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Thanks Mike. I think you are right, I should not add too much stuff to make my chart look complicated. I just wanted to use Market Profile indicator to help me identify support resistance areas. I am not actively using it, but it might be of help. I am still primarily using my own method for finding s/r levels. I thought Market Profile would be a little supplement. If it doesn't work out, I will just remove it from my chart.
Can you help answer these questions from other members on NexusFi?
First Trade : 10$ (three setup)
Outsidebar at 10.45am. Entered long at 73.60. But then CL didn't move much for next 15 minutes. Next bar formed as I/B. Enough reasons to get out. So exited with 1 tick. But then third bar was winner. I wish I stayed little longer. Anyways better safe then sorry.
Second Trade : 40$ (my setup)
At 11am, I got double doji with equal bottoms at 73.86. So I shorted at 73.84. First target was 7 ticks, second was 12 ticks. But then CL did not move quickly and there was a support line at 73.78. So I got scared and exited with 1 tick on first target and 3 ticks on second target. If I waited, it was a winner.
Third Trade : 180$ (my setup)
After lunch, nice resistance line at 73.68. CL touched this price 4 times. Very strong setup. Entered long at 73.70. First 7 ticks easy. Second target was 10 ticks and it filled quickly too. I kept it just 10 because of afternoon time with low volume. Could have got atleast 20 ticks for second target.
I didn't know about that news. I did saw some FOMC news at 10am, but I thought it's ok to trade after 15 minutes. How to know if FOMC news are over or not? Any links or website?
First Trade : -100$ (my setup)
After ISM Non-manufacturing index news, CL moved down sharply. I got a small pullback at 74.00. It was also VWAP line by CMIDailyPivots indicator. So I shorted at 73.96. CL took my order and went in opposite direction. I made a mistake here. Instead of keeping stop loss of 10 ticks, I kept it 6 ticks. That caused me loss. With sleepage I got 5 ticks stop loss on both targets.
Second trade : 230$ (my setup)
Downtrend continued after first trade. So I waited for another pullback. Got it at 73.50. Shorted at 73.49. But this time my regular stop of 10 ticks. Got first 7 ticks easily. Second target was 15 ticks, but got 16 ticks with slippage.
Third trade : 190$ (my setup)
After third trade, I got two dojis with equal bottoms. Entered short 1 tick below bottom at 73.39. First 7 ticks easy. Second target was 12 ticks, that too filled quickly. Hurray!
Forth trade : 70$ (my setup)
As usual choppy afternoon session. CL moved a bit up. I got resistance line at 74.14 by swing indicator. CL touched that price twice. Long at 73.16. I had two targets, but somehow only 1 got filled. Got 7 ticks easily.
This was another good week. I had 12 winners, 2 losers. But this week my winners won by big margins. So my original weekly target filled easily.
PS: My live account is ready for trading. I might start real trading coming week. But I will take very few trades initially to gain some confidence.
I'm not sure which news indicator you are using but.......the one I attached (6.5) showed that Bernanke was testifying before congress.
As far as how to tell when the Bernanke testimony was completed.......I haven't figured out a good way to do that. Sometimes it is televised sometimes it is not. The congressional grillings are sometimes are very long.........the speeches are usually not as long. If I can't find out when he is done speaking I can usually tell by how the market is trading. Maybe there is someone on the forum that can help us with this.
I have a different version, it's jtEconews2, it's supposed to be latest, but when I compare modified dates, your indicator seems latest. So I have changed it.
Yes, I think it's best approach to just monitor chart during news time to know when it's ending. We may have a chop, or big unpredictable moves. But still it's bit hard to tell. Let's see if someone can give better idea.
When trading US indexes I prefer Econoday, I've sometimes seen some US reports that I thought were important not show up on Forex Factory. Of course, if you trade currencies FF is the way to go.