boru's price action journal

[boru]

Today was a good trading day, at least for learning. Had to fan the SL/DL lines a few times. Am getting better at seeing PA as continuous, the tick chart was starting to give me a seizure, so I switched to a 15 sec chart , just a little one in the corner of the screen. I am trying to primarily read the right tick, just using the 15 sec to "see inside the bar" and verify what the right tick is telling me. My trading itself was terrible today due to the fact I was so focused on the screen, but I feel like its getting better.

Most of the notes are on the chart were written down during chat, and are after the fact. but were discussed and acted on by other traders in chatroom, thanks for the help guys.

 

[boru]

Breaking the 3661 lows on the daily chart might influence a few more traders to sell.

Price looks to be forming a DT at the top of a TC on the 60 min chart. Breaking the LSL at 3708.75 and price may trade down to the mean at 3687?. Price trading above 3721-22 will face resistance at 3726 and the highs at 40.

The daily chart does have an upsloping TL that may come into play today 3670-80.

Using SLA on the 60 min chart price has broken its DL and formed a LH . I will look to sell price until (unless) price trades above 3717.50.

 

[niko]

Breaking the 3661 lows on the daily chart might influence a few more traders to sell.

Price looks to be forming a DT at the top of a TC on the 60 min chart. Breaking the LSL at 3708.75 and price may trade down to the mean at 3687?. Price trading above 3721-22 will face resistance at 3726 and the highs at 40.

The daily chart does have an upsloping TL that may come into play today 3670-80.

Using SLA on the 60 min chart price has broken its DL and formed a LH . I will look to sell price until (unless) price trades above 3717.50.

So in sync

 

[boru]

Well it was a good day for both trading and learning. Price did break down from the top of the channel, in fact it dropped all the way to the bottom of the channel at 3643. I would like to say I sold a large part of that but I didn't.

In the last few days, I feel I made a lot of progress viewing price as continuous, so much so that I spent today trading off the right tick, (for the most part) I do have a small 15 sec chart in the corner of my screen, I feel this is a valuable tool in a couple different ways. one if learned, I will be able to keep my eyes on one chart, two it really has helped with learning to focus on price.

I knew what I was doing wasn't part of my plan, but between looking at price differently and starting to scratch more effectively, being on sim, I let myself indulge a little.

I am going to go back over my plan and rewrite some things, I know its a process but I feel like I am finally starting to get somewhere with this. Thanks to everyone for their help comments and suggestions are welcome. P.S. green =entry , black= exit

 

[Gringo]

Well it was a good day for both trading and learning. Price did break down from the top of the channel, in fact it dropped all the way to the bottom of the channel at 3643. I would like to say I sold a large part of that but I didn't.

In the last few days, I feel I made a lot of progress viewing price as continuous, so much so that I spent today trading off the right tick, (for the most part) I do have a small 15 sec chart in the corner of my screen, I feel this is a valuable tool in a couple different ways. one if learned, I will be able to keep my eyes on one chart, two it really has helped with learning to focus on price.

I knew what I was doing wasn't part of my plan, but between looking at price differently and starting to scratch more effectively, being on sim, I let myself indulge a little.

I am going to go back over my plan and rewrite some things, I know its a process but I feel like I am finally starting to get somewhere with this. Thanks to everyone for their help comments and suggestions are welcome. P.S. green =entry , black= exit

It gets easier when you start enjoying the process. I am glad there are a few who are beginning to see some light. Knowing how price moves doesn't mean you'll start making accurate decision, it only means you'll have a better understanding to hopefully identify what can be corrected.

When Db would say at times to identify better opportunities I couldn't even begin to understand what he meant. Most of my knowledge and information was from books so it never occurred to me that I would also find some behavior only my own, and identify it to be reasonable for trading. All these small steps are part of this wonderful journey.

Gringo

 

[boru]

It gets easier when you start enjoying the process. I am glad there are a few who are beginning to see some light. Knowing how price moves doesn't mean you'll start making accurate decision, it only means you'll have a better understanding to hopefully identify what can be corrected.

When Db would say at times to identify better opportunities I couldn't even begin to understand what he meant. Most of my knowledge and information was from books so it never occurred to me that I would also find some behavior only my own, and identify it to be reasonable for trading. All these small steps are part of this wonderful journey.

Gringo

Yes I agree, I feel like I am only now getting to the point where I am "teachable" in the sense of being aware of what is happening. If that makes any sense, I am going to watch price tomorrow and over the weekend go back to my plan and do some tweaking. Thanks for your comments.

 

[boru]

After the large drop yesterday price has sat on the lower trend channel on the 60 min chart and the mean of the daily chart. Price is going to do one of three things.
1. trade back up toward 3740 -62 the highs on the daily and top of the channel
2. trade up to 3680, the mean of the 60 min
3. trade down to 3545 + - the bottom of the daily channel

I don't know what price will do, but I feel better prepared viewing price in this scenario.

 

[boru]

Good morning , Looking at the daily chart price, has dropped from the top of the TC and is now trading below the mean, I would watch for a drop to the lower TC at 3555 + -. On the 60 min cart I have redrawn the TC to better fit price to the mean, this chart reflects that change. If drawn correctly price is trading at the mean. price could trade either way , we do have a broken SL from 3-13 highs , if price breaks the SL on the 1 min I will take all long setups . price is making LLs and LHs on the 60 min chart so a drop to the bottom of the TC (3600 on the 60 min ) is not out of the question.

 

[boru]

well it would appear SLA has won the day , at least so far. T he breaking of the SL on the 60 min lead to price trading up to 3673, and has traded in a range from 3652-3672 .

1. long oppt right after the open .

2. I took the long after the RET at 9:36 but exited much to soon, there was no reason to exit this trade , none, except to take profits on what was looking parabolic. This is a behavior I need to address.

3. After the rise price moved into a little range, price had poked out of the top and retraced to about the midpoint I bought as price rose out of the range .

4. At this point price has broken the DL I was anticipating a move back to the 50% level and in very sloppy in and out scalping I managed to make a few more points.

Since last week when I started seeing the PA better I have been off the tracks. I intentionally took a few days to concentrate and focus strictly on watching the right tick, and it was well worth it. At the same time I started to scratch trades much more efficiently , maybe not perfectly but I was getting out of trades I needed to before any damage was being done, financially and emotionally. I have also been modestly profitable the last 3-4 days. This is telling me a couple of things.

1. This method of trading is so good you can be less than perfect and still be profitable.

2. My discipline needs to be tightened up. After acquiring some skill at scratching and adding REVs to my plan I am going to have to re write my plan noting my weakness for taking profits. I know I said I was going to write my plan out this weekend but my family took priority and I didn't do anything relating to trading.

 

[k p]

1. This method of trading is so good you can be less than perfect and still be profitable.

Good job boru! I just finished my summary for today and arrived at exactly the same conclusion. I will tweak a few things so there isn't as much guessing going on, but really, you just can't lose unless you are in a tight chop all day and price never breaks out.

It sounds like you are trading with real money... can I ask.. are you? Don't answer if you don't want to of course. I just know for myself that in a way I want someone to hold my hand for the first little while until I just don't care about losing a couple of points here and there because I know the bigger move will put me in the green. The SLA is that hand holding that I think will help me mentally at first until the fear/hesitation goes away.