Price Action Journal V1.5

Quote from mccullek:

One thing I noticed when I opened your chart is that the area where you got stopped out was the value area of the trading day. Price is bouncing on both sides of that price level (1965) and always pulling back to it. You had a good entry and a good profit, so overall you had a very good start to the trade. You might have exited at that 1965 level, knowing there might be a high probablity that it would repel prices on the way up, and then it would attract them back again, even if it managed to break through, which it did.

I don't know where prices went after you got stopped out, but since you chose to take a chance and trade the bounce off that 1965 level, I would have moved my stop back a few ticks further so that you were below the 1965 level, since it would act as support for you. Prices did indeed only move down one tick and stop you out before recovering, so keeping your stop below the 1965 area would have at least given you a chance to get out at BE maybe, if not allow you to actually ride that wave even further?

Anway, I'm no pro at this yet, but that's just something I saw that might have helped you better manage the trade. Good luck and good trades!
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One other thing I forgot to mention. The turn at the top would have actually been a great place for you to exit. You had just gone long off a LL, and now prices were making a LH, a sure sign the trend was turning down. Had you exited at that turn, you would have had a nice profit.
 
Well, no trades for me in the PM session. I am happy with that since it means I was disciplined and did not take marginal setups. Missed that short signal around 12:45 but my trading plan says no trades during lunch doldrums. DISCIPLINE, baby! Thanks everybody for posting.

Have a great weekend all!

Cheers,
eD
 
Quote from chowking:

Great idea starting it back up again for the PA traders, Kaizen!

Here's my chart for the day:

1 trade, +10.75

http://ck.ahgtrading.com/2008/08/15/08-15-2005-oex-summer-days/
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Hey chow,

thanks for posting the chart. Is there a way that I can get the login to view the AHG blogs? I usually look at starvos' and the other guys' but I just tried to go over them tonight and now it seems that it is password protected. What do I need to do to join?

Thanks again!
 
I figured I would start posting my charts in a journal, as I am still sym trading (just started) with mixed results..

First of all, I want to thank Anekdoten b/c his journal has taught me alot. (still finishing it up, as I was a bit "late to the party" and discovered all this price action discussion recently..

Then I plan to read Susan's journal..

I currently have a hard time "pulling the trigger" on new daily highs or lows..

In retrospect I highlighted in my chart areas which would have made beautiful trades, yet my eyes arent trained enough to spot these areas until its late...

My only 2 trades today (unfortunately)was a short around 10:00 which i covered quickly b/c I felt congestion setting in (small profit).

My other was at 11:10, which at the time looked like a double bottom, and a begginning of an uptrend.. sold for a small loss..

I was too gun shy for the breakdown at 12:40, but just by writing this, I believe I can walk myself mentally through some of the bad habits I have developed, and fear...

(also, my indicator, IS ONLY used as a warning for a possible stall in a trend when I see divergence occuring.. Nothing else. Basically as a warning to take profits..)
 

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I had a decent day today, but made a mistake which cost me from making much more in the ES. I got in on the first break down this morning, and covered at the first pull back, right on schedule.

I then made my mistake trying to get back on board again, and got my signal to go short at the small congestion area on the 770 Tick chart, so I felt good with my stop just a couple of ticks above the high of that entry. Unfortunately, prices reboudned only long enough to nip my stop, then headed straight down again, so I didn't chase it.

I attempted to get short again several times, but prices just never really had a lot of momentum to the downside, and every break out was only for a few ticks before pulling back again. Even though the market continued to grind down, I could not find what I felt was a safe entry point, so I just sat on the sidelines and watched. Had I just held on and not jumped, I could have gotten about 3 or 4 times more profit today.

I'm still working on conditioning myself to hang on through the pull backs and stop trying to jump in and out of them. When it works, jumping in and out is much less stressful, but when you get it wrong, you end up missing moves like I did today. I continue to get better at this, but I still have some work to do.
 
Quote from mdl060374:

I currently have a hard time "pulling the trigger" on new daily highs or lows..
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My (inexperienced) mind wants to say that today was a bit unusual. Shorting the LoD, close to support lines, in an uptrend that still looks to have legs (though after today I'm not so sure) seems like a high risk play to me. Don't know whether that means my thinking is off or today was just one of those days.
 
Quote from mccullek:

I had a decent day today, but made a mistake which cost me from making much more in the ES. I got in on the first break down this morning, and covered at the first pull back, right on schedule.

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Mccullek can you show this entry and exit on the chart.

TIA

Guys 1275 S/R line again marked the LOD. It will be just as important tomorrow.
 
Here's my chart, and as the previous poster said, these small break outs near the LOD seemed high risk to me, so that was exactly what I was thinking, therefore my hesitancy to jump on board again.

I actually placed another limit order to short on the last leg down of the day, which would have netted me some more profit as well, but my order was never executed and the trade took off without me. I have learned enough to know not to chase the market. :)

As an FYI, my entry technique is to enter with 2 contracts, taking a profit on one at 6 ticks, then going to BE. The final contract I let run until I see a reason to exit. I usually try to exit on pull backs and re-enter again when the pull back stalls. Unfortunately, that cost me today.
 

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