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Well, it broke through into yday's range. I bought 05 on the pullback, now hoping for 10.50 if it will go.. I will be out at 04

 

I'm also in at 05.25 for test of yesterdays close as partial target and then look to sell the upper Keltner around 13/14 which happens to be yesterdays afternoon high as well as the beginning of an area of supply. Out below LOD.

 

Seems to be a lack of conviction either way. Will most likely have to wait till after FOMC to see any decent directional move.

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It did a delta kick from the VWAP though...

 

7.50 the high so far

 

You mean just now, from 04.50?

 

Looks like we have both been hosed by stopouts and quick moves in our favor today... quite frustrating to say the least but what can you do?

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Yeah from 4.50(the price I said it needed to take- although VWAP was 4.25 at that point).

 

I wouldn't say I'm unhappy that it has carried on without me. My main idea was a sell-off and the reversal was not at what I had looked for as ideal "location" for a long. Still most of the session so who knows what it may bring.

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Don't get me wrong, I still wish I were long from 05.. but this sucker isn't exactly freight-training. But, still in bullish order flow at this moment.

 

What is interesting is the market is long..(I am long 5.50 on other Value thread) I doscussed DVPOC shift & rotation to IBH I scaled 1 @ 1307.00 CLVN 1307.50 and have another targeting 1310.00 CHVN 1310.50 & low of CLosing range yesterday... Since we have a "local high" there 1309.75 current HOD - there "could" be some fuel up there for a test of HOD and possible extension up to 1311 -yest close or 1312.25 NVPOC..

 

We currently 11:01 cst have shallow rotation and a balance support area currently 1306.75 IBH... & CLVN 1307.50..

 

"Currently" still friendly to upside unless they get below 1306.00 IMHO...

 

Just what I see in MP right now.. 11:01 cst

 

Tom

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I posted this also on the Value thread but I wanted to update the trade since I posted it here and my MP read.

 

 

Current Trade Update: 12:42 cst.. We tested IBH/VWAP support 1306.75 low tick 1306.50. Earlier I posted 1306.00 was key support based on the profile distribution...

 

I do expect rotation since the market is long and especially during lunch the market will counter-trend rotate for the stops under the market..it doesn't have to but unless we are on a freight train that seems to be the norm...

 

For me the rotations are key and this is where seeing the fat part of the profile gives me an idea of where the rotation ought to go to... Currently the train is on time. Of course there is no guarantee that the structure won't fail but it is just a map...

 

Also by waiting for this rotation this would be an area to enter a new position or to add... I did not do either. If I had targets higher up and I had better scales previously today I would have but my trade location is 1305.50 so I am sitting with my current positions at that price..

 

So we have a current triple top @ 1309.75... If this structure holds I "anticipate" the possibility of a new high this afternoon.. I am extending my target higher 1311.00 ish since if that current high is breached there should be some energy there...

 

I am only posting this to show one way of using MP..

 

I hope some of you find these helpful..

 

I cannot post charts since my trading platform is on a dedicated computer..sorry.

 

If someone else could post a profile it might be helpful for someone who visits the thread. tx

 

Regards,

 

Tom

Edited by roztom

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Trade Update: 2:19 cst

 

2:15 cst.. I took my initial target of 1310.00 from 1305.50 this morning. Made new high 1310.50..and Delta dropped

 

I still have 1311.00 + ish target but stomach lining... :)

 

MP: Sure... works for me.. :missy:

 

MP: Great tool if it fits for you..It is in how you integrate it...and sorting out all the nonsense that doesn't matter to use the pieces that add value to your plan...

 

I did all these posts today win/lose or draw to show how a profile might be interpreted and used as a tool in someones trading plan to support trade location, support, resistance, targets... and failure..

 

Hope you all find it useful.

 

 

Regards Tom

Edited by roztom

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Two (2) spikes down off the open today...the first at 6:40am....the 2nd just after 7am PST

 

Previous day's open at 1303.50....what was so important about the previous day's open

 

In class, as price moved down to test the value area low, some asked why not take this long

 

and I said look at the tape...the bid's not holding.....I am waiting for a test of the next number (1303.50).....some took it anyway...some did not...thats what makes markets so interesting

Edited by steve46

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Two (2) spikes down off the open today...the first at 6:40am....the 2nd just after 7am PST

 

Previous day's open at 1303.50....what was so important about the previous day's open

 

not a thing....;)

 

I also plotted the 1303.50 as well steve and was watching it on my chart and noticed the reaction. Interestingly as well, 1307.50 is the Sunday globex open, where sellers just stepped in, for any number of reasons perhaps, but still interesting.

 

From a logical perspective, I like to know why things happen, if it's possible to know why. From the standpoint of "why" someone would pay attention to yesterday's open, do you have an idea? If it's just a case of "it is what it is," then I can accept that as a trader, but for an actual trading idea I like to have a reason, rather than just "it bounced at the POC" or "it stopped at yesterday's open". See what I mean?

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On a purely market note, quite bearish that the market sells off overnight on euro worries (that's the story anyway mmm hmm), despite a huge rip up thank to aapl. And bullish that the 05 zone is holding relatively well so far, despite quite poor housing numbers.

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I agree in principle...it is interesting and important to know why...and while you are looking into that subject....I am going to trade it.....because I have already done the historical backtest and found that it works....

 

and in case anyone has an interest I have taken a different approach to the trading day.....now that I am trading the overnight......I trade the US open from 6:30 to either 7:30 or 8:30 depending on the schedule of economic report releases....then I take a short nap....coming back to the screen at 10am PST....I trade from 10am to close....if I have a trade in the afternoon it is usually based (once again) on time...I have found that there are a couple of time periods that usually offer nice entries....If I have trade to manage I stay with it otherwise I stop for the day, redo my charts (update my supply & demand nodes) and I am ready for Japan's open...and then Hong Kong...

 

This is a modified format based on what I used to do professionally....I call it "skimming the markets"..

 

So far so good....

Edited by steve46

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I have seen enough people who are consistently profitable who don't "know why" to make me believe that knowing why isn't the holy grail that some make it out to be.

 

Knowing the kind of reference points which a market reacts to, identifying the auction structure and watching how the market behaves at said reference points is the important thing for me.

 

Knowing is useful, doing is better.

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