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A down in DXY, A up in ES, TF and CL no confirmation due to pending oil report. CL had A down for lower time frame like 5 minutes etc.. I just extend my OR to accommodate oil report. I do use lower time frame OR to trade while waiting for extended time frame OR to confirm.
Mkt. internals have been positive right from the open. Oil report at 11 am.
Can you help answer these questions from other members on NexusFi?
My lines are there but sometimes not clear as I have quite a few levels. I do however, write down OR levels on charts just as reference for traders who are new to ACD method.
ACD in action- end of Oil pit Close. It's tough to trade CL with indicators, @ 99.84, every indicator was bullish (lol). Late day A up are very RARE. If CL had broken above 99.90 on VOLUME, I would have tried long on pullbacks.
100 ticks- It's a nice round number. My area of improvement is to get 100 ticks with size. That's a GOAL for 2012. By size , I mean 10 cars and up. Target for each trade ( on 70% of trading days) is 30-40 ticks with 10 ticks stop loss. I do get stopped out 2-4 times every day.
My style of trading calls for to put trades out and find levels after doing analysis. 6-10 trades a day. For example, since 7.30 am, I am buying 98.84 and booking profits around 99.10. Trading box is 99.80 to 99.30. 2-4 scalps along with LUCK ( very important for me) and one has 60 ticks or more. I will not buy at any other level but 98.84 with stop loss 98.79 and book profits @ 99.10. Once either 98.80 or 99.30 is broken, I will have to find a new box and trade edges of the box. This is prior to 9.15 am , when my OR is formed. After 9.15 , OR reference points become important.
Most important book in my trading career. As i go over my notes from January2011 - December 2011, I can see why Mark Fisher book " The logical Trader" is the most important book for my style of trading. It's not for everyone as the method needs to fit one personality in the end.
And for understanding Market Structure, Market Participants, Auction Market, Mr. Jim Dalton book " Markets in Profile" is the ONE for me.
HAPPY NEW YEAR and MAY WE ALL FIND HAPPINESS IN OUR TRADING AND LIFE in 2012.