Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I've been reading a lot about market profile and I am considering using it to plan my day. It seems like it organizes information in such a way that would bring more clarity to my trade planning, at least more clarity than the 'system' I currently trade. I'll be doing some studying this weekend to incorporate it into my pre-trade planning for next week.
Can you help answer these questions from other members on NexusFi?
So I've been doing homework using market profile to plan ahead. I thought this crude chart was interesting. It looks like initiative buying over January's VAH (that's the line just under $54.40). It held Friday's VAH, but kind of broke down at the weekly VAH (broken green line). Ideally I'd like to see some strength over the weekly VAH and buy a pull back into the $53.40 neighborhood. Crude looks strong so I'll be be avoiding the short side for sure--at least I don't envision a short set-up. Wouldn't mind discussing with a profile enthusiast or one of the CL traders out there...
As you can see there was a big performance drop off this week. I did some pretty dumb stuff. I'm pretty sure it was a result of ineffective planning and a lack of clarity. I'm into the trading plan this weekend to improve my planning process. I don't believe I've proven an edge so far. No immediate plans to go live yet.
The more I think about this the more I see the OBVIOUS potential short. I guess it could build resistance at the weekly VAH and breakdown. In this scenario I'd target of ~$54.40. I'll def. skip the short side trade though...Anyhow, this is just for MY OWN good. I'm not trying to make a market call to look smart. In fact it is probable that i'll look dumb at EOD tomorrow. I'm just documenting a pre-market read so I can review the analysis later. And I'm always open for critique, discussion.
I'll be looking to long in if this can tag 1495 again...
But I'm aware of this 3 bar coil on the daily, which is quite frankly, causing some cog dis. I'll stick to my plan to trade from the long side only for now.
Today was my 12th session trading futures (paper trading) and I think I'm starting to develop a sense of what doesn't work. I discovered patience works pretty well! Today I discovered that I should trade the plan I drew up the night before. If I would have traded my plan, I would have had a really good day. I still ended up OK thanks to a breakdown of the rally in ES.
The ES had traded up to ~3sd (weekly). This fact alone wasn't enough to give me the confidence to fade the rally. I didn't pull the trigger until I saw the RTY selling off pretty hard. At that point I thought there was a decent chance for a nice trade.
This journal is the only place where I write out my plan for the following day So I think I'm going to start printing it out every night for easier access.
I left a short on into the close on ES. Ill add to the short position if it can get back up to ~2734...probably will close if it gets through this level with any conviction. I'll trail a wide stop when I go to bed if I still have a position on. Tentative target of ~2727. I don't feel THAT comfortable with this short. But maybe I should...Actually I don't feel THAT comfortable on any trade. And I'm using fake money!