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Gents, anybody was actively using PnF charts in their trading ?
I can see a lot of additional value but looks like it really became domain of very few old-timers.
Though I did see some excellent work by Sody Texas providing plethora of information.
And mind you it was what Wyckoff used by himself.
Can you help answer these questions from other members on NexusFi?
No, but I do use 15 min footprints to show up liquidity areas, that are too vague on my 5 min Footprints. On NQ I compress by 4 ticks per price level. Even though I'm only looking to scalp.
Axia use Reversal bars on their footprints to show these liquidity areas, but Ninja doesn't offer this bar type, so I stick with time based 15min for a bigger picture
I can not say much to pnf or footprint as i have not much experience with it.
I try to use as less as possible because every information has potential to trigger overtrading, especially when i am emotional.
When i have a reason (in this case: continuation of covering) and a location (in this case: vwap) i would use anything or even go without any trigger. Here we had a little increase in speed which i interpreted as a "shi*, get me out-liquidation" which can be the end of a move and the start of a new move.
To not make a false impression: My first trades today were loosers, as i tried shorts earlier
In Grand view of things we are oscillating between 14660 (give or take) and 15000, which is hell of oscillation allowing for bread, butter and a bit of caviar on top of that. So nothing to complain about
We are still in downward channel that started on the 19 of July
Daily candle wise we are still inside bearish candle formed on the 3.10.2023
Yesterday action resulted in pushing back right towards weekly/monthly VWAP on huge VOL and huge CUMDElta , implying energetic smart money involvement
Looks like respecting VWAP is the name of the game, that is untill it will be disrespected in a big way, which may come today or tomorrow
Yesterday move was nice example on the power of coming out from downward channel, which is by itself quite powerfull pattern
Today news may provide a guidance in case there will be relatively big discrepancy between actual unemployment data and projections
As usual in this sick world less than projected unemployment is bearish signal and more than projected bullish
It will be interesting to evaluate dependence of the size of the market move on the % deviation from the projected data.
What would happen if actual data meet projected expectations is anybody guess
PERSONAL
Where do I start ?
It is a fact that coming out of downward channel is one of most profitable patterns one can find
It is a fact that Wednesday and Thursday are most profitable days for at least 5 of my algos
It is a fact that I have them
It is fact that use of any of them yesterday would have left me with big grin on my face
It is also a fact that I did not use them , because ....
It is fact that I like hypothesis driven approach and like to watch things on the sidelines
Thats why I develop algo strategies in the first place
