For the last couple of weeks, I have been searching like a madman for a functional TPO Market Profile indicator for my NinjaTrader 8 setup without much luck. My main charting software is NinjaTrader 8, but I execute trades using A DOM from MultiCharts, which I got from my primary broker, but I prefer the charting on NT8. Well lo and behold, MultiCharts has a built-in TPO tool. Needless to say, this makes me extremely happy.
OK…now that I got that off my chest, on to the purpose of this blog post.
Pre Market Analysis for Monday’s Trade Date 2018-01-29
As I continue to grow and develop as a trader, I find myself making slight adjustments to my trading style. The more I learn, the more I realize that I am just beginning to scratch the surface of the wealth of knowledge that is available. I am living proof that you can never truly stop learning and if you think you know everything there is to know about trading, you are setting yourself up for disaster. The chart markups below, incorporate some of the minor changes to my trading style that are hopefully going to make me a better trader.
CL Pre Market Analysis
ES Pre Market Analysis
These markups help me think out loud. When the U.S. Session opens in the morning I can look back at this prior to the open and gauge whether my perspective has changed based on the price action that occurred during the ETH overnight session. They also force me to identify all of the levels I look for and mark them on the chart. These levels serve as support and resistance areas and key entry points (areas where I look to enter a trade). So when I go to start my day in the morning I can be more patient and wait for a trade to come to me, instead of trying to force and chase a trade (which I am often guilty of doing).
Prior to the open, I will post updated chart markups to adjust for the overnight price action. Although, the chart you see here are RTH session charts (Open Outcry U.S. Session).
Update: 2018-07-29 @ 8:30 AM
My CL update
My ES update
I will be doing a video soon describing what each of those levels on my chart represent. Stay tuned.
p.s. Clicking on either image above will take you to a larger, more legible image.