Hi guys,I have mostly been showing you trades lately and focusing on my entry level charts (1.25 range, 6 tick reversal and 10K Volume). However, these longer term charts are where most of my key levels are seen. They are crucial for my trading. The way I have them set up makes it really easy for me to see key reference areas. Only when I see the market moving toward an area of interest does my entire focus switch over to my entry level charts and do I then begin to look for signs to guide my entry or my decision to not take a trade.
I have been asked many times whether I wait for footprint confirmation to enter a trader. The answer is sometimes yes and sometimes no. If I have a level that I am extremely interested in (as I have showed you many times), I just want some sign of deceleration of momentum. I will speak of this more in future posts. If I really like a level and see signs of deceleration, I will often enter very aggressively, to get in at a price where I can set a tight stop.
At other times when I feel like I need more 'evidence', I will wait for the footprint to confirm. There are also the really nice occasions when you get footprint confirmation and great location.
I hope this helps.
MG
In your chart's commentary, you state that you have the different levels (POC, VAH, VAL, etc.) printing automatically on the chart. Is this function only available on the pro version to your knowledge, or is it available on the standard version? Thanks!
ReplyDeleteMaven,
ReplyDeleteI believe some lines do not need Pro. Check with MD to find out for sure what you can do without Pro and video that can help guide you thru the process. There are some really useful videos on this at www.linnsoft.com that I watched to show me how to set these up.
MG