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FuturesTrader's Journal - Trading ES with Market Profile
just to be clear, i was not suggesting that you change your approach. I was simply curious and inquiring. If you have something that works, definitely stick with it
Yesterday was a balance day, and we are now one timeframing lower for 2 days. Yesterday's value was also lower.
We are still one timeframing higher on weekly.
As of 8:15 am CST we will open in middle of balance. Overnight inventory is long, however it has adjusted in the last 2 hours.
Let the market shake out.
I shorted MID 2107.25. i am just going by what I saw was happening
- first they kept selling open, that had created some imbalance
- once that was cleared it made selling easy
- then i saw them buy mid, but there was no lift they could not even reach open
We have 2 poor lows. Now I am looking for quick selloff, if this doesn't happen this is nothing but liquidation within balance.
An area I need to improve on - I tend to act quickly on information that needs to be carried forward. E period forming an anomaly was just 1 data point that needs to be carried forward, it does not mean short was over. I place too much importance on new market generate information and I lose my perspective of monitoring the trade for continuation. C,D,E were one timeframing lower, and I was simply shaken out from my short.
GH periods were balanced. We have poor hig at A,C periods and Poor low at F,H. This along with the anomaly at ABDE indicates that today was liquidation only.
I took long in I period at 2098.75 when GH balance was taken out, I closed the trade at 2100.50 I did not want to deal with the mechanical traders arguing at 2100 level.
J one ticking high of I period was a valid short with a few tick stop. It was too late by the time I became aware of the trade setup so I passed on it. Trade would be based on one timeframing down not stopping more than one time.
