Price Action Journal V1.5

Quote from mccullek:

Not my best day today. This was my first day to trade after a weeks vacation last week, so I felt a little rusty out of the gate. My first trade was a loser today, so I took a full stop on that trade and was down 18 ticks right out of the gate. After looking back again, the signal was good, and I was following my trading plan, so I didn't make a mistake or anything. It was just a failed break out that didn't follow through.

On the second trade, I meant to go long, but clicked the right mouse and accidentally shorted the market. I watched it a few ticks, and then decided I needed to cover since there was no valid reason to be short the market at the moment. Had I gone long as intended, I would have had a much better day, because I would have made back all the losses from the first trade. Regardless, it was a loser, so I was down around $300.00 right out of the gate today. I started to close shop, but decided to give it one more try for the day.

The remaining trades were all winners, and I ended up making +6 ticks as of Noon today. I'm probably done for the day, but may see how prices react after the lunch hour. While it was not my best day trading, it was still a positive day and since I came back from being down quite a bit, it still felt like I went out on a positive note today. No losing days for about 3 weeks straight for me now. I'm getting better at this and hope to turn it up another notch soon.

My chart is attached.
More...

Good to see you back, Mccullek.

Regards,
Tex
 
Quote from TXGrillGuy:

Good to see you back, Mccullek.

Regards,
Tex
More...

Thanks Tex! It looks like it has been quite here lately? Let's see those charts traders, as that's how we all learn. Good or bad, it helps to see where people make good decisions and bad. We can learn from both.
 
Quote from mccullek:

Thanks Tex! It looks like it has been quite here lately? Let's see those charts traders, as that's how we all learn. Good or bad, it helps to see where people make good decisions and bad. We can learn from both.
More...

I Agree.

Take care,
Tex
 
sorry for posting so late today guys...had some errands to run.

Today started great...but something in me snapped this afternoon and I got cocky...and simply made HORRIBLE trades...I should have just taken my morning profits and ran....up 7.2 pts in the morning...just .8 shy of my daily goal...but no....I "had" to trade and ended up breakeven on the day!

Lesson #1 of discipline was definitely learned today.

Also, I got a little distracted this afternoon trying to put on some spread trades in the grain markets....so another lesson came out of this that I should have known....don't overtrade (trying to focus on multiple fast moving markets in this case)....

Will get my pickup winch out tonight to extract my head from the dark confines of my ass and get back to business tomorrow...happy trading!

-traderTX
 

Attachments

Quote from TXGrillGuy:

MDL,

Here's a quick summarization of what Arnie was describing:

Widening/Capitulation/Congestion = Market Contraction
Market contraction is the name coined for rangebound price action conditions. Attempts of price movement outside of this area of congestion is rejected; thus the trade strategy would be to fade the Highs and Lows of these ranges IF they hold. Horizontal TLs are best suited for trading these conditions.

Expanding = Market Expansion
This is what it's called when price breaks, and continues, outside areas of contraction. Diagonal TLs are best suited for these conditions WITH RESPECT to areas of Horizontal TLs; especially where they intercept.

Take care,
Tex
More...

thanks!
 
Quote from traderTX:

MUCH better day for me today....done by 12:30 my time.

Total was +8.5 pts....and a 75% win rate.

Now off to do some more seasonal grain spreads....happy trading!

-traderTX
More...

Nice day TraderTX... congrats. It has been a very good day for trending, and I should have made a bundle. Unfortunately, I've been distracted all day. I didn't get to the screen until 9:30 AM, so I missed the big drop early. Since then, every time I get set to trade, I get another distraction. I finally got one short trade in for +3 points. I may try to get in some more action this afternoon if possible, but if not, today was another winner, but much less than what I could have taken on a day like today.

Today is one of those days where you sell and just hang on tight. There will be plenty more trades tomorrow and next week, so I'll take what the market will give and move forward. I'll post my chart later today.
 
Here's my chart for the day. Not much to look at with only the one trade. I entered short at the red arrow, and exited the first contract at 6 ticks (Blue Arrow). It moved a couple of more ticks and started to turn, so I covered on the second contract, and got 6 ticks on it as well for a total of +3 points for the day.

I tried to go short again at the yellow arrow, but did not get a fill by one tick. It was another good move that I hate I missed, but I'm going to stay disciplined and not chase the market. I would rather miss a trade than to do something dumb. I learned this the hard way unfortunately.

It was a great trend today and hopefully everyone got a piece of this big move down. Wish I could have traded without all the distractions today, because it was certainly a great trading day.
 

Attachments

Another good day...although when the market goes straight in one direction its hard not to have a good day! +8.5pts

As I write this it looks like another good shorting opportunity is happening in the ER2...but its getting close to lunch and my daily
goal has been met....so I'm taking an early weekend once the grain markets close...

I wish you all good trading and a good weekend!

-trader TX
 

Attachments

Whenever you study the tape or a chart, consider what you see there
as an expression of the forces that lift and depress prices. Study
your charts not with an eye to comparing the shapes of the
formations, but from the viewpoint of the behavior of the stock; the
motives of those who are dominant in it; and the successes and
failures of the buyers and sellers as they struggle for mastery on
every move.
Every upward or downward swing in the market, whether it amounts to
many points, only a few points, or fractions of a point, consists of
numerous buying and selling waves. These have a certain duration;
they run just so long as they can attract a following. When this
following is exhausted for the time being, that wave comes to an end
and a contrary wave sets in. The latter may attract more of a
following than the former. By studying the relationships between
these upward and downward waves, their duration, speed and extent,
and comparing them with each other, we are able to judge the
relative strength of the bulls and the bears as the price movement
progresses.
When you are looking for an opportunity to buy, watch for the DOWN
waves in the market and in your stock. After you have bought, you
sit through a number of small, medium and good-sized waves, until
finally you observe that it is about flood tide in that stock. Then
watch for an especially strong up-wave and give your broker an order
to sell your stock at the market.

The waves of the market furnish a clear insight into changes in
supply and demand. By learning to judge all sizes of market waves,
you will gradually learn to spot the time when a rising market or a
rally, and the time when a declining market or a reaction, has
halted and is about to reverse. THESE ARE THE TURNING POINTS.
Richard D. Wyckoff

I good thread on Wyckoff

http://www.aussiestockforums.com/forums/showthread.php?t=6496
 
You must log in or register to reply here.
Back
Top