The pic today showed the market accepting value inside yesterday's Value Area. Once I had the double TPOs below the VAH, I just waited for one of my EL pictures to show a SHORT and I pulled the trigger.
MP for context, EL bar chart for timing.
This trade hit its first target of the POC. Check out your own chart after the close to see whether it hit my second target of VAL.
Hi EL,
ReplyDeleteSome MP newbie questions for you...
When you said "once I had the double TPOs", were you referring to the D and E prints? Was this play based on what MD refers to as the 80% rule? What kept you in the trade after price moved back above the VAH (before it made its move down)? And, when i went above VAH, it appears to be in a "zipper" (H period) from the the previous day- what kept you from going long for the zipper trade?
So once you have a position on this type of setup, is the POC a major support/resistance area? Is it an area you would typically scale out at? Or, after the 2nd TPO are you all in until it hits the other side? What would be a good stop for this setup?