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And
~now long again 1 pt higher. Awful trading, poor execution, too hasty, overtrading, crap start to day etc etc.
Some levels:
PnF chart indicates a nicer level in 42-45 which good confluence with week/mth vwap/PA etc:
This also shows the support level ie todays rth lows i should have been looking for a long.
I will allow myself one more trade today. I have other work to do also, have a deadline tmrw.
Hope everyone else is doing better than me.
DaxyMcDaxFace
London
Market Wizard
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
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I dont like how its building value down here and rejected upper 50s so quick in rth. But was also mindful that I have been getting caught shorting the market (despite good entries, logic, rr).
Yeah it looks pretty mixed. You can argue its an A_Up but we came off RTH R1 so quick and right back into the OR.
IBL also broken, probabilities that we break both sides of the IB are low if i remember correct (30% ish).
We are much closer to the overnight low than the overnight high, which is another reason I am thinking down is more likely.
Either way, its quite mixed and you can argue the long side too. I'm happy to wait for now.
DaxyMcDaxFace
London
Market Wizard
Experience: Intermediate
Platform: Sierra Charts
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Hi @pramadas - i dont use MP - it added another layer of contextual analysis into the mix which i really didnt find useful. And many levels coincided with standard support/resistance levels drawn from PA. (The fact that the footprint had about 7 different pattern scenarios for taking a long entry imo meant it was pointless referring to it).
I also really didnt like the fact that MD stuck false stats to support use of their product on their website, and kept them there for so long.
But yep, tick div, PA, and just the standard vwaps/pivots/OHLCs for context also. Nothing set in stone though, and find using some more than others during the day/weeks etc.
DaxyMcDaxFace
London
Market Wizard
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
Posts: 578 since May 2016
Thanks Given: 1,066
Thanks Received: 444
This looks like a decent PA level 2248-2249 to look for turning points:
The long bias was cos even intra day levels were being defended last week - mid points in intraday even. Its a strong trend - had massive risk on momentum from oil, and reacted to it.