Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
Favorite Futures: CL, NG
Posts: 1,040 since Jul 2010
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OK, out of my runner on that move. That'll be it for me today. We're now within the last 30 minutes of RTH and I typically don't take anything after 2pm. Anyway, its been fun. Hope you all had a great trading day!
The following user says Thank You to Private Banker for this post:
today, an interesting day in the cl..but arent they always?On the open, cl pulled back to 1st std dev eth,into single prints from yest.Today was a battle of the 1st std deviations.Finally,cl coiled off the open price , and shot up to explore new highs, which failed.
Although we closed higher,the value area was contained within yest value area..AND on lower vol then yesterday,Being that we are in no mans land between the 2 brackets, i view this as resistance, until it breaks upward on volume...However, these next 2 weeks, with the holidays and fiscal cliff, one has to be careful.
Upon returning from vacation, after reading Markets in Profile, i felt armed with some good info, to understand things a little easier.Hah..nothing is easy
this is a checklist i will do for each am
1.long range, where are we within the bracket?
2.in the previous few days, is value following price up/down,or diverging?
3.Identify single print areas from yesterday, as well as pivots(vah/val/poc/h/l/c,etc
4.todays eth vwap levels upon open
5.look for trades in the extremes off the open,that coincide with the pivots ,and be aware of single print areas at all times,yest, and todays rth developing.
6.Watch for one time framing on rth
did i miss anything?hehe
The following 6 users say Thank You to bobarian for this post:
Thanks for the vid. I think one thing that we all should remember is that we should apply the MP/VP principles instead of just reading off what the indicator shows. For instance, this morning I asked about "what value" is when yesterday's profile was so stretched out? What I was getting at there was that, really, yesterday was more of a double distribution day (separated by the single prints). So according to the auction theory, we expected some repair to the single prints. Then depending on whether there were buyers there, price would be rejected or accepted in which case, we would have auctioned lower to the morning balance area before the news spike.
However, if you just took the labels per your MP/VP tool, one would have marked VAL at around the 89.00 level which of course we didn't reach. My point is, we have to apply the material instead of just reading off VAL/VAH levels.
Just my 2 cents
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The following 2 users say Thank You to kulu for this post:
off the rth open , i try to be aware of the prev single prin areas.Today, which i missed, was a good example just off the open.Cl pulled back just after the open , and rejected off of yest val(vol based),which also coincided with a single print on yest uppper distribution area.Yest tpo val was lower.I know it seems like im just rattling off levels, but these levels come into play every day.The challenge is to understand, with context, where the confluence is, and act accordingly.I willl say , that i am slowly improving, but am not there yet.However, there are others that are contributing to the thread and are very good with this.Thankfully.
As far as the val at 89.00,ion my charts with my parameters, i dont see that.In the few months that ive been digesting the auction theory/MP,i have come to realize, that many traders use these tool very differently.Not necessarily wrong/right...I say, whatever works for the individual.
i do the recaps/video, because i want the feedback and the input,and i think the contributions are important to have a useful thread.I use them to study, as it enables me to look at over and over, to drill the stuff into my head!