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Market Profile Exploring the Auction Theory

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Old 05-07-2016, 01:14 PM
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devdas devdas is offline
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Ok i have completed first compilation of trades and made changes in entry rule to avoid too many trades...one thing that i was not liking in old entry, it was picking every instance of entry.

About Stop, as we know its always very subjective, depends on individual , depends on market volatility and often depends on immediate price structure so rather than assuming a stop i have tried to tag trades on two category - 1RL and 2RL. It means 1st Risk Level and 2nd Risk Level. Each entry will be pre-defined risk tag. 2RL does not mean twice of 1RL, but surely it indicate higher risk than that. Exact structure i have yet to study, but my rough liking about these fall as below

1RL - Immediate entry on close of signal bar, stop on closing of other extreme of bar, a stop value not exceeding twice of representative bar ranges from last two days measured from entry level.
2RL - A delayed entry upto half of signal bar range to reduce risk(subjected that MFE should not have gone to representative bar ranges from last two days) , stop on closing of other extreme of bar, a stop value not exceeding twice of representative bar ranges from last two days measured from close of signal bar.

All trades are assumed a life of next 10 bars excluding signal bar on 5 minute chart and if MFE of 1.5 representative bar range achieved, will be exited.
Personally i dont like 2RL and only undisclosed parameter here is Representative Bar Range, similar to ATR etc. I will post this value also along with entry and risk tag.
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