Price Action Journal V1.5

Quote from jmonday:

BYF,

Can you explain your reasoning for entry on your 2nd trade?

Thanks...
More...

Monday,

I started looking for an entry after price moved through and close above the top trendline on my chart. I entered in the following bar after a slight pullback.

BTW....Take everything I do with a grain of salt...I am still learning. :)

BYF
 

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Quote from jfw215:

Thanks TraderTX

I looked online for a definition for opening range and found different answers. How would you define the Opening range? something like the range for the first 10 mins of the day? The open minus the previous day's close?

Cheers

JW
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JW,

I always used the range of the first 15min. of trading....not sure what the "exact" definition is though....I don't use OR that much, so I'm probably not the one to ask.

-traderTX
 
Quote from jfw215:

Thanks TraderTX

I looked online for a definition for opening range and found different answers. How would you define the Opening range? something like the range for the first 10 mins of the day? The open minus the previous day's close?

Cheers

JW
More...

I have seen first 15 mintues, 30 minutes, 45 minutes, one hour.

Anekdoten defines it as the first 15 minutes based on my observations and his posts. 9.30 to 9.45.

Hope that helps,

Stone
 
I'm toying with a different approach to OR. Instead of an arbitrary time, what if we let the market define it? Wait for a high and a low to be made whether it takes 10 minutes or 45 minutes. Then plan a strategy around the day's first areas of S & R.

Seems like a logical approach, but I have not determined if I can create an edge from this or not. Intuitively, I would think to look for longs above ORH and shorts below ORL. But I like the idea of letting the market tell me where it intends to draw battle lines for the day.

Any thoughts?
 
Quote from riaamaan:

I'm toying with a different approach to OR. Instead of an arbitrary time, what if we let the market define it? Wait for a high and a low to be made whether it takes 10 minutes or 45 minutes. Then plan a strategy around the day's first areas of S & R.

Any thoughts?
More...

Sounds like a good idea to me. Now to forward test it :p
 
Quote from BoyBrutus:

JM

It is just a framework to give you an understanding of price action. Many things happen at reversals/pullbacks that will add confluence for an entry, For example I may watch for good expanding volume on the first HH leg. Also pace may suddenly indicate a change, S/R, W's
etc

So through your own experience build your own criteria for entry and stop placement and exit target/criteria. Backtest and Paper trade it.

Pace
(Note hard to see pace on a volume based chart)

http://www.elitetrader.com/vb/showthread.php?s=&postid=1707749&highlight=#post1707749



Aneks chart from today

http://www.elitetrader.com/vb/attachment.php?s=&postid=2084880
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BoyBrutus - thanks for posting these charts. Do you happen to have the Ninja indicators for it?

Thanks a lot.
 
If you type "kevin ho scalp" in a search engine the first result (google) will be

[PDF]
from the pit
File Format: PDF/Adobe Acrobat - View as HTML
Kevin Ho, floor trader, reveals his six favourite high probability scalping setups ... In opening range breakouts, where a quick scalp is taken minutes ...
https://www.lbrgroup.com/images///tooI_kelvin1.pdf

One of the things K. Ho describes are rules for a 15 min OR breakout. Hope it helps!

-Gary
 
A floor trader's method may or may not apply to a screen trader, imo. I remember he also said something like "one million trades for one million dollars". Can we do that? I doubt it.


Quote from Garyasdf:

If you type "kevin ho scalp" in a search engine the first result (google) will be

[PDF]
from the pit
File Format: PDF/Adobe Acrobat - View as HTML
Kevin Ho, floor trader, reveals his six favourite high probability scalping setups ... In opening range breakouts, where a quick scalp is taken minutes ...
https://www.lbrgroup.com/images///tooI_kelvin1.pdf

One of the things K. Ho describes are rules for a 15 min OR breakout. Hope it helps!

-Gary
More...
 
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