Just joined this great forum and have read all your posts with interest. Would like to (in the interest of Big Mike's philosophy and Zen generally!) offer this useful book that teaches pure price action. It was the methodology which set me on the right path.
Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader by Al Brooks
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It triggered a short before 10:00 am and went down almost 3 points. It's now 2 hours and still in the trade.
You will notice I've added some goodies to the 4R chart, ie
i) ZigZag for SwingHi and SwingLo (align with the Short)
ii) Bollinger (align with the Short)
iii) d9 (technically speaking, should NOT go short when it's above 0)
iv) SMA 40 (technically speaking, should NOT go short when it's rising)
I'm experimenting with the ideas I got from different threads LOL!
2. Market Profile
Thanks to Ben for the 80% Rule strategy. I am studying the suggested set-ups + adding a new MP Value indicator to the enclosed 30-minute chart. Notice the yellow dotted line for previous POC. It helps identifying the ones that are not touched yet. Different versions of the MP Value indicators are available from the Downloads section.
I've too many charts on different instruments up and running! I will remove the 2 TF ones starting tomorrow. Have 5 ES ones and will only keep max 3 (5-min, 30-min and 4R). Leave the YM one running 2 strategies.
1. Just came across Fat Tails' thread on his Confluence Zones indicator (available for testing). Will include this new comer possibly early next week as I need to study the indicator's details first. If interested, please visit his thread as follows:
Thanks Ben for the tip! I tried to apply the 80% notes to the morning Long trade per enclosed. Do I get it, ie
1. ES opened above the previous day's value area + held high on the first 2 30-minute brackets (= subsequent tests) met Scenario 1. One should only consider Long and may enter upon completion of the 2nd 30-minute bracket, ie around 10:30 am.
2. Initiative Activity - Certainly ES matched the initiative buying activity as well.
Please correct me if my understanding (incl entry point) does not align with the 80% rule strategy. Thank you in advance.
Last edited by wgreenie; April 14th, 2010 at 01:48 PM.
Reason: Replaced the bmp file with jpg (smaller). Sorry for any inconvenience that may have caused.
You may notice I've been doing research on indicators/trade set-ups before settling with a set-up I am comfortable to trade with. Ideally a system very simple and clean (not consists of too many indicators)!!
For Market Profile, one only needs an effective oscillator indicator (one) to complement it for entry. My warmest apologies if my continuous addition of goodies may confuse you!
I'm almost close to the end of gathering more goodies. Have enough to study before deciding which one(s) to use. Thanks again for your support!
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