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Taking some time off before I begin the next combine. Still reflecting on the last combine. Working around the house and spending time with family. I have been learning more about volume profile and testing some ideas. Nothing serious at this point.
Building off my current process I added volume profile to make the following trades. First trade I was in too early. Second trade I hit the mark and made 69 ticks with a run up to 100 ticks.
This is where I need to get to. Looking back at my combine I had several trades where I could have used this process to have a better entry and let the trade run.
I have been working with @PandaWarrior on pyramiding contracts on a trade. The idea is to add to a winning postilion and let it run. It works well because you lose less when you are wrong and win more when you are right. Here is a trade I took this morning using the method. I started out with 4 contracts and then added 4 more when I was +11 ticks.
Ended the trade +39 ticks on the first 4 contracts and +28 on the last 4 contracts.
Trade entry was a trend line break on the open combined with position on the volume profile chart. I set the target on the low volume area on upper part of the volume profile chart.
The premise of trading volume profile is to trade extremes. In other words wait for price to get to a area where there is low volume then fade it back the other way. Use trend line breaks double tops etc for a entry signal. This was a good example of that type of trade. I got in too early on this trade because there was a fake breakout. Admittedly I have more experience trading the CL than the Yen so the price action is different but the outcome is the same.
The target I had for this trade was well placed. What I could have done was hold onto the position and add more to the position above the gap. Still learning but it is coming together nicely. +10 ticks on the trade.
Entry type: Trend line break; price @ extreme of volume profile.
I took a trade before the open which I try to stay away from, however the conditions were met. I was thinking like I used to and trying to protect profits. I exited the trade @ 11 ticks. It proceeded to go 30 ticks lower. I actually had my stop @ BE and I still closed it out!! This is a habit I have to break; overreacting when price goes against me.
Original idea on trade was to scale in after it broke below the gap. This was the right trade!! I left 1500 on the table.