trade eur/usd, gbp/usd and not keeping trades over the weekend, trade s&p500 during the day and options on etf futures like oil, gld, slv&spy during a month...right now i work my ass out with forex and demo options, maybe somewhere next year i would get there if i would not change my mind...