Price currently trades around 1102.75 area (6.50 points below yesterday's Close @1109.25). Very likely to open within yesterday's Value Area 1092.50 - 1105.00. If it stays within it for the first hour, it's going to be quite range bound until it rotates up or down to extend the range. Will see.
Overnight High and Low as at 9:00 am: 1110.50 and 1100.00
VPOCs: Top 1128.50 Bottom 1099.00
Note: If it opens below 1099.00, Top 1099.00 Bottom 1079.00.
I made a Long attempt after price's breaking LH. Actually I waited a little as it seemed a little choppy + too early to trade (within minutes after the market opened). I notice if I stayed with 1105.75, I might get filled. Unfortunately, I adjusted it to 1105.50 (my old habit tried to get a better price) and certainly it went up without me. A lesson learned.
Goal Accomplished: An A trade and B+ for me!
Happy & Successful Trading.
The following user says Thank You to wgreenie for this post:
Initial Balance: 1102.75 - 1109.00 (6.25 points) Value Area as at 10:40 am: 1108.00 - 1106.00 - 1104.50 (3.50 points)
Price opened @1104.50
Today's High and Low as at 10:40 am: 1109.00 and 1102.50 (almost matching IB)
VPOCs: Top 1128.50 and Bottom 1099.00
Open price gapped down almost 5 points from yesterday's close @1109.25. Still a narrow range IMHO. Notice the long buying tail for the third 30-minute bracket?! I expect more efforts to drive down. If successful, price will rotate down further else it may rotate up or trade horizontally within a narrow range.
With more PA practice, I am getting more confident in plotting my own labels even they are slightly different from the system generated ones.
When I did research on ABC pattern last night, I tripped over a video clip on MACDBB which I came across in Apr. Since I did not know how to benefit from this amazing indicator then, I only played with it for a day. After watching the video, I have it back to the PA Swing chart for my EOD studies (replacing the Snapback one as I "try" to have a cleaner chart).
1. The MACDBB Version 2 is available from the Downloads section. Thanks to The Wizard.
2. If interested, the video link is as follows (the first few minutes were quite dry):
I did 4 profitable sim trades today with 2 on the official record. I even got both PTs for the last trade. All 4 trades with minimal heat. I should be happy .. Yet I'm not .. sigh ..
I am angry at myself since I have no idea when I will be ready to trade real!!! I used to be very spontaneous and impromptu. Not sure where my courage goes? Sorry to voice out my grievances here .. the only channel to release them ooooo.
If you want to trade for real $$, then spontaneous and impromptu are not two traits I would be striving to let out. When the trading hat goes on, patience, calm, and methodical would be better. When the trading hat goes off, be wild.
This is the place to voice your issues! It will not only help you, but others as well.
The following 2 users say Thank You to aslan for this post:
Reading price action and Plotting HH/HL/LL/LH labels used to be very intimidating. I believe there must be many trading methods available and I choose the simplest one. As days pass by, my chart has started to speak to me occasionally. I also realize my preference to place a 1-side trade and not breakout trades on both buy/sell sides. Why? I am able to confirm the signal with other indicators as price moves close to the anticipated breakout area. Well, just my preference.
Done with trading. May do more research or simply take a break.