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Oh yes, I could never disregard those two. EIA is way too much for me, and the market and Ben have some relationship I do not understand. I have no idea if I am right, but in my mind I prefer to trade early on EIA day and then wait, assuming (possibly naive) that traders are going to want to get out of the way which will cause reaction.
Since I believe a part of this thread is to share our own strengths, the difference between the long I took this morning and "freight training", (in my way of thinking) is multi-part;
1) 5WM possible exhaustion yesterday
2) 786 of ABC from yesterday was a focal point today for me (I was a buyer today as of yesterday)
3) volume confirmation in that area (had to use ETH)
4) EIA is coming later today
Now, today I also used TPO for confirmation, but that is not something that is my thing. I am hoping to learn it.
Traders are most likely heavy on the short side, and if today's report does anything to try to push out of this zone, my experience is I can get run over trying to sell the tops. Why I THINK that occurs, is traders will be tightening their stops at this pattern, which can start to build a powder keg.
I'll get a chart later, trying to get my bearing before EIA, but the short answer is;
Look at the size of the volume indicator bar and compare to the distance price traveled in the 1m bar.
I have watched 1m VSA for 6 years now, and just kind of read things into it now, so the bar is not exactly what I might pick out as a chart image to show the concept of "absorbtion". I just know a 2k bar, in that zone, because of all the other things I have mentioned that have set the environment for this particular day, probably means something.
And, laughing at myself after re-reading that, "probably means something" is as good as it gets for me.
Sorry if I seem silly sometimes. My sense of humor is sometimes off. But what I was saying is very true. Nothing works every time, you never know anything about the future.
Very nice. I saw the pullback to the thin spot at the top of the B period and vwap and got long at 92.66 , but I used the foot print to tighten my stop and was stopped out at 92.61 to the tick. Ouch. Still trying to figure it all out.
