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Joined May 2009
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Status: Dead or Alive 300 000 000 Berrys
|192 Posts
Flat day
The long term structure is balanced, we currently are trading above VAH and close to the 2nd SD and even if short term the market is imbalanced higher I am expecting it to become balance between the 1st SD and 2nd SD of the long term structure due to the strong down day of friday that have halted this short term imbalance. If we found enough acceptance at that level we could expect higher price dicovery otherwise come back to point of control.
Overnight we find responsive buyers near 1.3720 that drive the price strongly higher above the resistance near 1.3830 where expected responsive sellers did not get involved, at this time I adapt to the strong daily conviction, expecting a trend day and the resistance to become support, targeting range extention.
Made two attempts, the first was positive a good lenght of time but get closed at break even while my second attempt was closed manually at break even as well, shortly after my entry as I saw the orderflow going against my trade.
Overall happy about my trading, followed the plan and rewarded by not waiting to get stop-out on my second trade.
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Joined May 2009
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Status: Dead or Alive 300 000 000 Berrys
|192 Posts
In addition to the pre-market support/resistance and visualisation chart that I post here, I am implementing in my daily routine the completion of a pre-market analysis sheet that I created myself to get prepared for the trading session.
This sheet enable me to know the state of the market, where buyers and sellers may entered and where they are likely to drive the price to. It is also showing news announcements when I should be out of the market.
It is all about preparation, and if you come to this business unprepared to trade setups as they appears like a monkey, you are doomed to fail and give your money to other prepared traders that know why they are doing business.
Evaluate and visualise expected and unexpected scenarios.
Play the trade in my head.
1. Market Open
ONLY do business in my pre-market analysis zones and NO-WHERE else !
Trade Execution - Read orderflow using Footprint/Cumulative Delta for entry.
Trade Management - Once stops and targets are in place at determined levels, do not mess round too much with the trade. Give it time to play off my vision, whilst holding the vision in the mind's eye.
