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ym nov 7..Opened at yest hod rth, and sold off from sd1...unfortunately did not get an entry candle....
long at rth lod(today.An overshoot of ylod.+11
very distracted today..kids home from school
sometimes I wonder....should I just simplify this whole thing ,use 5min reversal/engulf candles,and place my entry somewhere in the tail wick....I could watch multiple markets,and not get bumped out of the 1min noise
I'm all for simplifying the trading process. Maybe use the price/action of the X time increment and focus at key structures. An engulfing bar at support means a lot more than if it were in the middle of nowhere.
The problem is that you dont know its going to be a reversal candle until its a reversal candle. Its difficult to say without context but that selloff looked pretty damn strong and price action was below your indicators so personally Id be looking for reasons to short.
thats true,,,,the sd1 area was where i was looking for possible short...we had a 1min vol spike, so i was willing to get in on a 1 or 5 min sell candle,which we usually get..The cl is very good with the vol spikes.Tomorrow im going to relax a bit andfocus on 5min,and 1min vol spikes with context.The 30 min is always there as well.Its easy to look at 1 day and see this work,and today the cl just rotated in a tight range,yest was wild
Ah sorry yes I didn't even notice the volume bars at the bottom. So do you wait for a volume spike with a rejection candle at a level as confirmation of a trade? Where is the SD1 area I cant see that marked on your chart.
sd1 is the 1st extension of the vwap. It is the edge of the light blue area.When price is within sd1 and sd-1,it is said to be in value..So, I had the context correct,and the vol spike on the 1min got us real close(close enough to enter).Ideally, the 1min would have overshot the sd1and gave a hammer sell candle after the vol spike.Usually this happens(i would say more than not),but today it didn't.The nice thing, is the target destination is new lows, at some point sd-2.Yest poc was prominent,but it broke down pretty quick....I think i mentioned the target on a long from the lows was sd1.In hindsight, with a short day, vwap would have been more realistic.....Another thing on the vol spike...they dont always happen.So either way, im looking for some kind of sell candle on 1min.If that doesnt happen, i look at the 5min.Today ym kinda rolled over...which many traders took advantage of!..The other thing is the vol ladder.I tried to use it for the churn areas, but i believe my foundation wasnt good enough(still not) to decipher the important churns from the many others that occur all day