Plan the Trade

Nice Erasmus I just realised I should have taken that pullback myself

unlike you to miss a pb Harold .. think we could have taken a 20 here as well:

on that one I sneezed and my hand slipped and price flew away lol

Well, whenever i see a pattern such as the current chart, i have to view it as just printed the (iii)rd of the 3rd wave. Almost vertical after the usual looking waves 1&2, with wave 1 making the slightest of HH's (C&H set-up), thus i will not expect too much downside today.

I've done a pretty picture;



It matters little as we will be trading what we see, but whilst we have virtually nothing to go on from the profile... a grinding up day? Whatever happens, i do not even have the market profile info anymore from the last time we were up here... for me, it's probably irrelevant anyway, so it's back to pullbacks, unless we drop back below extreme. Even then, the profile doesn't look that great.

GL all

yes way above extremes cg .. think it was you who noted that price usually closes the gap back to extremes when we open beyond extreme

Usually Ras, but not always, only a feeling looking at the strength seen here, it looks to me like a 3rd wave and they don't generally get corrected by much, especially when wave 2 was deep... we usually have alternation between 'corrective' waves, so the main 4th would normally be shallow... could be a gap and run, with Insties in control, but let's see.

Good start;

Can someone help me set this up on SC? I added TPO to a NQ chart. Now what?

Also, which study highlights the opening area and the closing area in green or red?

Ygr, i'm hoping someone else chips in here.... it's not easy to explain it all, although i didn't understand your last question...

Regarding earlier chart, i note that the volume at the time was only 24k, so a big gain on very low volume, which is always going to be the clue i guess.

I originally thought days where we gap up and open way above extreme were supposed to be instie days, but more often i'm seeing insties run things from later on and as we noted before, gaps on low volume being filled (and then some). I should have looked at the DV before jumping to any conclusions.

The other set-back i have, is that i can only scroll to see a few days data, with no longer having access to my IG charts, so i can not see the bigger picture.

So, here we are back amongst the profile...

+36 from 1 today. Pre-market to me looked 'ready' to drop towards the demand (circled) and with a couple of likely previous POC levels as guides too, thought it was as good a plan as any. Sold from the break of the S&R switch.

And still dropping . . .

So price opened way above extremes on low volume. I had a line for the valley area of that big day on Friday the 9th. The thought was possible institution day so 2 plays above the valley then price stalled

If if you look at Div's charts it is green and red...

Also, how do you tell what the volume is premature? Number of bars?

Use a study called: "Time Range Highlight".

If you're going to use Market Profile you should probably read Steidlmayer and Daltons books.

the green area on my chart is the opening time area of first 5 minutes its not an indicator

Short summary on how I use these levels they are support and resistance and sometimes based on PA I will just take them off levels other times 123 or 2b setups nothing more than that