Price Action Journal V1.5

Jahajee · Oct 1, 2008

Quote from BuyYourFreedom:

7 trades

4 winners
2 losers (1st & 3rd)
1 BE (7th)

Good trading.

jfw215 · Oct 1, 2008

Quote from BuyYourFreedom:

7 trades

4 winners
2 losers (1st & 3rd)
1 BE (7th)

Nice job BYF,

Curious to know, how did you time your exits? On your 2,4,5,6 trades, the exits look good. What's the trigger there?

Also, no magic tick for your 5th and 6th trades, do you execute on the 10k chart or do you zoom in a little for better execution?

The 1st and 3rd trades you had to take, the 3rd one probably just took out your stop.

Was there a reason you decided to go short on the last 3 trades. The trend seemed to be up although this may be harder to tell while you're trading.

Thanks

JW

BuyYourFreedom · Oct 1, 2008

Quote from jfw215:

Nice job BYF,

Curious to know, how did you time your exits? On your 2,4,5,6 trades, the exits look good. What's the trigger there?

Also, no magic tick for your 5th and 6th trades, do you execute on the 10k chart or do you zoom in a little for better execution?

The 1st and 3rd trades you had to take, the 3rd one probably just took out your stop.

Was there a reason you decided to go short on the last 3 trades. The trend seemed to be up although this may be harder to tell while you're trading.

Thanks

JW

Thanks JW -

I have been using a trailing stop just a few ticks above the previous bar on my 10,000 vol charts. I recently started watching a 2,000 vol chart as well. If it feels like the trend is losing momentum I will place a tighter stop based on the action in that chart. I am trying to learn how to let my winners run and at the same time not give back too many tick in the process. This combo of charts has, so far, given me results I can live with.

I normally use the 10,000 chart for my entries, but have placed a few entries this week based on the PA in the 2,000. Honestly, I donât understand the magic tick yet. I keep reviewing Anekâs post but for some reason I just canât make sense of it! Any help or clarification from anyone would be greatly appreciated.

The 5th trade probably wasnât the smartest. I felt the run from 1153 covered so much space in so few bars, that I just decided to fade it with a tight stop after seeing the small body candle. I decided to take trade 6 as a DT (11:45 &11:55) and the 7th as a TT (11:45, 11:55 &12:24). Yielding to the HLâs & LHâs would have been prudent.

BYF

jfw215 · Oct 1, 2008

Quote from BuyYourFreedom:

Thanks JW -

I have been using a trailing stop just a few ticks above the previous bar on my 10,000 vol charts. I recently started watching a 2,000 vol chart as well. If it feels like the trend is losing momentum I will place a tighter stop based on the action in that chart. I am trying to learn how to let my winners run and at the same time not give back too many tick in the process. This combo of charts has, so far, given me results I can live with.

I normally use the 10,000 chart for my entries, but have placed a few entries this week based on the PA in the 2,000. Honestly, I donât understand the magic tick yet. I keep reviewing Anekâs post but for some reason I just canât make sense of it! Any help or clarification from anyone would be greatly appreciated.

The 5th trade probably wasnât the smartest. I felt the run from 1153 covered so much space in so few bars, that I just decided to fade it with a tight stop after seeing the small body candle. I decided to take trade 6 as a DT (11:45 &11:55) and the 7th as a TT (11:45, 11:55 &12:24). Yielding to the HLâs & LHâs would have been prudent.

BYF

BYF,

I've been looking at the 2.5k/5k chart for entries while looking at the 10k for trend. magic tick is awesome, on a 3br, just wait for the 4th bar to break the low/high of the 3rd by by 1 tick then go in. On exits, I tend to just place it at the high/low of the last 3 bars... everyone has there own methods...

BTW, all this in the Anek threads...

I'm pretty nervous right now, thinking about quitting tomorrow to trade full time. I know I can do it but still it's nerve racking...

JW

BuyYourFreedom · Oct 1, 2008

Quote from jfw215:

I'm pretty nervous right now, thinking about quitting tomorrow to trade full time. I know I can do it but still it's nerve racking...

Big decision...but very cool

jmonday · Oct 2, 2008

Quote from BuyYourFreedom:

Honestly, I donât understand the magic tick yet. I keep reviewing Anekâs post but for some reason I just canât make sense of it! Any help or clarification from anyone would be greatly appreciated.

BYF [/B]

BYF,

Here's what Anek describes as the Magic Tick

"â¢ Dual confirmation: When you see a bar closing above or below Support or Resistance stay alert but the signal will come when the bar's high or low is pushed by one tick. This is known as dual confirmation or as I like to call it, the magic tick
â¢ The magic tick is a HH or LL by 1 tick off any point of interest. (12-02-02)
o For instance, say there is an uptrend and a bar closes below the uptrend line. Did a tick ever go below the low of the closing bar? If so, that's the magic tick.
o It's a technique I learned from Suri, in his recent H and S example you can see how Suri waits for it.
o I adopt the magic tick in all of my trading.
o He does not call it the magic tick, that's how I call it and with good reason because it's one of the most powerful techniques in my arsenal.
o Not necessary to wait for it; anticipate it with a limit order. If the magic tick happens then it happens as I you are filled.
o If the next tick after the bar closes is the magic tick then you can hope for a limit fill or go market, your choice.
o Do not enter trade unless
o Never chase!!!

Hope this helps!

trackstar · Oct 2, 2008

Quote from jmonday:

BYF,

Here's what Anek describes as the Magic Tick

"â¢ Dual confirmation: When you see a bar closing above or below Support or Resistance stay alert but the signal will come when the bar's high or low is pushed by one tick. This is known as dual confirmation or as I like to call it, the magic tick
â¢ The magic tick is a HH or LL by 1 tick off any point of interest. (12-02-02)
o For instance, say there is an uptrend and a bar closes below the uptrend line. Did a tick ever go below the low of the closing bar? If so, that's the magic tick.
o It's a technique I learned from Suri, in his recent H and S example you can see how Suri waits for it.
o I adopt the magic tick in all of my trading.
o He does not call it the magic tick, that's how I call it and with good reason because it's one of the most powerful techniques in my arsenal.
o Not necessary to wait for it; anticipate it with a limit order. If the magic tick happens then it happens as I you are filled.
o If the next tick after the bar closes is the magic tick then you can hope for a limit fill or go market, your choice.
o Do not enter trade unless
o Never chase!!!

Hope this helps!

Could you post a chart of this? I mean like an actual example on a chart.

BuyYourFreedom · Oct 2, 2008

Quote from jmonday:

BYF,

Here's what Anek describes as the Magic Tick

"â¢ Dual confirmation: When you see a bar closing above or below Support or Resistance stay alert but the signal will come when the bar's high or low is pushed by one tick. This is known as dual confirmation or as I like to call it, the magic tick
â¢ The magic tick is a HH or LL by 1 tick off any point of interest. (12-02-02)
o For instance, say there is an uptrend and a bar closes below the uptrend line. Did a tick ever go below the low of the closing bar? If so, that's the magic tick.
o It's a technique I learned from Suri, in his recent H and S example you can see how Suri waits for it.
o I adopt the magic tick in all of my trading.
o He does not call it the magic tick, that's how I call it and with good reason because it's one of the most powerful techniques in my arsenal.
o Not necessary to wait for it; anticipate it with a limit order. If the magic tick happens then it happens as I you are filled.
o If the next tick after the bar closes is the magic tick then you can hope for a limit fill or go market, your choice.
o Do not enter trade unless
o Never chase!!!

Hope this helps!

Thanks Monday!

BoyBrutus · Oct 2, 2008

Quote from jfw215:

I'm pretty nervous right now, thinking about quitting tomorrow to trade full time. I know I can do it but still it's nerve racking...

JW

You should be consistently trading to a minimum weekly target before you think about quitting.

Anek had guys do well on paper trading and then a slow progression to live trading.

When you have to support yourself and family it is a whole new ball game.

Best to keep your job and you can trade the dax after work.

There is a new mini dax

http://www.usfe.com/products-ei-dax.html

mdl060374 · Oct 2, 2008

Quote from jmonday:

BYF,

Here's what Anek describes as the Magic Tick

"â¢ Dual confirmation: When you see a bar closing above or below Support or Resistance stay alert but the signal will come when the bar's high or low is pushed by one tick. This is known as dual confirmation or as I like to call it, the magic tick
â¢ The magic tick is a HH or LL by 1 tick off any point of interest. (12-02-02)
o For instance, say there is an uptrend and a bar closes below the uptrend line. Did a tick ever go below the low of the closing bar? If so, that's the magic tick.
o It's a technique I learned from Suri, in his recent H and S example you can see how Suri waits for it.
o I adopt the magic tick in all of my trading.
o He does not call it the magic tick, that's how I call it and with good reason because it's one of the most powerful techniques in my arsenal.
o Not necessary to wait for it; anticipate it with a limit order. If the magic tick happens then it happens as I you are filled.
o If the next tick after the bar closes is the magic tick then you can hope for a limit fill or go market, your choice.
o Do not enter trade unless
o Never chase!!!

Hope this helps!

I kind of get it but, dont understand what the actual "tick is"...

in your example here "

For instance, say there is an uptrend and a bar closes below the uptrend line. Did a tick ever go below the low of the closing bar? If so, that's the magic tick.

is this saying, in an uptrend, the bar closes below trendline, and THE NEXT bar ticks below PREVIOUS bar,... then what?

are you you looking for it to tickle a new low, and shoot back up? for entry? Am I interpreting correctly?