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Good sign on a wednesday traders are waiting for the inventory report at 10:30 and are sitting on hands with no overall bias
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
If we dont see a quick rejection of this area i will flatten
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
i just flattened,it seems to me, vwap 1ststd dev/edge of profile is likely to hold...but,the action is so slow,even for an inventory day
40 tick range,and we just dipped into yest value area..a support at this point
Also,im using the tpo, which is obviously time based.On the profile charts(1 min),im not using vol mp.Its time based.Alot of times they overlap, but not always
i was on vacation last week, and read Jim Daltons "markets in Profile."A very good read, imo
Trying to expand on my understanding(beginner) on the mp,a few thoughts occur to me.
1. for the cl ,expect rangebound days,4 out of 5 days a week.With that said,always look to fade the extremes(that have confluence)
2.trend days,with elongated profiles,dont fade.Now, hopefully, the tpo will give us a heads up,as to when to be alert for a potential trend day...for ex,a divergence in the value area,at a likely pivot.
3.The cl brackets.Look to the extremes to hold,until they break.Its never perfect,but be alert,dont expect a break,and if it does break out,need major initiating vol.
4.vwap is very important,and ive been wanting to adjust this for a while.
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"