Quote from FreakofNature:
so where is price ?
Price? What does that matter?
Just kidding, lol... I get that a lot. Price is the white number at the right. The highs are located at the points at the top of the price band when the market is rising, and the lows are located at the bottom of the price band when it is falling.
I measure retraces off of the fluctuations in the price band from red to green.
I eventually realized that I didn't use candles at all for trading, so I got rid of them and replaced them with something useful! My price band better reflects the true nature of the market. As price is moving it always snaps back to the median intermittently. As the market is trending up I like to move a few limit orders around underneath it trying to get the best fills possible.
I never chase a move, if it gets away without hitting my fill I let it go and wait for another setup.
I can't decide if I prefer watching Tick and moving a limit order around or watching a L2. Watching the NYSE Tick, L2, and chart at the same time becomes a bit dizzying...
I kinda get pissed off if I get my entry off by more than two ticks from the low and just let the trade go without me.
I have decided from now on I am just going to average in a few contracts and that will nail down my accuracy on the entry of these 15-30 minute long trades. Actually, nah... Ill just work on watching the Tick, L2, and chart all at once. The L2 itself is pretty good for figuring out where some support is.
Such a thing as being too perfectionist?