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Very very interesting stuff Ant!! Thanks so much for sharing. So...when you're trying to guage the top using the 10 day ATR, how are you coming to the price where you think the top will be?
Chris |
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Chris, I basically try to enter a trade near a key reference area identified by Market Profile when market internals are weakening - nothing new here. I just try to enter a trade in the first 60 mins any chance I get because of the risk/reward. That's why I think that the first 60 mins of trading is perhaps the most important. I also use the IB range and potential day type for determining whether a high or low is being set in the IB period. For example, the extreme of a wide IB range usually holds, a narrow IB range may turn into a trend day, etc. With respect to day type, a Normal Variation day tends to have range extension that doubles the IB range - stuff like that, but those are really details. The key point is to try to enter a trade, based on your trading strategy, around the first hour or so to catch most of the daily range about 70% of the time. At least, that's the goal...
The chart below is my attempt last Thursday, 1/4, but I royally messed up the exit, but I won't get into details here.
Did I answer you question?