A simple price action approach

[NoDoji]

Quote from dv4632:

I'll take a stab...

I'd have considered a long on the 6:20 bar, after the pullback off a new high.

Failed upside breakout on the 6:45 bar. I see high volume there but don't know if it was buying or selling.

I'd be neutral as long as price is in this 94.70-95.10 range. I wouldn't take any action here, nor would I have any plans to.

I'm sticking mainly to channels/TLs for now, so I wouldn't be trying to game anything at the right edge here.

Yeah, I took that long, good for a scalp. I drilled down to the 1-min chart and scalped a few more, scratched a few, and sat on my hands during that Chi PMI whipsaw

If you're strictly a 5-min trader, there wasn't much at that time to hang one's hat on. The 1-min chart invited some range action, but it wasn't all that clean either.

Later on the channels worked nicely, especially drawn on the 1-min chart.

This is why it's important to be adaptable to varying market conditions. Either you have rules to keep you out during a mess like what I posted, or you cross-reference a smaller time frame and see if some channels setup and provide reliable S/R.

 

[Bogwaluth]

NoDoji,

If you wouldn't mind, will you please post the "answer" chart? There isn't much going on, but an upcoming short looks like it could be something to watch......

B

 

[NoDoji]

Quote from Bogwaluth:

NoDoji,

If you wouldn't mind, will you please post the "answer" chart? There isn't much going on, but an upcoming short looks like it could be something to watch......

B

Ha ha, there's no answer. I just couldn't resist posting the chart at that point because it was one of the ugliest things I'd seen a long time on the 5-min chart. My only "answer" was to use a smaller time frame and take profits quickly

The answer for less experienced traders is to wait for more clarity when PA looks like that.

 

[dv4632]

I was a little relieved that I got the "right" answer. I had been thinking either I'm blind and have a lot more to learn than I thought, or she's playing a trick because there is no trade.

 

[JoshDance]

Quote from dv4632:


Failed upside breakout on the 6:45 bar. I see high volume there but don't know if it was buying or selling.

Would knowing the delta help you make a decision as to what to do?

 

[dv4632]

It might, but I'm using TOS so don't have access to it.

TOS is nice for a learning trader because it's free, but it does have its limitations. Once I get my PA skills refined I may give Ninja a spin and see if the delta helps me any.

 

[JackR]

Quote from dv4632:
It might, but I'm using TOS so don't have access to it. (Delta)

DV:
I was at the NY Trader's Expo in February and TOS was showing something called "Monkey Bars" (I think). The guy doing the demo was the developer and I caught the last half of his demo, but I believe he said it was his version of the Delta concept, but easier to use. You might hunt around in the TOS package and see if it's indeed a Delta-like display.

Jack

 

[Bakinec]

Quote from dv4632:

I was a little relieved that I got the "right" answer. I had been thinking either I'm blind and have a lot more to learn than I thought, or she's playing a trick because there is no trade.

No offense, but hindsight is 20/20. What's important is how you'd have reacted to that chop when trading live at 6:30 without knowing where the bars will print to the right, and without a smaller time-frame (as ND mentioned), as some people dislike looking at two time-frames when trading live (like me). I'd probably have taken a loss or two there.

 

[JoshDance]

Quote from JackR:

DV:
I was at the NY Trader's Expo in February and TOS was showing something called "Monkey Bars" (I think). The guy doing the demo was the developer and I caught the last half of his demo, but I believe he said it was his version of the Delta concept, but easier to use. You might hunt around in the TOS package and see if it's indeed a Delta-like display.

Jack

I just looked this up, and it's just an incarnation of market profile with a dumber name (sorry if I sound a bit cynical for calling something very unoriginal, yet meant to sound new and exciting, what it really is). As if market profile needed yet more new adopters who have no idea how to use it.

 

[JoshDance]

Quote from dv4632:

It might, but I'm using TOS so don't have access to it.

TOS is nice for a learning trader because it's free, but it does have its limitations. Once I get my PA skills refined I may give Ninja a spin and see if the delta helps me any.

If you really want to use delta volume tools, the best choice is investor R/T. Gomi has done a great job with the indicator for NT, but if that would be a main focus, IRT is the way to go. That being said, I do like to have the delta visible but it is really more out of curiosity than helping me make useful trading decisions. I somehow feel better to know who's buying and selling, but in the end it really doesn't matter to me, as the aggressive buyers and sellers who have already bought or sold are really no more in control of where price goes next than those who bid and offered.