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Thanks for the response and makes sense. Only trades i sometimes take is the breakout of the Value areas looking for initiators. I'll scalp 1/2 to a point on the ES then if there is a rejection i'll play the reverse looking for the 80% rule but will take whatever portion the market gives me. Its a fairly high % play when i do take it. some days you get more than 1 opportunity.
Looking at Fridays YM 3 min chart, i plotted the VH, VL and POC from my pivots and it clearly shows several profitable opportunities, starting at 10:45am on a VH rejection prices pulled back to the POC then rose above VH and rejected at noon, faded to VL and swung from Val Low to Val high all the way into the close. It was almos a 30 point swing each time. after filling the opening gap lack of initiators kept prices in the Value areas all day. Very interesting to me. Any thoughts of this not as a trading system but as a potential methodology on non trending days? |
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Do you mean the MP that is developping during the trading day? If so, when would you initiate the first possible trade (in the beginning of the day it quite meaningless I assume) ?