I think it is very important that we all find an edge that we have over other traders and stick to our own plans. For example, when Tim was buying ITKG I didn't want to buy with him because my edge was telling me it was a short. I didn't short it, but decided to just watch and see if following my own plan would have worked.
When I saw all these market orders breaking out to new highs, but price wasn't it was telling me that the sell limit orders at the daily resistance level absorbed all the market buy orders. The next day market sell orders came in and the sell limit orders at the top held. Price couldn't go red to green. It took longer than I expected for the price to finally crack, but I'm so glad I didn't just blindly follow the alert. Tim was really disciplined to get out when price didn't do exactly as he thought it would.
Great post. When you say, "saw these market orders", are you using an indicator or following L2?
the indicator that i'm using at the bottom is called Market Delta. It shows me what the market orders are doing and when price doesn't follow the market orders I take notice and mark up those levels to trade off
no its part of sierra charts using IB data@thealextrader
I'll be trading blind without this extra edge@thealextrader
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