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Auction Market Theory and Market Profile

  • #1,801
  • Apr 11, 2011 3:02pm Apr 11, 2011 3:02pm
Quoting mzvega
Closed both previous shorts @1.4430 and opened a small short. Maybe not so smart, but I needed to take some kind of profit of the table. Not the best time of day but its a small trade.
Maybe it would be better you closed a half of the previous shorts and move their SL instead closing it all an opening a new one. What do you think?.
  • #1,802
  • Edited 3:51pm Apr 11, 2011 3:05pm | Edited 3:51pm
I have a short from 1.4452 and I have moved the SL to BE when it was 25 pips in profit. Let's see how it goes.

I hope it reachs at least yesterday's (Friday) VAL. Probably I will be closing a half there and after that I hope it reachs last week's VAH around 1.4350 for closing it all. But it always depend on how the market unfolds, if I see clear signs of strenght I will be closing it all.
  • #1,803
  • Apr 11, 2011 3:25pm Apr 11, 2011 3:25pm
Quoting FXing
Maybe it would be better you closed a half of the previous shorts and move their SL instead closing it all an opening a new one. What do you think?.
You are right, but to be honest, I am not well versed in that Mt4 function, I used it once and it didnt work correctly on my live account. I just havent stoped long enough practice that funtion on a demo. So, to allow myself alittle flexability instead of say 1 lot, I open @ 4 smaller lots. and manage profit/Risk that way. But Ill take your advice, and figure it out. It would probably make things easier
Markets are not efficient, rather they are effective - Jones
  • #1,804
  • Apr 11, 2011 3:29pm Apr 11, 2011 3:29pm
Quoting FXing
I have a short from 1.4452 and I have moved the SL to BE when it was 25 pips in profit. Let's see how it goes.

I hope it reachs at least yesterday's VAL. Probably I will be closing a half there and after that I hope it reachs last week's VAH around 1.4350 for closing it all. But it always depend on how the market unfolds, if I see clear signs of strenght I will be closing it all.
Im thinking along those lines too. Let's see what asia has in store.
Markets are not efficient, rather they are effective - Jones
  • #1,805
  • Apr 11, 2011 5:46pm Apr 11, 2011 5:46pm
Quoting mzvega
Closed both previous shorts @1.4430 and opened a small short. Maybe not so smart, but I needed to take some kind of profit of the table. Not the best time of day but its a small trade.
Closed short @1.44096. Done for the day.
Markets are not efficient, rather they are effective - Jones
  • #1,806
  • Apr 11, 2011 6:11pm Apr 11, 2011 6:11pm
Quoting FXing
I have a short from 1.4452 and I have moved the SL to BE when it was 25 pips in profit. Let's see how it goes.

I hope it reachs at least yesterday's (Friday) VAL. Probably I will be closing a half there and after that I hope it reachs last week's VAH around 1.4350 for closing it all. But it always depend on how the market unfolds, if I see clear signs of strenght I will be closing it all.
I have just closed it all at 1.4410 for +42 pips. I have seen what seems strenght and decided to close all and going to bed. Tomorrow more.
  • #1,807
  • Apr 11, 2011 6:58pm Apr 11, 2011 6:58pm
Quoting tgwhbb
We could see as low as 4310-4300 area, last week's VAH. But I'm more curious to see what happens at the LVN (circled) area between 4340-4380. I think EU will probably spend some time there to build up the area.
Hi Jamie,
great observation. I have d same view too.
I'm still holding my short since 4450, Lock profit at 4434 now, Target is 4360 (monthly VAH, daily friday VAL).
Now it is all about attracting buyer by keep on advertising lower price.

But yesterday non trend day give me better confident that today higher chance the price will go lower.

Will observe further how VSA can help on my exit. And watch what weekly IB tell us.
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  • #1,808
  • Apr 11, 2011 7:14pm Apr 11, 2011 7:14pm
I'm also using a 1 min chart with 100 & 200 moving average to lock my profit when the trade go my way.

the 200 MA (red line) is really useful to observe how price react to it. In fact you can scalp on it.
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  • #1,809
  • Apr 11, 2011 7:21pm Apr 11, 2011 7:21pm
Quoting tgwhbb
yeah, realized that on Friday...don't know what happened there...anyway, here's the indi with the right formulas for IB extensions, and I reduced the line lengths as well to reduce clutter....
Hi Jamie
I like the weekly bar on the left, but in term of daily IB i still prefer you first indi auction market.
  • #1,810
  • Apr 11, 2011 10:44pm Apr 11, 2011 10:44pm
A great speech by Kevin Spacey. Enjoy!
Inserted Video
  • #1,811
  • Apr 12, 2011 1:06am Apr 12, 2011 1:06am
Quoting alexm
I'm also using a 1 min chart with 100 & 200 moving average to lock my profit when the trade go my way.

the 200 MA (red line) is really useful to observe how price react to it. In fact you can scalp on it.
Exited my short trade at 1.4404 - Enter from 1.4451. It reverse right at the London open IBL. Not a perfect exit. But will try to anticipate a potential reversal next time.

Let see how today close looks like, will check on the daily volume bar. to see it strength.
  • #1,812
  • Edited 4:08am Apr 12, 2011 3:56am | Edited 4:08am
Just short at 1.4469, SL 1.4483 (just above London DIBH) and TP 1.4436 (Friday's POC). Let's see.
  • #1,813
  • Apr 12, 2011 4:33am Apr 12, 2011 4:33am
Hi guys, I got an idea, since we hv members from Asia,Europe n US, shall we start a (demo quantum fund) to play around till yr end to see how far we can go? The purpose is to test our knowledge and we can hv a more purposeful discussion. More detail suggestion are welcome.
  • #1,814
  • Apr 12, 2011 4:42am Apr 12, 2011 4:42am
Quoting alexm
Hi guys, I got an idea, since we hv members from Asia,Europe n US, shall we start a (demo quantum fund) to play around till yr end to see how far we can go? The purpose is to test our knowledge and we can hv a more purposeful discussion. More detail suggestion are welcome.
alexm, explain in detail please?

KG
  • #1,815
  • Apr 12, 2011 4:56am Apr 12, 2011 4:56am
Quoting FXing
Just short at 1.4469, SL 1.4483 (just above London DIBH) and TP 1.4436 (Friday's POC). Let's see.
I had moved my SL to BE +2 and have just stopped out at 1.4467.
  • #1,816
  • Apr 12, 2011 5:18am Apr 12, 2011 5:18am
Quoting Kang_Gun
alexm, explain in detail please?

KG
My intention is to run d demo quantum fund like d pro, we discuss our sentiment, plan our trade, and execute it with 24hr coverage, by selecting member to manage this fund. With share password to execute order.
  • #1,817
  • Edited 7:40am Apr 12, 2011 7:18am | Edited 7:40am
I decided to short again @1.4511. Ny seesion, trying to catch any kind of squeeze in the first hour. I decided to short because Highlighted in blue. All the daily va's from fri til now are in the same area. Forming a balance. Ill rethink or close if I find strenghth @ todays vah. or the current week vah. If not Ill look for price to come out the other side of todays value. If we have put in the low for day, the weekly IB will have beeen set, unless we have make higher highs. I dont see it, but I am often wrong too.

A strong close below yest. open would be good confirmation for me to hold those shorts. A failure to close below will cause me to reconsider my bias
Attached Image (click to enlarge)
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Markets are not efficient, rather they are effective - Jones
  • #1,818
  • Edited 9:52am Apr 12, 2011 9:31am | Edited 9:52am
I closed 1of 2 shorts from @1.4511 at 1.4436. Needed to take something off the table. One is still open. Ive added additional short @1.4460. I think my timing is alittle off, but Ill see how it goes.
Attached Image (click to enlarge)
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Markets are not efficient, rather they are effective - Jones
  • #1,819
  • Edited 1:12pm Apr 12, 2011 9:55am | Edited 1:12pm
Quoting mzvega
I closed 1of 2 shorts from @1.4511 at 1.4436. Needed to take something off the table. One is still open. Ive added additional short @1.4460. I think my timing is alittle off, but Ill see how it goes.
I am getting smashed! 1.4497 is my out. If I see weakness I may hold or add.

Edit: I will manage the last 2 trades as scalps.
Edit: Closed 1.4486 short @ 1.4474
Attached Image (click to enlarge)
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Markets are not efficient, rather they are effective - Jones
  • #1,820
  • Apr 12, 2011 3:06pm Apr 12, 2011 3:06pm
Hi,
What made you going out at 1.4436? I took the same short (1.4514) (IBH was at 1.4516), but got out too early, at 1.4480. I'm just courious and want to learn maby something new. Thanks!

Ox

Quoting mzvega
I closed 1of 2 shorts from @1.4511 at 1.4436. Needed to take something off the table. One is still open. Ive added additional short @1.4460. I think my timing is alittle off, but Ill see how it goes.
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