Journal XburbX - My Plan
- Thread starter xburbx
- Start date
Honestly the gaps on that chart never entered my thoughts - price rejection on both the upper and lower lines did..., as well as some consolidation areas
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Gaps could be thought of as form of rejection..., but I don't see them as such
Instead; I see them as purposely engineered pockets of liquidity/ risk management..., and eventual magnets - unless that is.., they fail pretty quickly
RN
What direction price is going and where you are wrong
Damn good BDâ¦, but please allow me to refine your response
TM;
Market is uncertain
We never know which way price is headed
We never know how far price will travel
A set up (all set ups in fact) are nothing more than an indication that price will do one thing over another
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What we need to identify with price/ volume/ lines/ whatever
A condition were we think price will do one thing over another (price can only go up/down/sideways)
And
A low risk stop to find out
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once both are identified - we trade it
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Next logical question would be; What about identifying a profit target
Who knows â the mkt is uncertain⦠and we will never know where..., or how far - price will go
But to help us identify a target, we can use;
Measured moves
Time
Close of a bar
Other side of a channel (albeit a channel on our trading TF, or possibly a larger TF)
PA
Break of a line - horizontal or diagonal
Touch of a line - horizontal or diagonal
Volume
Just to name a few
Good Job BD
RN
TM;
Market is uncertain
We never know which way price is headed
We never know how far price will travel
A set up (all set ups in fact) are nothing more than an indication that price will do one thing over another
=================
What we need to identify with price/ volume/ lines/ whatever
A condition were we think price will do one thing over another (price can only go up/down/sideways)
And
A low risk stop to find out
=====================
once both are identified - we trade it
===================
Next logical question would be; What about identifying a profit target
Who knows â the mkt is uncertain⦠and we will never know where..., or how far - price will go
But to help us identify a target, we can use;
Measured moves
Time
Close of a bar
Other side of a channel (albeit a channel on our trading TF, or possibly a larger TF)
PA
Break of a line - horizontal or diagonal
Touch of a line - horizontal or diagonal
Volume
Just to name a few
Good Job BD
RN
btw, and an observation
Please try to stop thinking in absolutes
We never know which way price is going (no one does)
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Ease up on yourself a bit..., also divert your focus from you... and instead onto the process you're following/ your plan
A losing trade does not mean we were wrong - simply means the trade didn't work - this time
Food for thought Sir
RN
If no one else chimes in I'll respond this evening.. may even try to find an example or two
I know NOD posted an example on that thread bitching about TA - fwiw
http://www.elitetrader.com/vb/showthread.php?threadid=247024&perpage=6&pagenumber=211
Your abc is correct A=C (or close to it)
RN