Initial Balance (IB): 1063.00 - 1069.00 (6 points) Value Area (VA) as at 10:45 am: 1068.00 - 1066.00 - 1064.50 (3.5 points)
Price opened @1067.25
Today's High and Low as at 12:55 pm: 1058.00 and 1041.25 Overnight High and Low: 1067.50 and 1052.25
So far price has been trading above yesterday's Value Area 1047.00-1056.50. Considering the narrow range so far, I'll expect it will rotate either up or down to extend it to a 2-digit one. Certainly if Mr Market decides to stay within a 1-digit range, we have to respect that too!
You will see the 3 "CHOP" labels I plotted on the 4-Range chart. Yet I failed to realize "no trade" was an option and rather chose to place 2 trades in such a choppy market. Lesson learned. I will SOH next time or zozozo more .. haha ..
The following user says Thank You to wgreenie for this post:
Nothing wrong with your personal labels not matching an indicator. You can make decisions on the fly based on conditions, while the code has hard fast rules. Neither is necessarily right, so just evaluate if your labels were correct at that point in time as if they were on the hard right edge of the chart.
The following 2 users say Thank You to aslan for this post:
I still have more PA labels (after adjusting to have more swings) .. not substantial though. I appreciate Aslan's advice that it's more important on how effective I make use of the labels. Again, a good reminder on the trader (me) and be responsible for the trade decision I make. Thanks again.
I also enclosed a chart with less swings (back to calculate size 8) in case you want a comparison.
Price currently trades aro 1066.00 (10 points above yesterday Close @1055.25). If it opens above 1066.50, we will have 1066.50 as the Bottom VPOC else I will use yesterday Low (1051.25) and close for the bottom reference.
Overnite High and Low (as at 9:00 am): 1069.50 and 1052.25
Note: Based on Jun contracts still. Am trying to merge Jun and Sep ones .. Got an error message. Now waiting for NJ CS to respond.
Initial Balance (IB): 1072.00 - 1081.00 (9 points) Value Area (VA) as at 10:35 am: 1075.00 - 1076.50 - 1080.00 (5 points)
Price opened @1073.25
Today's High and Low as at 10:35 pm: 1081.00 and 1072.00 Overnight High and Low: 1083.25 and 1052.50
With the 10+ points rally overnight, I don't know if it's acceptable to add at least 10 points to today's range?! Well, trade with the Trend and want what Mr Market wants!
Enjoy a Successful day.
Beth (No trade so far as I have some NJ system issues. Will leave for a short errand and try my luck in the afternoon.)
Last edited by wgreenie; June 10th, 2010 at 01:55 PM.
Reason: Overnight High (before 9:30 am) should be 1083.25 (not 1074) .. sorry
I think yesterday was a classic example of why not to follow the trend too closely and always wait, as you say, for confirmation from patterns/ volume/ momentum. I'm sure the collapse and failed breakout caught many out yesterday but there was no evidence in volume and momentum that it would continue in the same direction. I've added the GomVolumeLadder and read this alongside my 5 min charts. I'm finding this is quick and clear to read and keeps me out of choppy trades. Always go the way the volume's heading is my new mantra!
The following user says Thank You to ZCars for this post:
I had the GomVolumeLadder on for some days before. Seemed to me lots of things going on. Appreciate your sharing (if you don't mind) on which particular plot(s) you have been watching. For example, the 2 ladders on the current bar OR the horizontal boxes up/above or total etc? Thank you.