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Here are Volume profile/ Fibs, patterns etc.. courtesy of a friend. He does not get ACD and i do not get his method but both happy with our respective approach.
01-12-2012. market sending mix signals as it has been doing over 10 days. CL Pulled back on job cliams and retail sales, and now cl up as dxy pulled back hard and may make an A down.
Hi Mfb,
Just saw your post on stop outs. I'm sure you're finding that Mark's method does have it's drawdowns-
and it's tough I find to let the trendy-runners -run themselves out.
Do you use 5 minute candles to establish the open range ? ; I have done that for YM and ES with
good results. I love the simplicity of this method.
It's a great start for a new trader, because once you handle the sim-trading, then you
can handle adding a few other parameters.
Parameters such as : the fibs when they get overextended values: such as: 1.27, 1.62, 2.33, 3.14, etc.
- to look for a turn for a reversal.
Catch my point; add slowly and let the results pan out in SIM first.
Cheers,
G.
Opening range are dependent on time frame like 45 minutes, 30 minutes, 10 minutes and 5 minutes etc.. For Oil, I use 45 minutes.
Lot of traders use 5 minutes etc. Each trader has to find one. For a breakout set up, 5, 10 minutes are more relevant vs 45 minutes. By the 45 minutes OR is set most breakouts are over. Thus , i use 5 minutes OR to catch a breakout but my main focus is 45 minutes OR.
Key is to pick one OR and stick with it. ACD is a very intuitive method. Intuition is developed by practice. If one keep on changing OR etc.., he/she will never develop intuition.
