Quote from gravitonium77:
I can honestly state I donât know what it is that Iâm supposed to be looking for. If I donât know what Iâm missing, or what form it might take, etc etc; how would I know when I found âitâ? Or anyone else in this boat.
Some tips for active monitoring.
Nothing is more frustrating than being told that you have to go back to the start and sit and watch price/volume action all day.
Nothing that is except losing money.
To ensure that you are getting the most out of your monitoring, in addition to full annotation (3 fractals: tapes, dom and non-dom traverses and carrier channels; laterals, dt, db, bo, fbo, ftt, FTT, peak volume, outside bar, reversal bar, DU, VDU etc), I recommend asking yourself honestly the following questions throughout the day:
You have a nice point 3 channel. Sketch out roughly the long diagonal dominant traverse. Do you see a "target" price? Note it now (for fun only and to maintain interest).
Would you be happy to be L/S right now? Or are you relieved to be on the sidelines right now? Note carefully why and what subsequently happens.
What more do you need to know in order to have 100% conviction on L/S now?
For any entry, price movement to the close of the bar and volume (pro rata) must support it. What is the first sign of this? When do you look for it?
Did that last bar surprise you in any way? Does the current bar show any unusual behaviour or anything that would require an action before close?
Note occasions where L/S momentum looks like price will obviously continue. Note carefully what actually happens (contrary to natural impulse and reaction).
Where do you think recent entrants will feel pain? Where will their stops likely be placed? What's the worst thing price could do right now for recent entrants? When would you know you are witnessing a stops cascade and how does price behave when it is over?
Is price translating or in congestion? If in lateral movement, where are the lines in the sand beyond which price will continue (given increasing volume)? What is the first sign of translation coming to an end?
What was the best entry point in the last 15-30 minutes? Recall how that bar formed and what you felt at the time. What was the next best point? What was the very worst point?
P2-P3 traverse: You are about to give up on P3 when it does finally arrive. Note this when it happens. Note every WTF!? and what happens after WWT?
Put into a sentence (or shorthand code) the context (3 fractals) now and what you anticipate, something like: "Price is in lateral movement in a non-dominant traverse of a short channel, I anticipate the non-dom traverse to fail before increasing red volume resumes dominant."
Finally, how's that "target" price looking now?
These are just a few idea for active monitoring off the top of my head - as you can see if you keep your mind working there should be no time for frustration or boredom. (And no stress or losses!) If you don't like my list make up one of your own that works for you.
It's hard work making easy money.
2 wash trades today 4 ticks each