I think the only trade that probably needs explanation is the long at 100.50. My thinking was, we had such bullish price action up to that point, bounced off the composite vpoc on this range we have been in for 2 weeks twice (buying value) we had basically a perfect bull flag on the 5 min, had 5 higher highs on the 1 min, basically everything was saying higher, so thats why I took the long there. Then the last trade, took the short because we dropped back into the IB and basically moved right down to todays vpoc, pretty textbook. Let me know if you have any questions.
Yellow lines are IB high/low
Red line is opening price
Purple line is yday high
Ben - Nice hits. I too went long once we broke thru Tuesdays high at 99.27. Question I have is if price had stayed around the 99.20 level for 10-15mins and just been choppy instead of rocketing up due to OPEC news, would you have cut the trade? Does time play any part in your trading? Also if we had dipped below tuesdays high, would you have flipped and gone short again?
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Time is very important to me, anytime I refer to a poor high or low, its a reference to time. I talked about time in my 1st blog post on MP Basics. With such a major announcement w/ OPEC I couldnt really expect it to chop, whereas if it was a monday w/ no news my expectations on the trade would be greatly reduced. Once I flipped and got long, if it had dropped back below tuesdays high I would have flipped short again.
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