Plan the Trade

The first hour of trading after market opens is so dynamic and for the most part predictable

I've just been telling myself exactly this no less than 20 minutes ago!

The idea of tackling stress and fear, by trading when it is calmer, is counter-productive imo. The feeling that candlesticks (PA itself) combined with 123's 2b's etc and the profile lines, especially when adding things like gap closures seems far more reliable and easier to predict in the first hour.

That's not to say that we don't see them work later, or that we don't also see sudden volume increases later too, but i for one, fare better immediately after open, then trying to grab later.

It seems to me there is definitely a different approach and outcome between the open and at any other time.

I watched earlier as we tested extreme (early morning US time) and taking a position off of the line and grabbing 8/10 ticks at a time would have seen easy +50, 3 or 4 times it bounced long, then started to test below, where it suggested now to switch short, but with benefit of hindsight...

Taking a position and holding would just result in +1's, then suddenly a load of volume cam in and it shot off long.... how would you know which style to adopt? whereas after open, you do not have this dilemma... the targets are generally larger and PA usually obliges.

This is what I do before market opens I see how profile looks and what I mean by that is where poc is in conjuction to pa and VH and VL heres a screen shot of just tpo chart where neither the poc or value lines are based on volume but just time spent there and then a screen shot where they are both based on volume only

I noticed 'NoEyeDears' chart earlier matched my RHS profile (Volume). I am getting used to having the volume always visible. I will be very surprised if tomorrows POC isn't todays extreme, we've been either side of it all day!

It's been a very good day here for me. I have continued watching and couldn't resist a dabble with the look of a wedge breakout a short time ago;



Nice +30 with limit at a prev HVN. Expecting lower but that's a nice target for this time of night;

Result;

quick long from extreme low 16 for 20 then long from Mondays VH 1450 for 20 could have gotten 50

Harold, how do I set up charts for trading in the SieraChart?

That's better! Since scrapping watching different charts and only concentrating on one, i've had a spare screen. Just noticed the 'detach chart' option and duplicated to another screen, so now i can keep a screen dedicated to profiles open as well as the trading chart.

It's bloody helpful at times like these, where we keep printing beyond extremes and you can, at a glance view any previous profiles to see if they are relevant.

Nice one CG, great trading. I made a right hash of it yesterday, just couldn't get a handle on it. Will be trying harder today to focus on the basics, i'm getting too fixated on the profile levels. I'm also not a fan (yet) of the 450 tick chart, so moving back to the 233 for a while.

I had a day (or two) last week, when the others were nailing it and i simply wasn't! It's actually interesting and yet obvious, that no two people see a chart EXACTLY the same. Even with the same profile lines, it will see different results as confidence and emotions play there part too.

What i particularly like is that when one direction proves itself to be wrong, usually (not always) it will mean switching to opposite is the right way to go;

Cool. So, was the +20 trade from a stop (your +1) and reverse entry?

Slightly lower.... wait until new low.

I have my auto BE+1 when at +8, so just triggered with long off of extreme, then when price broke and made a new low, go short for 20

Thx CG. Would you mind sharing a snip of your 'trade window' showing the auto BE inputs?

Movement at the moment is phenomenal!

abcde ending diagonal;



That's over 60 ticks up off of the line.

TY!

Good trading, all..

I got a fast start today and am going to shut it down while I'm ahead. My best finish for a day so why mess it up. I left lots of money on the table by running a trailing stop of 5 after +15. If i would just leave the target, i would be up much more, but no complaints here.

And the theory just happened to work out. Large pre-market volume with price staying below the extreme so institutions have remained in control carrying lower.

nice one MC I also had that level 25 minutes of trading and I am done

Stopped for now too. +27 from 1 long & 1 short. Thanks CG, for the BE tip, worked a treat.