A New Suit

One of the rights of manhood that I went through, was as soon as I had a bit of money from working, I wanted to go to my father's tailor and have a suit made to measure.

It's interesting how the process works.

The tailor was a friend of my father, another immigrant, who had been a professional of some sort - lawyer, accountant - in his previous life, but his profession was not portable to Australia. He noticed that other immigrants were starting to make more money and could pay for high quality made to measure suits. So he hired a real tailor - the guy who actually cut the cloth and sewed the suit - opened a small work room and started a bespoke suit business.

There was one problem. The tailor to be had seen what a suit looked like finished - everyone has, and he had seen a bolt of cloth. Problem was that he didn't know the process that turned the bolt of cloth into a well fitting suit.

Needless to say, this guy went on to a 50 year career making bespoke suits for local businessmen as well as Sydney's rich and famous. He reverse engineered what had to be done by pulling apart completed suits and figuring out what he needed to do, so his working tailor at the sewing machine could do his part,

Here is yesterday's ( Wednesday 24th March) ES chart with FloBot trades. It was a normal day where scaling out really paid off as there was no follow through. The all in and all out traders did even better. These normal low range days don't give you much but you can do better as a discretionary trader. The day needs to be traded with outside in setups. Its harder to identify these trades early but you can look at what happens at support and resistance areas. If you see a turn in the order flow at these areas with over bought or oversold condition (depending on a potential LONG or SHORT), with a switch in momentum through the CCIs, you have a trade. Once the day has graduated to 3 rows of TPOs and perhaps range extension, you have more information and can trade  into the direction of the range extension but from the other side of the VA. These are high percentage trades. Once the Market Profile has developed more you can trade in both directions but being aware of the extra risk in trading against the range extension direction.