Window 2: the structure chart

The structure window carries the levels you draw before the session and never touch again: an ES chart on 5 minutes, or better on non-time bars (volume or point & figure), over ten to fifteen days. It answers a single question, where the market has accepted or rejected a price, and it does so with the volume and delta profiles, the VWAP and the session levels.

The input data, once and for all

The profiles accept several input data types: volume, orders, aggregated trades, number of transactions. A POC computed on the number of transactions does not land at the same price as a POC computed on volume: the first counts decisions, the second counts lots. Both are valid, but mixing the two from one session to the next makes the journal incomparable. This course uses volume everywhere.