Yes, the deal is that now next time we come to 57 we will be watching very closely!
(But why price turned around there now... no idea!)
Ghost of If You Can Draw A Straight Line
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Yes, the deal is that now next time we come to 57 we will be watching very closely!
(But why price turned around there now... no idea!)
If you look back far enough you'll always find some answer that'll fit the question. The question is: is it relevant?
57-ish is the MP "point of control" from 27th March and a composite peak from the day before that (in MP lingo also the limit at value area low). Price has since banged through that level thrice without much fuss so I doubt it's value.
I'd be more inclined to look at overnight action where 57 is the mean of the last congestion area.
While Market Profile is certainly a sound option for those who are unable to make the SLA work for them, it has nothing to do with the SLA. And since this is an SLA journal, I'd appreciate it if those who post to it keep that in mind.
Surely there are tons of Market Profile threads here at ET. Perhaps someone could provide links to some of them.
Surely there are tons of Market Profile threads here at ET. Perhaps someone could provide links to some of them.
That was a tongue-in-cheek answer from me with the gist that if you look hard and long enough you can come up with whatever reason for 57 being a "level". Or as I suggested, look at pre-market for an easier explanation (one that might be wrong, of course). Sorry for trying to be funny.
I don't know of anyone that has made SLA work for them yet, myself included ("work" as in "trade SLA live every day profitably over time"). It seems that with my current understanding I can trade about break even (after costs) on the IB simulator.
My current "problem" with SLA is to understand what exactly SLA is? The definition is a little blurry (sometimes you take every retrace after a supply or demand line break and sometimes you don't, stay in and fan and so on). If I understand that I will know if I am "100% SLA compliant" or not.
In practice, I'm still backtesting with different "filters". I stopped pushing buttons (trading in sim) today and will probably hold off for the rest of the week as I don't know what I am doing.
You did mention that adding filters would make things worse. But the preparation one needs to do before the session - what is that but a "bias filter"?
I don't mind asking stupid questions that show my ignorance if I learn something in the process. I am a bit uncomfortable asking questions like these though because I'm worried that I'll be placed in the "troll category".
you may want to check your first post you discuss auction market theory there quite plainly.
In re Wyckoff, not something that came along decades later.
But this journal appears to have run its course anyway, so it's all good.
so what is your definition of reversion to the mean, you asked and no one answered so you have the floor my friend...
so what is your definition of reversion to the mean, you asked and no one answered so you have the floor my friend...
http://www.traderslaboratory.com/fo...if-you-can-draw-straight-line.html#post179217
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