When I was trading ES, Open (whether it's within or outside the previous day's Value Area) will give me an idea IF I should be looking for Short/Long or a balanced market (using the 80% Rule strategy). I used the VPOCs (incl the current one after the first hour) to detect acceptance or rejection (Fade the Extreme set up). Those are reference points and when price is getting close to one, I would look for an ideal entry using 4-Range.
Since I've switched to CL, I am not trading ES anymore. Once I get more comfy with my trading career, I have the option to trade ES while waiting for the release of the crude oil report OR between 3:00 pm and 3:45 pm (last hour). Am continuing with the MP practice as it gives me an idea on the market. For example, the width of the Value Area, position compare to the former ones, and number of single prints.
For the record, my Market Profile analysis is very simple and will not qualify to be labelled "study". Yours definitely is!
Beth (Now you confirm our photos are "goofy". Well, that's how to stay "youthful" .. haha ..)
Initial Balance: 1061.00 - 1053.00 (8 points) Value Area as at 10:45 am: 1059.50 - 1057.00 - 1055.00 (4.5 points)
Price opened @1053.25
Today's High and Low as at 10:45 am: 1061.75 and 1053.00
VPOCs: Top 1063.50 and Bottom VPOC 1039.50 Overnight High and Low: 1066.75 and 1050.75
Narrow range so far and Mr Market will likely rotate either Up or Down to extend it LOL!
I had a beautiful Inside Bar trade (complemented by Shodson's new "good" IB indicator) and I made it a 2-contract one. Both PTs (24 ticks total) were hit within 2 minutes .. minimal heat LOL!
I ran my TF strategy live today. Unfortunately, the system did not accept its first trade (when the sim one has been performing normal for over 2 months?!!) and order got rejected. Sooooo ... until I can resolve the rejection myth (did knock at NJ door and still I do not know how to get around it yet), I will not be able to do live.
Back to semi-auto .. surprise .. surprise .. it did trigger a second trade (very rarely). I got in and took lots of heat .. only 2 ticks shy from my 20 SL. (Oh, my sim strategy (put it back on) did get stopped out.) I stayed in the trade as all indicators aligned with the Long. The CCI chart (up) has kept me in as well. Finally got my 10 ticks after 15+ minutes.
Emotion: I was prepared to be stopped out. Numbed fingers and light-headedness .. kept clapping my hands to release the tension. My petite heart did not race (good sign?).
This morning has been my "jackpot" one! Certainly more to come.
There's a second Inside Bar at 11:00 am which I did not take. Why?
1. I am very happy with my 34 ticks!
2. It's an orange "bad" IB based on the new indicator. It's way above the upper Keltner. Ended up a profitable trade though lots of of heat.
I'm done for today. Will spend the remaining trading hours resolving my strategy myth (error message per enclosed) and more review on the new IB indicator. If you have tips on solving the order rejection, please drop me a line. Thank you.
Well, I did not stay with my earlier plan and traded the Inside Bar completed at noon. It's supposed to be a good IB. Got 1-tick slippage for getting in and it went against me throughout and full stop got hit. Now will keep 9 ticks for the day.
Post-trading review: At the beginning, the CCIs were aligned with the Long and then started hooking down. Maybe it's a good sign to exit. Lesson learned.
If I trade in the afternoon, maybe it's considered to be Revenge trading as I certainly want to have my ticks back. Well, .. ..
At least SOMEONE is making money with my stuff Glad to hear it. By the way, don't take "good" or "bad" too literally. I haven't proven which ones are good or bad, I just put in some filters I thought were worth considering. Maybe I shouldn't use "bad", rather, "be careful".
The following user says Thank You to shodson for this post:
Remember the afternoon session runs between 1:00 pm and 2:15 pm.
Since I had a full stop around lunch, I said "the second time" that I am done for the day and keep the remaining 9 ticks. Well, an Inside Bar was formed right at 1:00 pm and one may choose to enter a pair of trades since it's officially back to the trading zone.
Notice the highlighted green dot on the CCI continuation chart! Aligned with the long and its first 8-tick PT got hit easily while it's still working on the second 16-tick PT one (just 2 ticks shy from it right now).
Did I "finally" follow my plan and close for the day?? Yes, I do even it's really tempting to regain some lost ground!
Beth (Disappointed on my not following my plan earlier .. ..)
Nelson's friend does not know about investment/stocks. He was with us Sunday afternoon. He came to me and suggested me to buy any gold ETF first thing Monday morning. Then this morning Nelson (who does not know investment and has not purchased his first share as of this moment) mentioned to me that now maybe a good time to buy some stocks. I asked him why? He said he got this recommendation from some economic news advisors on the Internet - free media!!
Two in a row .. from someone who knows nothing about investment .. yet both are influenced by the media or friends and think of picking up some stocks!! Really scary .. because it's telling me that the public may get burned!!
The following user says Thank You to wgreenie for this post:
According to NJ, I only need to change Time in force to Day and the Order Reject issue will be resolved.
Funny that the same strategy running on sim and live environments may behave differently. Will try my luck Friday when there's no important news.
Another side note: "What IF" was in my dreams the whole night long. I am thinking when one is completely into "something", there will not be any "What IFs"!
To execute trades and follow my predetermined trading plan to the dot (with minimal deviation), I need to train myself to accept pre-, during, and post-trade results (incl whatever happen during the course) gracefully.
My No 1 mistake today: Not following my plan!
My No 1 lesson today: Accept a full stop without any attempts to move it! Having said that, I may consider using the two CCIs (hook and going flat) for an early exit OR follow a predetermined SL that I'm comfortable to trade with. Seemed to me that if a trade is working, one does not need to take too much heat. If not, why not exit and wait for another high probability one?!! Time will tell and they're in my mind.