Here are two pics of Market Profiles for the last few days up to yesterday's close. The first one is RTH for the ES and the second one is the complete 14 hour session for the DAX.
These graphics give great clues to what is possible today. In the ES, I can see a small gap between the high on the left profile and yesterday's low. In the DAX - I have split where relevant - I can see a possible reversal. While I trade off just one chart, I am conscious of the context for not only support and resistance but for bias.
My current bias is UP, but I am not yet sure from where. I'll be looking for a move UP and a pullback to trade.
Now, if the market is weak and I'm wrong about the initial move, I think the DAX low area of the small split Profile is very important. If that breaks properly then lower prices are probable and I'll look to my next major support as a target.
Let's see how this turns out.
Well. It's now 11.30am in France and the morning turned out as envisioned.
I bought the first pullback in the direction of the uptrend and exited at my FavFib after the first red candle. I was watching the subsequent pullback which did NOT make a new low. I then waited for the uptrend to reassert itself and held back a bit on the long until a new high. This is how I believe trading should be - understand what "they" are doing and join them. The training DVDs show this in detail. Not a sales pitch but a desire to give people a way of getting to CP if they don't "get it" from reading the blog.
As a reader of the blog and a student of the DVD’s I am grateful everyday to learn from EL. I’m positive I have saved a minimum 10 years of trial and error by dedicating myself to learning EL’s mythology through the blog and the DVD’s. I would just like to say thank you. You changed my life.
ReplyDeleteMany thanks Hersh. I'm glad you are doing well. It great to hear success stories.
ReplyDelete