My stops are based on two ticks above/below the high/low of bar one for a 3 bar reversal entry, but sometimes i get out if PA looks like its telling me to get out. For my exits I try to look for a reversal, but as u can probably see from my chart I have a habit of bailing early. I tend to get out when I am up in an effort to hold on to my gains. I am working on letting the market tell me when I should be out but its a slow process.
Price Action Journal V1.5
- Thread starter TraderKaizen
- Start date
Jimmy,
Thanks. I'll do as you suggest and read up a bit more. If I have problems I'll take you up on the TS code. For now, I'll read.
John
Anyone else go long at around 13:29 on that big up bar? I felt it was close to support and had a strong bullish bar. I guess the trend wasn't all that clear, but I would love to hear anyone else's explanation as to why they didn't take it. The number of bids/asks has dwindled in the last bit and I usually prefer to sideline it when its like that but other than that I don't know what I would have done differently. Just trying to get some opinions....
Neek, here's what I do on those long bars. Wait for the bar to complete, then wait on the magic tick. If you get it, place your order at about 50% of the long bar. Unless the market is in a runaway like it did soon after, prices will usually retrace 50% or more of those long bars. Waiting on that magic tick kept me out of that trade.
I caught the first big explosion this afternoon, and actually got an entry on the second move that started soon after the bar you discuss. However, prices were jumping 4 to 6 ticks up and down, so even though I got in and out on one contract, my second contract (runner) got stopped at BE immediately, so I missed that second move and only took +6 ticks.
I had a big day anyway, but could have made another grand or more on that last move easily. Wish we could have days like this every day!
I'll post my chart shortly. I only had one losing trade today. I need to condition myself to hang on longer. If I could do that, I could have easily made 5K today. I just can't help but jump on the pull backs, so I have to work on that. You MUST take advantage of these big move days by hanging on tight. I snagged +16 points today and only traded about 2 hours.After looking more closely, we were talking about separate bars Neek. My explanation still stands, but the magic tick would not have helped you on that particular bar. The reason I didn't take that trade though was because I had a major S/R line there. We were having trouble breaking through. I was waiting on prices to break through, then come back and test it.
That's one reason the major S/R lines are so important. I put them on my chart first thing every morning before starting to trade.
That's one reason the major S/R lines are so important. I put them on my chart first thing every morning before starting to trade.