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Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Well, Market Profile isn't something that can be easily summarized and I would recommend taking the time to learn more about it before actually trying to incorporate these concepts into your trading.
For a good primer on market profile, please read through the attached CBOT's study guide. This will at least give you a better understanding of the concept. There's a lot of information but it's well worth it.
As for how I use MP, it's really for overall market context. Looking for potential rotation areas based on areas of acceptance and rejection. I then incorporate this into my standard trade set up.
Fully agree market is very much to the short side and short squeeze markets take some time to unwind if we have new buyers then yesterday's pullback should have presented the opportunity for new wave of buyers to enter the market which should help upside continuation however sometimes this takes takes several pullbacks for bigger potions to get long, which should be evident in price action. Nice to see your thoughts, like a man with a plan.
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
Euro broke below the supporting bullish trend line today with a big rejection of the high's earlier in the day. Additionally, we finally broke below the temporary support of 1.3078 that held the market two times recently. I'm still not certain that this will be another break down but with rumors of a massive round of LTRO up next, we could see further devaluation.
On a lighter note, the market (6E) made a pretty obvious head and shoulders pattern and man was it a hairy one!
LOL nice drawing! Did you do that yourself, or just superimpose an image?
The daily candle tells a nice story as well:
Took out yesterday's high, then retreated below yesterday's close, and on top of that closed near the low of the day. We are also very near my 3000 zone, so I am ready to short soon.