I've noticed you do a Market Profile update on the ES, but you are trading the TF, or at least have the last few days. I'm still very much a fan of market Profile. I think it can provide some very good areas of support and resistance. My suggestion is to look at the profile for whatever you are trading. Maybe do the same kind pre-market review that you do on the ES for whatever you trade. I've attached a chart of the TF with a profile and a 4 range with one of Perrys templates. It may not be the latest template, but it will get my point across.
I'm not trying to get you to do anything you don't want to do or anything you feel uncomfortable with. I do feel that with the right trade setup (at S/R) you can pull more than 4 ticks out of the market. In the attached chart i show the resistance level at the POC of 8/11 and what that translates to on the 4 range and what the price action looks like. The price action gives you the clues if the resistance is holding. Since the level is significant (Prior Days POC) and it holds you can expect a decent move. At least I think so. In the example you get a decent move. To me, one trade like this is better than 6 for 4 ticks. Just my opinion. I hope this was helpful for you.
David
The following user says Thank You to David_R for this post:
Super-mega Thank You for preparing the demo charts David! It did come to my mind that I should start doing 30-minute MP on TF since I'm trading it. It's time to do a bi-weekly review on the revised set up incl trading instrument and platform etc this weekend.
I have been staying at home for 1.5 years now with minimal interaction with anyone. I worry that I may have turned to a "nagging" monster without my knowing. This forum (my thread) has been the only channel for me to share and release my tension. I see no point of troubling my siblings when they're so far away though I know they care.
Note: Not because of lack of replies to my posts.
I just read your chat that you've been under the weather. Please take good care of yourself and rest more! I appreciate very much your posts and guidance (as always).
Initial Balance: 1084.25 - 1077.00 (7.25 points) Value Area as at 10:45 am: 1083.75 - 1080.75 - 1079.25 (4.50 points)
Price opened @1077.25
Today's High and Low as at 10:45 am: 1084.25 - 1077.00 (matching IB)
VPOCs: Top 1090.50 (1081.25 was touched) and Bottom 1039.50 Overnight High and Low: 1089.50 and 1072.50
It's Friday and price may stay within IB and not rotating too much!?
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
HI Beth ,
I have been following your thread since you started it , I admire your sense of sharing , and I truly believe that you will succeed in what you are doing , thanks for your sweet note , I wish you a lot of happiness and properity as well , good luck
soumi
"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
Care more than others think wise"
The following user says Thank You to soumi71 for this post:
Funny that I am unable to edit my posts this morning and got the enclosed. If you know how to fix it, please give me a shout. Thank you!
Almost forgot to grade myself this week!! B please .. smile ..
1. I felt zozozo when ES was extremely slow on Mon.
2. Got quite enthusiastic when I switched to TF on Tue.
3. Practised practised practised tons on Wed.
4. Got a little discouraged on Thu as I was too slow to catch signals incl a losing real trade.
5. Finally gathered my act together this morning and focussed on TF. FYI, I did study EMD.
I'm officially done for today. Nelson is off and he's been like a "cute" bee around me LOL! Oh, he even prepared me a very nice breakfast (did juicing incl cleaning everything + raisin toast .. haha ..).
Continue enjoying your day + a Lovely weekend.
Beth
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following 2 users say Thank You to wgreenie for this post: