Making of a method
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Thanks for sharing your journey.
Get a grip on yourself trip! You are a trip you know that. Let your journal too rip trip.
Get a grip on yourself trip! You are a trip you know that. Let your journal too rip trip.
:eek:
FT Day 154 April 16th
http://www.sierrachart.com/image.php?l=1397661315538.png
Yesterday's strong reversal back to the mean of the TC has negated the likelihood of sustained weakness. For shorts that are still holding on, a strong move above 3513 may lead to capitulation. Otherwise, stage is set for consolidation via a range and likely pullback. If the strength of yesterday's move is a sign that traders are anticipating resuming it's uptrend, then there is likely to be more buying as when/if price pulls back. Overall LOLR is up.
http://www.sierrachart.com/image.php?l=139766115841.png
http://www.sierrachart.com/image.php?l=1397661315538.png
Yesterday's strong reversal back to the mean of the TC has negated the likelihood of sustained weakness. For shorts that are still holding on, a strong move above 3513 may lead to capitulation. Otherwise, stage is set for consolidation via a range and likely pullback. If the strength of yesterday's move is a sign that traders are anticipating resuming it's uptrend, then there is likely to be more buying as when/if price pulls back. Overall LOLR is up.
http://www.sierrachart.com/image.php?l=139766115841.png
Nice trading today in difficult territory. Are you scaling out or am I misreading your chart?
Yes scaled out on second and third shorts. Sizing trades according to the potential, so certain situations just have one lot for now.
Do you consider diagonal levels.? I dont see any TCs in your prep work.
Been reading a lot of Market Profile lately. Was pleasantly surprised to find Steidlmayer reference Graham and Dodd's ideas as the basis for his MP synthesis.
Orienting oneself to look at trades as the buying and selling of inventory re-enforces a certain common sense to this entire process. While the VAP can be easily approximated by glancing at a chart and boxing in extremes, what I am really looking forward to is a deeper understanding of how the expectations of various 'time frames' influences the probability of price movement. A better understanding of the composite operator's character is likely to be helpful. It may help me with knowing when to sit tight.
Orienting oneself to look at trades as the buying and selling of inventory re-enforces a certain common sense to this entire process. While the VAP can be easily approximated by glancing at a chart and boxing in extremes, what I am really looking forward to is a deeper understanding of how the expectations of various 'time frames' influences the probability of price movement. A better understanding of the composite operator's character is likely to be helpful. It may help me with knowing when to sit tight.
Well like Db was saying earlier, once the stage is set, one does not need to revisit the TC drawings until something dramatic happens to change the boundaries So I was aware of the TC boundaries drawn earlier this week. The last couple of days was more of an inside game around short term levels.