Its Still Rock and Roll to Me

"Welcome back to the age of jive". Those were Billy Joel's words in the song. And jive it was today. The Market Profile tells the story best.  As the order flow took price  into the previous day's value the market retraced with double prints, I bought the Dow Euro 50 @ 2816. It didn't take long for me to exit with a 5 tick loss. The cyan lines are drawn in before trading against the MP S&R. The line @ 2803 was taken out with my Order Flow indicator showing good selling so I went short there.  Without being able to read the order flow, there is a high risk of being chopped up at areas of support and resistence.  Then the music began. I took the first 1/3 off @ 2780, the next @ 2760. I held the last 1/3 until the close @ 2750. The pre-market preparation pays off, over and over. I'm a believer in the say that "the harder I work, the luckier I get". Its days with the large ranges that you need to take advantage of. These larger than average profits a few times a month make a difference to your yearly results. K. is still learning. I was pleased she got on the trade OK. Where she had problems was holding on. It's hard for newer traders not to grab that profit after being used to seeing so many losers. Having MP and those lines on the chart make it easier because you can take the first profit, move your stop to break even and then hope for the trade to develop. After the second profit is taken you can move your stop again to the next line.

And as Billy goes on to say:"Oh, it doesn't matter what they say in the papers

'Cause it's always been the same old scene."