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The following user says Thank You to Big Mike for this post:
Initial Balance: 1029.75 - 1014.00 (15.75 points) Value Area as at 10:30 am: 1028.50 - 1022.50 - 1017.50 (11 points)
Price opened @1026.25
Today's High and Low as at 10:30 am: 1029.75 and 1014.00 (matching IB)
VPOCs: Top 1038.50 and ?? (Considering its never-ending drop, I won't be surprised of its breaking 1010-1000.) Overnight High and Low: 1027.75 and 1016.00
IMHO Bears are now in control. Will price break 1000 before the weekend? Let's keep an open mind and Trade with the Trend!
Beth, when you get a chance, can you please explain the other indicators you're using in conjunction with THREESETUPS and how they impact your decision?
For the THREESETUPS (CL), I have the following additional indicators:
1. PriceActionSwing: HH/LL for Reversal trade set up.
2. D3SpotterZiSchaffTrendCycle: Yellow dot confirms reversal maybe on the way esp if it's on HH/LL bar with high volume.
3. SMI5: Overbought/Oversold situation again for Reversal trade set up.
You can tell all the above are for Reversal trade set up. For Inside and Outside bar set ups, focus has been on the development of bars (eg Yellow for Inside bar set up) only. I am watching out mostly for Inside bar set ups (that's why I created 2 strategies for that) and occasionally Reversal ones. Not so much for Blue Outside bar set up.
It's mostly for CL for the initial "assessment" period as the three set ups prove to be profitable for this instrument. Having said that, I have been using it to practise identifying Reversal trades on ES and TF.
Beth
The following user says Thank You to wgreenie for this post:
Goal Accomplished: It's an A- trade. Minus because it's a long trade when the market seemed falling hard though indicators aligned! Well, to end the day with some green sim $$ .. haha ..
