reason I am trading on Tradingview: Volume Profile Indicator
Look at the nasdaq on 28th and 25th of april: strong rally but
the "volume profile session volume" POC stayed low, in fact it went lower from the opening bar 13235 down to 13130.
This type of price increase without increase in the POC indicates a fake rally, and in fact after 10 am easter time was the time to heavily short the market just like the days before.
Looking at the "tradingwars" on twitter, the SPY had a similar setup an insidebar on the 5 min to get into PUT options with low premium.
I stick to my plan to trade below any 5 min bar in the first 30 minutes of the session and try to hold the trade 64 bars. Long above a 5 min bar only if price is above prior days high, or lower than half of prior days range.
On the 28th there was a breakeven stop out (with profittaking chance at the gap fill) but on 29th another 10K win for 1 contract. (with 1000$ stoploss this equals a 1:10 risk:reward setup) but keep in mind there is only 20% winning rate (40% if you conside breakeven stops also a winning trade)
the "volume profile session volume" POC stayed low, in fact it went lower from the opening bar 13235 down to 13130.
This type of price increase without increase in the POC indicates a fake rally, and in fact after 10 am easter time was the time to heavily short the market just like the days before.
Looking at the "tradingwars" on twitter, the SPY had a similar setup an insidebar on the 5 min to get into PUT options with low premium.
I stick to my plan to trade below any 5 min bar in the first 30 minutes of the session and try to hold the trade 64 bars. Long above a 5 min bar only if price is above prior days high, or lower than half of prior days range.
On the 28th there was a breakeven stop out (with profittaking chance at the gap fill) but on 29th another 10K win for 1 contract. (with 1000$ stoploss this equals a 1:10 risk:reward setup) but keep in mind there is only 20% winning rate (40% if you conside breakeven stops also a winning trade)