It will be some weeks before the inspiring Price Action webinar on 21 Jun + getting an autographed copy of the subject (for the lucky ones). I just located an e-copy and if you want one for the interim, please visit 4shared.com and input Al Brooks on the Search box.
Using Price Action only, I caught the subject too .. Certainly Perry's 4-Range set-up had it in good order at slightly better price ..
I wonder what has triggered the selling and no responsive buying yet!? It's now about 10 points to the Low VPOC @1161 though I doubt it very much if the selling will drive that far in a day! Well, Mr Market will tell us what he wants LOL!
Today's special reference points:
Initial Balance (IB): 1177- 1185.5 (1185.5 maybe today's Top) VAH 1184.25 POC 1178.25 VAL 1175.75 (VA as at 11:00 am - will change throughout the day)
Good , burn your indicators Beth! In my opinion it doesnt matter why price moves the way it does . I found when I gave up asking why and just got myself ready to join in on whats happening now it all became easier .
The following user says Thank You to Eric j for this post:
4 May Tue Trading Morning $127.5 after commission for ES using MP
Back to MP and I am quite happy with my trade management performance this morning .. smile ..
1. No Over-trade. 1 trade based on MP Fade the Extremes. Note: The earlier PA one was for fun as I just started plotting. Do not have enough confidence and competence to trade only based on PA "yet". Having said that, I felt very relaxed esp my eyes LOL.
2. Preserve Precious Capital. The way I moved my second contract's SL.
Emotion: Very calm throughout. Guess the trade was working to my favor and no substantial heat when most indicators started aligning with it within seconds.
Thanks Eric for your suggestion and tips. Certainly one will live simpler and happier without too many "whys" .. smile ..
I am not ready to burn all indicators as I just started plotting. It's very subjective I've found. The good news is: If I don't know how to label some, it doesn't matter. I can resume labelling the ones I know and it will still work. At least that's my first morning PA experience.
When I get more competent in my PA skills, I will bump all or most indicators .. haha ..
Nice trade at the extreme. You had to be patient for that one.
One question I have is why did you not think to take a short? I don't know if you were watching the market at the open or not. ES opened out of value from yesterday and couldn't even begin to close the gap. When opening out of value that gives a pretty good indication of what traders feel is value. I know this is hind sight, but just something to think about when looking at MP.
The following 2 users say Thank You to David_R for this post:
Thanks David for your sharing. My trading rule is to Fade the Extremes (that's what I know better as of this moment). I noticed the Open Drive down way from the previous's value area and close. Unfortunately, I did not have any reference points to place a Short IF it's based on my limited MP knowledge. From Dalton, I learned that the worst scenario will be to place a trade in the middle of nowhere. I had no idea if my short (if I shorted at the Open) would be the bottom of the drop. Mr Market might start its rally against me as soon as I got in.
You're more advanced than me David .. I'm just a super-newbie ..