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London session market profile preps and journal for DAX

  • #341
  • Aug 1, 2018 2:09am Aug 1, 2018 2:09am
Yesterday's profile looks balanced and thoroughly auctioned from both directions.
Technically, it does not suggest any directional bias by its shape alone. But if you put that action into the context, you would see that the sign of bullishness is quite clear.
The big stop run yesterday's morning was meant to test the VPOC of last Thursday and the three overlapping down bars look like a bull flag pattern.

Given that we have a bullish open above the prior day's value, I am going to assume that the DAX is poised for a break out to the upside so long as it does not take out 12780.
Once 12780 is out, then a stop run below yesterday's low could be on cards.
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  • #342
  • Aug 1, 2018 2:31am Aug 1, 2018 2:31am
In DAX you should never under estimate the intention and determination of the market maker's running stops.

In this case, the market maker has the double bottom at 12775 formed during yesterday's NY session in his cross hair.
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  • #343
  • Aug 1, 2018 2:33am Aug 1, 2018 2:33am
Market maker absorption and start to hit market.
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  • #344
  • Aug 1, 2018 2:44am Aug 1, 2018 2:44am
Shorts are trapped. It is the beginning of bullish rotation and the game of running the stops of the bears is on.
Trading DAX has become more and more like play GO.
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  • #345
  • Aug 1, 2018 2:51am Aug 1, 2018 2:51am
Haha, Bingo!
Thank you bears!
Thanks a lot for your short orders and above all thanks for your stops!
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  • #346
  • Aug 1, 2018 2:52am Aug 1, 2018 2:52am
Quoting BinChenUt
Haha, Bingo! Thank you bears! Thanks a lot for your short orders and above all thanks for your stops! {image}
Taken profit and done for the day.
  • #347
  • Aug 2, 2018 3:08am Aug 2, 2018 3:08am
What a beautiful price action today.

I thought we would be bottomed out at 80, it has made another dip into 50 level.
Since then, it has built a 30 min long base at the 50 support where strong buyer has showed up.
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  • #348
  • Oct 16, 2018 11:59am Oct 16, 2018 11:59am
Quoting BinChenUt
{quote} The rule sets are useful, but nothing replaces a good charting package and a lot of practice. I suggest you use non time based the charts like renko, range bar, PnF chart to identify the three consecutive peaks or bottoms. With time based charts, it is quite difficult.
Hi BinChenUt, I think you are one of the rare traders who use PnF charts, as I understand from your message is that you have experience with pnf. Correct?

What is pnf charts:
Pnf charts track only price changes and ignore time, as you probably noticed in the charts. The aim is to reduce market noise. pnf is used mainly in breakout strategies and could be an addition to stop hunt strategies. (other strategies:
- https://www.blue-point-trading.com/t...ade-strategies
- https://tradingsim.com/blog/how-to-c...-swing-trading

Summary:
So in short, pnf is based on lows and highs. 1 column can only contain X's or O's (not both). Change requires a move equal to or greater than the reversal distance (based on 1. ATR or 2. absolute price value). ATR method is useful on all pairs, while the absolute price method is straightforward and easy to anticipate when and where new boxes will form, but selecting the correct box size for a specific pair will take some experimentation.

Question:
How do you find entries/exits for pnf trading in your strategy?
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  • #349
  • Oct 16, 2018 1:35pm Oct 16, 2018 1:35pm
Hi Michael,

Thanks for your message.
It is indeed very rare to trade solely from PnF charts.
But I intended to develop this as my niche, therefore i have invested a lot of time to set the PnF charts up for different time frames so that they supply me not only the higher time frame directional premise but also the intraday entry setups.

I agree that PnF chart is classically a trend break out tool, but there are more values from PnF charts. For example, it helps to identify S&R levels and price patterns.
The main purpose for me is to separate the impulsive and corrective price structure so that I trade the break out of the corrective structure or buy at the key fib retracement level.

For example, in this Euro trade, the impulse is easy to see from the chart, the 61.8 fib retracement of the impulse has overlapped with an old price structure. That is my entry on the long side.

I have moved my journal to futures.io as there are more futures traders.
https://futures.io/trading-journals/...tml#post694709

Quoting michaellobry
{quote} Hi BinChenUt, I think you are one of the rare traders who use PnF charts, as I understand from your message is that you have experience with pnf. Correct? What is pnf charts: Pnf charts track only price changes and ignore time, as you probably noticed in the charts. The aim is to reduce market noise. pnf is used mainly in breakout strategies and could be an addition to stop hunt strategies. (other strategies: - https://www.blue-point-trading.com/t...ade-strategies - https://tradingsim.com/blog/how-to-c...-swing-trading...
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  • #350
  • Nov 28, 2018 12:03pm Nov 28, 2018 12:03pm
@BinChenUt Nowaday you just focus on DAX, no continue with Forex?
  • #351
  • Last Post: Feb 12, 2020 6:44am Feb 12, 2020 6:44am
Quoting BinChenUt
Hi Michael, Thanks for your message. It is indeed very rare to trade solely from PnF charts. But I intended to develop this as my niche, therefore i have invested a lot of time to set the PnF charts up for different time frames so that they supply me not only the higher time frame directional premise but also the intraday entry setups. I agree that PnF chart is classically a trend break out tool, but there are more values from PnF charts. For example, it helps to identify S&R levels and price patterns. The main purpose for me is to separate the...

Hi,

Which trading hours are you using for Market Profile for Dax? 9:00-17:30? or from 8 when Frankfurt is open?
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