Feedback appreciated. My Journal Begins...

[jsmacksem]

Great stuff RN and JAS.

I'll reply in detail tonight, I have to go to work. On saturday. In retail. Before Xmas. SMILE

I've been annotating charts with a pencil this morning. I really enjoy learning this way. I'm specifically keeping my eyes out for the H/L O/C in relation to each bar. Great learning exercise.

JAS --> I used many books. In fact I started this journey simply because of a book I read about the turtles. For some reason, I was inspired. I had no intention of doing this, and then boom! There's a desire in me somewhere to really do this a career one day.

I've tried to study Brooks, bar by bar. There is SOOO much material there. He helped a lot with trend channels, lines, S/R, pullbacks. I probably read it too early in my journey, but I continue to reference it.

I read Following the Trend by CLENOW. This is geared towards fund managers I believe. Way too technical for me at this point. Plus, I don't want to manage OPM.

Money in stocks, by Oneil. Mastering the trade by Carter.

Many threads on ET about price action.

I have yet to read Volmans book on price action scalping, but it's on its way.

I absolutely love Trading in The Zone. I continue to read a couple pages a day even though I already highlighted the entire book.


More tonight,

-JS

 

[Turveyd]

Where you been? I've been in SIM.

Sorry old bad memory carry on then

 

[jsmacksem]

Cool




Even if you were stopped out - no matter it part of the plan or not

Seeing the range could / should still have happened

Called being objective & reading PA





(1) Not disagreeing about seeing it after the 3rd bar - but realize - it very easy to hindsight a chart / our actions

Doing it real time - is hard..., and takes concerted practice / fucking up many times - before it becomes second nature

And even then..., fucking up still happens - as does losing trades - but as long as they're planned losing trades (acceptable risk)

Never consider a losing trade as anything but a normal part of trading

Fucking up on the other hand - happens at all levels of trading skill - we're human


(2) One really needs to incorporate MTFA (Multi Time Frame Analysis) - to build context / look for it all across all the TFs (ranges / moves/ PA

Whatever you look for on your trading TF - observing a larger TF.., or a couple - helps keep one in sync with price on their trading TF

(3) Yup..., including MTFA (too many ignore this aspect completely)

(4) Yup




(1) Ammo - a member who has stopped posting unfortunately - has recommended hand charting to other members

I think this an excellent exercise for helping one become familiar with PA / Context

Yes it takes work - as does trading every day

The next option - print out a gazillion charts and mark them up (this works)

(2) see 1

(3) Agreed





(1) Yup

(2) Yup

(3) You betcha








(1) Price is what (and on what) we trade

(2) There are many things I have not mentioned

Fact is..., we do trade behavior - but - and I'll set up a scenario to make my point


I'm standing on a sidewalk - you come walking toward me - I wave

Am I saying hi

Am I warning you about the manhole you're about to step in

Am I trying to get your attention

Am I airing out my armpits

Am I saying hi to my wife walking behind you


Without context - you don't know / can't say

Same with PA behavior - with out the proper context - built on price - you will never be able to identify it (behavior) ..., let alone trade it

crawl..., walk..., run..., then do a marathon.., or if you prefer - never the cart before the horse


(3) Minute details..., over all picture..., interim picture - it all matters..., and it necessary to factor all of it in - to come up with an accurate picture of price..., to be able to trade price affectively







(1) Yes..., but if you don't completely factor in what price has been / is doing - then how can you make a reasonable assessment of what price may do

Akin to standing in a totally dark doom..., blindfolded - and try to shoot a moving target - pretty near impossible


(2) Yup


(3) Not looking for you to agree or disagree - looking for you to think through every aspect of this..., then make decisions and changes where necessary..., and based on you're thinking through it

step 1 - you must make your approach / methodology..., identify your setup(s) signals

step 2 - you must forge your self into a trader


I trade for a living..., and I'm pretty good at it (if I dare say so) - not looking for affirmation from anyone







You're Very Welcome Sir




btw

I really want J and Slugar to add their input - both are very competent (more so than either think right now - but I know differently )


RN

Thanks RN. I've gone back and forth with slugar a little in PM, and J began a little bit here. I'm not as experienced, but I agree they might not know how good they are at this. They will though. I've learned a lot from them. I've learned a lot about slugar's zones/gaps/strong isolated trend bars, these tend to get tested within a days action, sometimes two. Sometimes they become S/R, or they're at least filled again. I don't know if If I should be, but I'm often curious about the behavior behind this price action. If there is a strong isolated trend bar, with no overlapping from bars, why does PA often come back to it, at least to test it?

I began printing charts today. Amazing what I'm seeing. Thanks for the exercise.

I'll pay more attention to MTFA. I trade the 5, not well yet, and consult the 15. However, I haven't been putting much "weight" in the 15. Nor the 240. I should pay more attention to this bigger picture.


-JS

 

[jsmacksem]

I inadvertently omitted a step (like I said..., we all fuck up..., I certainly fuck up..., and..., I have losing trades)

step 1 - you must build your technical skills - of reading price..., building proper context upon price..., identifying the current behavior of price

step 2 - you must make your approach / methodology..., identify your setup(s) (signals)

step 3 - you must forge your self into a trader


So where ever you are along this process.., is where you are - start there - master it - then move to the next step


From my observation - aspiring traders try to blend..., or minimize / even skip one or more of these steps (thinking they can reduce the time it takes to become a trader I suppose)

Those who do - don't make it


And the smarter one thinks they are - it takes them longer - as they fight them selves over dumbing down


mkt doesn't give one shit how smart we are

mkt rewards those of us who listen..., correctly interprets..., then dutifully follows - it

mkt unmercifully punishes all others - hell sometimes it'll punish by rewarding - then stripping away the reward..., and a whole lot more (now how fucked up is that)

And folks with ego - mkt devours them for desert (mkt do love its desert)


=====================

Aside;

Trading never ceases to;

amaze me..., educate me..., humble me..., reaffirm how utterly insignificant I am..., open my mind..., force me to grow..., force me to be totally honest with myself..., harden me..., better me..., force me to challenge my self..., and..., reward me in a multitude of ways


The flip side to all this

The mkt will fuck you up beyond repair.., recognition..., and redemption - if you attempt to fight it in the least little way


================


Trading is certainly a journey - of self more than anything else really

May you find that which you seek...., like what you find..., and experience much success - along your path..., and over your travel Sir

And may the wind of frustration and toil be always at yer back



================

I should be sleeping..., instead here I sit waxing philosophically - a dumbass redneck no less

Now that..., is really fuuuucked uuuuup

Happy Weekend All

RN

You are up early! Or still not bed? LOL Hopefully enjoying your weekend. I have xmas pictures tomorrow with the fam. Hopefully we'll match this year. Last year they all wore black/greys....and I had a green sweater. I still don't hear the end of that. Ahhhhh

Step one --> This is where I am. I'm annotating charts. I'm paying a lot of attention to H/L O/C. I'm trying to let PA just sink in. I am however trying to be very active about it. Asking questions while I read.

I, like most traders, do want to reduce my time. However, I want to succeed. So I want to do what needs to be done. If that means taking longer on these steps, then good.

"They fight themselves over dumbing down"

You may or may not have written the above quickly. It stuck out to me. I see a lot of wisdom in this comment. Almost humbling oneself before the market and being willing to be told how to act in a trade. Following instead of Leading. Listening instead of Telling. Almost engaging in a friendly debate, but being wrong is ok too. But hopefully we're right.

I fight myself over dumbing down. I'd like to learn how to get there. I hope I am. I don't want to be a know-it-all if it means success in this biz.

"May you find that which you seek...., like what you find..., and experience much success - along your path..., and over your travel Sir"

Thank you RN. I too want this.

-JS

 

[jsmacksem]

JS,

Keep in mind I'm still learning this all myself. There are much more knowledgeable traders than me so whatever I say or any one says be sure you test it out and understand it so it makes sense to you. Also a more experienced trader may see things completely opposite to what I do.

Re: Fanning the TL. I was likely looking at more horizontal S/R at that point . Also I use a 5 minute TF so I may have had the TL drawn there. I don't recall.

Attached is chart how I actually traded it, mistakes and all.

I first took a short off that resistance area. It quickly was rejected so I exit and reverse long. That also is rejected however a better stop placement could have kept me in trade. I chose to exit. 3rd trade long again.

Your entry in this case would have been the best however the context of the resistance does not make it my first choice at this time.

JS, what sources, books, websites, are you/have you used to develop your trading ideas ?

What made you take the second short?

Obviously this is all hindsight, but I see support around 6:09-6:12 with a DB. Short into the DB? OR, were you thinking that the resistance area was going to hold above which also makes sense?

I think if I expected R area to hold, I would have shorted again too, especially based on those bars. Next bar after first short made a HH, but was quickly rejected. Next bar, made HH and LL then previous bar, but had same O/C suggesting price might actually fall. Next bar, another doji, However, a much HL.

I'm all hindsighting a learning. Thanks for this jas.

-JS

 

[jas_in_hbca]

there's one short on that chart. the first trade. then long I exited quickly which i should not have done then another long.

jas

 

[Turveyd]

H & L is key, O & C random really there just when the clock ticks over and noise generally.

Your reading too much into single candle patterns, imho there worthless on there own, look at groups last hour being key.

Zoom out to get a feel for the market, but stick to 1tf, you will just confuse yourself.

Time of day is important, generally chop first 15-30mins into US open or into news, then trend move, back to chop over US lunch time, then maybe a trend move into the close.

You need to trade chop or trend differently, 2 methods works best, if the methods dont suck when you play chop and get trend or vice versa that also helps reduce your losses.

 

[Redneck]

Thanks RN. I've gone back and forth with slugar a little in PM, and J began a little bit here. I'm not as experienced, but I agree they might not know how good they are at this. They will though. I've learned a lot from them. I've learned a lot about slugar's zones/gaps/strong isolated trend bars, these tend to get tested within a days action, sometimes two. Sometimes they become S/R, or they're at least filled again.

Sweet

One very important note

When ever it "appears" one of us (Slugar..., J..., or myself) is telling you one thing..., and another one of us.., or possibly two of us - is telling you what "appears" to be the opposite

Please realize - we all trade differently - in unique ways to each of us...., as you too will need to find your unique way

So if ever you get "what appears" to be conflicting information from us - drill down..., ask more questions till it makes sense to you

Likely we're not disagreeing - rather just sharing how each of us see it

========================

I don't know if If I should be, but I'm often curious about the behavior behind this price action. If there is a strong isolated trend bar, with no overlapping from bars, why does PA often come back to it, at least to test it?

It not necessary to know why in order to trade successfully


Having said that - I never met a good trader who wasn't curious

Being curious - and thinking through whys - is important to identifying behavior

I began printing charts today. Amazing what I'm seeing. Thanks for the exercise.

Beautiful

I'll pay more attention to MTFA. I trade the 5, not well yet, and consult the 15. However, I haven't been putting much "weight" in the 15. Nor the 240.

I should pay more attention to this bigger picture.

One thing to always be mindful of;

It is all the same exact PA (PA is continuous - except for session breaks)

Pick whatever TF(s) fit your eye - knowing what you're looking for is discernible S/R..., direction..., or whatever - that'll help you stay in tune with price / and form trading thesis's - on your TTF

RN

 

[Redneck]

Last year they all wore black/greys....and I had a green sweater. I still don't hear the end of that. Ahhhhh

Nothing wrong with being unique

Step one --> This is where I am. I'm annotating charts.

I'm paying a lot of attention to H/L O/C.

I'm trying to let PA just sink in.

I am however trying to be very active about it. Asking questions while I read.

Good...,

And asking questions is always important.., as is finding the answers - never stop doing either

"They fight themselves over dumbing down"

You may or may not have written the above quickly.

I promise you this


No matter I write something slow.., or fast - it will have been thought through

One's mind..., is one's most priceless asset - I use the hell out of mine

humbling oneself before the market and being willing to be told how to act in a trade.

Following instead of Leading.

Listening instead of Telling.

being wrong is ok

Absolutely

Thank you

You're Welcome

RN

 

[Redneck]

(1) H & L is key,

(2) O & C random really there just when the clock ticks over

JS

With what I post here - I still want you to stay on track

It just..., as a trader - when an opportunity presents itself - I must exploit it


(1) Yup

(2) Clock tics = time...., ever notice - people put much emphasis on time..., ever wonder why

Oh..., and I believe I did day time one of the dimensions (horizontal and diagonal being the other two)

================

We all..., see what we see

We all..., are limited by same

Expand your view..., expand your opportunities


Food for thought.., or not

RN