IN THIS THREAD: IronFist learns (the elusive) PRICE ACTION

I do not want to be another cook in the kitchen so I will keep this short. You might notice that you went long right into the open s/r. Not that you need to use this info because nothing is fact, there is only what works for you, but I just wanted to point that out, it may or may not be useful info to your style.

<a href="http://i87.photobucket.com/albums/k142/cipher4d/Checkit.jpg">5 min Chart</a>


The only reason I bring this up is because you went long in something I consider a verfied downtrend based on the larger timeframe charts I use. IMO opinion if you don't understand the larger trend then you will have more trouble taking profitable trades on the shorter timeframes.

Yesterday we had a powerful move and broke out of 1 day sideways action. Today we pulled back to that s/r and moved lower again. So my bias would be short until I see a double bottom or some strong pattern that says we will be going back up again. Of course this is just one way to look at things and is not "correct". Maybe you just want to focus on one pattern and forget about the big picture, that might work I dont know I cant do that. Good luck

<a href="http://i87.photobucket.com/albums/k142/cipher4d/BigPicture.jpg">Big Picture Chart</a>
 
Quote from IronFist:

Ok I'm gonna try to type up a bunch of rules or things based on comments people have left. There's a ton of info in this thread and I need to get it all organized somehow. I'll post it in this thread for comments later.
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I.F.

As your start creating your plan - I would (and will ever) ask only one thing


Please keep Risk Management as your #1 priority and Making Money as #2 priority



Then everything else (your rules/ trading plan/ method of trading/ whatever else) should support #1 and #2 respectively

Also whatever you come up with please remember- stick with it, make it you own, and evolve it to suit you

You are now on your way
Good Luck Sir




:) :)
 
Quote from IronFist:

established up trend HH, HL, HH, HL, HH

Went long when green bar passed previous swing high.

Target was pivot point since price was close and I haven't learned anything about picking targets with Price Action. Seemed like a good point. In the past, I've usually been successful using pivot points as targets when price approaches.
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IF,


I'm curious and still trying to learn all of this myself.

Do you watch all day or just part of the day?

The reason I ask is just from my perspective ( I know this is hindsight) right around 9:44 and then 11:10 you had two reversals. Why did you wait so long to get in?

Just curious as to your thought process. Thanks....
 
Quote from pclark:

IF,


I'm curious and still trying to learn all of this myself.

Do you watch all day or just part of the day?

The reason I ask is just from my perspective ( I know this is hindsight) right around 9:44 and then 11:10 you had two reversals. Why did you wait so long to get in?

Just curious as to your thought process. Thanks....
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I was shoveling snow this morning (Chicago winter).

Besides even if I saw those reversals happen, it's not like I would have known they were reversals :D
 
Quote from IronFist:

I was shoveling snow this morning (Chicago winter).

Besides even if I saw those reversals happen, it's not like I would have known they were reversals :D
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Amen...
 
i hope this doesnt confuse you, but rather show you how i see price.

You'll see that my trades are counter trend to the market, but the long term trend wins. this is because price will retrace a certain percentage of its move before heading higher/ lower. The job of a fib trader is to find these levels and take advantage of them...that chart aint sh-t, lol i have charts with 6 or more fibs, my charts look like a damn rainbow, lol but all of them show a support levels, of where price can bounce

but i have some examples to show 1st.

Fibs are not indicators btw. :)
 

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Also remember you can do everything right and still have losing trades. You need to do enough correct trades over time to determine what your win% is going forward. If you get to the point of even getting 55% winning trades, you can succeed.

Also, once you trade real money, you need to work on protecting yourself from revenge trading. For example, you lose on the 1st trade, so you increase size and don't wait for a good trade to try to get your money back. Instead you lose more money, and end up doing what some gamblers do in Las Vegas by blowing out their entire bank roll in a single day.

Or you don't take your stop and instead keep dollar costing down till you blow out.

Quote from IronFist:

established up trend HH, HL, HH, HL, HH

Went long when green bar passed previous swing high.

Target was pivot point since price was close and I haven't learned anything about picking targets with Price Action. Seemed like a good point. In the past, I've usually been successful using pivot points as targets when price approaches.
More...
 
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