From a market profile perspective I did not understand today. "Neutral Extreme", I guess. But other than that it felt like a day where I was most likely to lose money. I don't have an explanation for that feeling, and think maybe market profile will help define that better.
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I had thought this morning I wanted to sell 96.30 area. There was some question about data and rollover, and then the TPO was K period, not the right time for what I was seeing. Unless I was not afraid of holding through the ETH close. But I am.
I think you "Gary'd" yourself out of a decision using some MP terminology that you have not owned yet Meaning, personally, I don't put much weight at all into a P-formation, and to me it is a general indication of acceptance higher. The profile does not say "short covering," the profile simply tells you where the activity is. Drawing the conclusion that it's short-covering, or higher prices to come, is something that we individually do. Prices don't lie, volume doesn't lie, volume/time at price doesn't lie, it only reports info, and then we use our intuition to trade and the rest to confirm whether we are right or not. Just my 0.02.
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I am going to go a step away from sim, just comment on the chart. I am trying to integrate something that I do not have any history with. I really like the concept of market profile, but am showing signs of being anxious to try out the new information. The process causes me to put less emphasis on things I do know, too much emphasis on things I don't.