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Did some looking into volume profile and order flow this weekend so I'm delving into these dark arts this week. The idea here is use volume profile to identify potential support and resistance and then use order flow to time the entries. My initial impression is that its pretty. Just look at it. Here I'm looking at the ES and NQ in 30 minutes with volume profile configured to show me profiles for the day and for New York. I marked up prior day POC's. Today has respected one and blew through another. On the right is the foot print charts. I just know the basics here, but I get the sense that I'm tight up against the right side of the chart and actually experiencing price as it happens when I look at this chart. Right now it's bringing me joy.
There's a lot more to dig into here. What I'm now looking for is a 'bread and butter' set up that I can use daily. Along the way I'm trying some things. Last night I got into a trade- or a series of trades. Some things worked, some didn't. The volume profile stuff is pretty straight forward. This week is in part seeing if there's anything to it. I can see the logic behind it- big money means big volume, big volumes are the POC. but does it work? I'm hoping to find out. The footprint chart is something else, its not so straight forward, but goodness is it PRETTY. I know the basics here, but I think I'll have to know a bit more and use it more before I can say I know how to use this, or this is useful. Over all I like what I see this morning.
So the trade that I took this morning was good. What makes a good trade? It was quick and big and I saw it coming. Where did I see it? Mostly on the footprint chart, but I also could see that it was banging into the 200 SMA on the 30m chart. What I saw mostly was big bear energy flow into the footprint chart which convinced me that we were now going down so I sold. It was quick- 1.72 minutes. I was going for 80ish ticks on this one, but ended up pulling out at about half that. The true R:R on this ended up being 1:1. I got out mostly because 10 points in 103 seconds is pretty awesome. Incidentally price ended up reacting with 200 SMA on the 5 minute chart, which was the 10 points. Its pretty, but is it repeatable?
Today I get the feeling that to trade well I need to be ...present with price, or, in the moment with price, not behind price or chasing price. Not wondering what price will do future. I have all the time in the world to be in the past or future with price or the whole market, but when when I'm actually trading, I have to be there AS it happens, because when I do, that's when I make good and easy trades. That's when I quickly cut my losers, but getting there is hard. Staying there, harder. This is one thing that I am working on.
Anyway, I'm done for the day. I'm looking at the charts off and on, but that's not trading, that's thinking about what price did, or where it might go. 10 point days could totally be my jam. Its not a hard number for me, rather its a kind of trade or even a trade idea- wait and find the market conditions where I know I can take 10ish points (ES) quickly. Maybe it happens no times a day or 10 times, Maybe sometimes I get it wrong and lose 10 points. Something like that. I'm getting there.
I took one trade today, a small winner. Here's what it looks like on the charts-
What I'm trying to do here is find where the big fish are trading using the volume profile so that I can time a great entries using the footprint chart. Today's trade wasn't really what I am trying to do. Had I got out sooner I would have liked this trade more. I'm on night shifts, so to be able to wake up and trade somewhat proficiently, that's good. The addition of Order Flow Volume Profile and the footprint chart feels right. Today I developed a position using the added information from these and managed it based on what I was seeing in the market real time. Even though the trade did not take off the way I thought it might, I was able to leave my position gracefully. So not a bad day.
10/10/21
gross win ratio: 5:1/$1575.00
wins in NY cash session: 2/$637.5
I'm attempting to test all last week against this 5 minute scalping strategy I seen on YouTube. I don't know how far I'll get. Liked what I first saw here.
