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Like a turtle to his balcony...


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Like a turtle to his balcony...

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  #1111 (permalink)
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
 
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Posts: 6,462 since May 2011

No, that is a part of it, but not all of it. And maybe explaining it will be good for both of us.



r3algood View Post
Instead of "assessing the day" or trying to figure out the day type, why not JUST focus on trading the chart in front of you?

There is always more than one chart in front of me.
  1. Having an expectation of whether to go with a move or fade a move is a huge edge.
  2. Having some expectation of distance maximizes return per trade.
  3. Market profile is only another piece in a larger puzzle.



r3algood View Post
Going back to your idea of the mental "gas tank", what if some of that mental fuel is being burned unnecessarily in hopes of identifying the day type...?

  1. Without some greater view of where I am headed, I have no goal of improvement. Some energy must go towards progressing.
  2. The "gas" was burned up by repeated attempts and repeated frustration of not having taken the scalp profit, but the day type was already determined by that point in the day. Once C period completed that part was over with.






Where I was "wrong" was I thought the B period excess would hold.

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  #1112 (permalink)
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In addition to the W5 most likely still in play, there are more reasons to lean short as of Saturday afternoon.

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  #1113 (permalink)
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  #1114 (permalink)
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The selling absorbtion that hit at the pit close was intense. It was like sell orders were all crowded on top of each other at the HOD, and price could not make it one tick above it. Even though, I don't see it on the footprint. More like targets.

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  #1115 (permalink)
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r3algood View Post
Instead of "assessing the day" or trying to figure out the day type, why not JUST focus on trading the chart in front of you?

Going back to your idea of the mental "gas tank", what if some of that mental fuel is being burned unnecessarily in hopes of identifying the day type, instead of spending all that fuel on simply trading the chart in front of you?

My expectation is that integrating market profile and the concept of value into my trading will give me some benchmark to gauge when I should hold for longer profits and when I should go for a smaller target. The total efficiency of my trades would improve. And with that developing knowledge, my Profit Factor will go up.

The end goal being that I become comfortable trading greater size due to the resulting lowered equity volatility.

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  #1116 (permalink)
Legendary Market Wizard
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r3algood View Post
Going back to your idea of the mental "gas tank", what if some of that mental fuel is being burned unnecessarily in hopes of identifying the day type, instead of spending all that fuel on simply trading the chart in front of you?

@r3algood, a question for you: what does it mean to you to "trade the chart in front of you?" Can you be more specific? It is an oft-repeated cliche in trading, but I'd like to hear some more concrete ideas about this if you will.

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  #1117 (permalink)
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r3algood View Post

Instead of "assessing the day" or trying to figure out the day type, why not JUST focus on trading the chart in front of you?

Going back to your idea of the mental "gas tank", what if some of that mental fuel is being burned unnecessarily in hopes of identifying the day type, instead of spending all that fuel on simply trading the chart in front of you?

I am not trying to wear this out, just that some thoughts continue to reverberate for awhile.

You are very right, JUST focusing on the chart in front of me is the correct thing to do. "Trade what you see" is basically the same thought.

I am working on improving my vision.

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  #1118 (permalink)
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Weekly Profile - price closed Friday in perfect balance.

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  #1119 (permalink)
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@GaryD

just saw ur using Sierra Charts, can you split the Tpo profile for the current day? from your charts your not doing this or able to do this???

thx R

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  #1120 (permalink)
Orlando, Florida
 
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Posts: 6,462 since May 2011



Rad4633 View Post
@GaryD

just saw ur using Sierra Charts, can you split the Tpo profile for the current day? from your charts your not doing this or able to do this???

thx R

It will split or merge wherever. Very cool feature. In the CBOT guide to market profile they keep a long term view that I built in Excel, but then realized I can do something similar by merging.

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