Plan the trade, Trade the plan!! Simple as that.
Four days in a row now with very serious plans. I now spend at least two hours before each trade session to develop my trading plan, and it´s worth the time.
I think that the time spent in the trading session itself has become of lesser importance if you compare it to the preparation.
I´ve started to look at the volume profile on both long and short term basis. It´s very good to have as target.
If you develop a plan and you have a bias in either direction, you can use the VPOC as target, or at least scale of some there. Of course it also depends on the context. Are we in a range or is it trending?
Yellow lines are VPOCs, Where there has been a lot of volume traded at a specific price area.
Red dash / dotted = Overnight / Yesterdays High
Cyan dash / dotted = Overnight / Yesterdays Low
White = Support / Resistance areas from different time frames
Left window is daily and the right one is monthly.
The red line was the price at the time.
“Overnight gap is apx. 120
VPOC 1 13123
VPOC -1 12900
VPOC -2 12850 ( Strong ) Also a congestion area
On the mid term, I think it´s range bound.
Open outside yesterdays range, just a bit on the upside.
**** Short side
Bias is on the short side, looking for VPOC -1 and the look for continuation to VPOC -2 which is quite strong
Target, Overnight low??
If it moves higher, it could go into the range between 12970 and 13230, there we have VPOC 1 at 13125
On the long side, don´t take any before 12970 or if you do, be careful when it reaches that level.
If it breaks 12970 we could hang on to VPOC 1.”
I only traded between 09:45 – 10:10. Was very bearish today and followed the short term trend towards Overnight high. I had half an eye on the $TRIN indicator and it actually turned out to be very bullish at about 10:15.
Rookie as I am, I still have a hard time changing bias from one direction to the other, I want to reassess and make a new plan.
Anyway, it was a good day, I was quite satisfied, and changed to sim-mode just to get more screen time without spoiling a good day.
One thing I really have to work on, is the emotion side. When I´ve traded a good session and it has been very intense, I tend to almost feel ill afterwards. I don´t know if I´m exhausted or if I feel that it´s too good to be true.
When emotions becomes too strong, I quit instantly and change to sim-mode.