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Plan the Trade

  • #761
  • Jun 2, 2017 10:45am Jun 2, 2017 10:45am
Quoting marinecorps
Good stuff D. I was just looking back at my day which was horrific and I was definitely on tilt, but we both had very similar levels in play. I know our methods are different some too, but thinking about my mental state and morning routine/preparation and that's where I failed today. This is why I should've stayed out of the market today: 1- I went to bed late last night and woke up early and in a bad mood 2- Yelling at the kids this morning on the way to school because of #1 above which didn't put me in the right mind 3- Did not do my usual pre-market...
who hasn't been there MC
  • #762
  • Jun 2, 2017 10:50am Jun 2, 2017 10:50am
when we get that 20 tick consolidating period getting 20 up and 20 down then 20 up to these levels is quite rewarding and a little mindboggling also
  • #763
  • Jun 2, 2017 10:53am Jun 2, 2017 10:53am
so heres a question what do you do when price has drive away from extreme level? answer is trade the pullback to demand area
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  • #764
  • Jun 2, 2017 11:01am Jun 2, 2017 11:01am
I got taken out of that second one H... decided to call it a day at that stage!

Bottom of the valley worked well today!

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  • #765
  • Jun 2, 2017 11:51am Jun 2, 2017 11:51am
Quoting The Cableguy
I find myself struggling to over-ride my overall EW view and yet when it lands, it can rack up a serious amount of points - mainly because once i recognise a move as being 'corrective' (abc) it means new highs (long) to follow (and then some). Obviously we have a very strong uptrend overall and have done for quite some time. How many times have i posted a fresh HH in the shape of a C&H on this thread? and then it goes on to do this; {image} The problem is getting the trade away with any degree of confidence to begin with. The first 'HH' marked in...
keep it up bro
THERE IS NO SYSTEM
  • #766
  • Jun 2, 2017 12:33pm Jun 2, 2017 12:33pm
Quoting Divergence
I played those levels and I am glad I added them 8 trades in 45 minutes talk about action {image}

great work H .. i got some additional signals .. what's your take:

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  • #767
  • Edited 2:16pm Jun 2, 2017 2:05pm | Edited 2:16pm
After the losing trade I waited and was trying to take pullback but never triggered then after that 13 tick win wasn't going to go short since it wouldn't be 2 to 1 risk and since we have been above value all morning I only wanted a good buy signal
  • #768
  • Jun 2, 2017 2:24pm Jun 2, 2017 2:24pm
makes sense thanks Harold
Become the casino
  • #769
  • Jun 5, 2017 6:35am Jun 5, 2017 6:35am
'Market Profile study is different from traditional technical analysis indicators. You need to unlearn lots of your so called traditional technical analysis learnings before diving deeper into it. Like any other technical analysis studies, Market Profile consumes lots of time in learning. It requires at-least a live observation for 3 months and parallel reading is needed to understand what other market players are trying to do and how the pro traders and institutional players are driving the market. As a human trader, it often happens that we tend to see what we want to see and react based on limited information. Market Profile solves this perceptual blindness to some extent.'

For someone who has years of Elliott Wave experience under his belt... how does that record go again?! 'It's gonna take a little time...'
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  • #770
  • Jun 5, 2017 8:39am Jun 5, 2017 8:39am
What was i saying about EW view?! Combined with the reactions at the (small) HVN, i see an abc with 5w 'C' count, the 2b was a break of 'iv' and pullback. Perfect all bar a tick. Result was a +27 first of the week...

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  • #771
  • Jun 5, 2017 9:14am Jun 5, 2017 9:14am
didn't want to re-enter .. glad i did

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  • #772
  • Jun 5, 2017 9:39am Jun 5, 2017 9:39am
low volume day because of Europe holiday I took what I could get maybe coulda have shorted extreme second time but didn't want to chance it
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  • #773
  • Jun 5, 2017 9:41am Jun 5, 2017 9:41am
you know whats great about trade off these levels we have a load of different kinds of entries to engage market like 2b and 123 setups trading off the levels pullbacks ross hooks these levels give us context that no indicator can ever give these levels are when buyers and sellers come into the market
  • #774
  • Jun 5, 2017 9:43am Jun 5, 2017 9:43am
Looks like all 3 of us took a -10 long off at extreme... I didn't like it straight away, but it didn't give a chance for damage limitation.
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  • #775
  • Jun 5, 2017 9:45am Jun 5, 2017 9:45am
Quoting The Cableguy
Looks like all 3 of us took a -10 long off at extreme... I didn't like it straight away, but it didn't give a chance for damage limitation.
yep as I look back I maybe should have shorted the extreme instead like I normally do
  • #776
  • Jun 5, 2017 9:48am Jun 5, 2017 9:48am
top work guys

with the 2b long trade do you take it long on the break of the 2b point:

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  • #777
  • Jun 5, 2017 9:50am Jun 5, 2017 9:50am
Quoting erasmus66
top work guys with the 2b long trade do you take it long on the break of the 2b point: {image}
yes its within context of the level
  • #778
  • Jun 5, 2017 10:17am Jun 5, 2017 10:17am
Still experimenting with the management of the trade. That's the hardest part. Getting in seems to be easy. Today, I tried the following:

TP 20
SL 10
Move stops to BE: BE+1 after +6, BE+6 after +10
Trailing SL: After +13, trail by +5
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  • #779
  • Jun 5, 2017 10:21am Jun 5, 2017 10:21am
Quoting marinecorps
Still experimenting with the management of the trade. That's the hardest part. Getting in seems to be easy. Today, I tried the following: TP 20 SL 10 Move stops to BE: BE+1 after +6, BE+6 after +10 Trailing SL: After +13, trail by +5 {image}
I also have the 20 and 10 when up 15 to 16 stop moved to +10 I will move target if market conditions warrant it to next level but if you just left it at 20 you can make a living 2 to 1 risk with at least a 50% hit rate makes you a nice living I am doing better than 50%
  • #780
  • Jun 5, 2017 10:27am Jun 5, 2017 10:27am
MC it looks like a 48 tick day for you on that chart minus the comm NICE
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