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This was pretty spontaneous...was reading e-mails and tick strike lit up and made a lot of noise...Saw the structure..liked it..did a quick checklist and jumped in..
Decided to take 20 ticks after some pausing and a small retracement.
Lance I guess that those kind of move are near level that a lot of traders look at like vwap, pivot etc...? I know you are not using those levels but a lot of people are and that could explain the volume and violent move around them.
And for example on you last 20T trade the market went down exactly to the 43.66 which is the eth vwap and rebound on it (and on the way down it also has made a rebounf on 43.95 with is the 5min opening range high a level that a lot of trade look at
R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
Hehe you sold exactly at 43.66 ? and 43.66 was the Pivot point -
The break of the pivot has trigger a lot of sales and now it it is going back to it but slowly.
Your method with the order flow react at those point and it is perfectly logical - that is the reason why I added them on my charts - I don't play them outright but I watch especially the order flow when we are near them.
R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
I generally assign my own levels of importance to price areas..by my research. I also scroll carefully through the overnight session to see how many times price tested an area..how strong it reacted when it finally broke through. I code these levels with different shaded colors sometimes..wait for fails off of them..etc. When that aligns with extreme order flow.(100's of contracts coming in a short period of time)..plus making sure no strong price congestion is in the way of my target, then I have a valid setup.
It seems to work pretty good.
I have seen a lot of indicators and to me what you have looks like Guppy Multiple Moving Averages, but I though that on my chart set to 2 range and it didn't line up. Can you share what you are using? This looks interesting and simple. I'm so tired of trying to figure out all the charts...I'm looking to trade one chart what shows me the trend and allows me to stay with a trade.