Price Action Journal V1.5

Here's my chart for the day. I noted my only loser. Unfortunately, I took a full stop on that trade, so I lost about $250.00. Still took +16 points today, so I can't complain.

Notice that I only got stopped out by one tick on that loser, then the market started down again. Man, I hate those types of trades. That's a 1 tick difference between losing $250.00 or making $400.00.

The market is really volatile right now, so I need to adjust my bracket set ups. 6 ticks it too close right now, as I had several trades that I entered, got my 6 tick profit on one contract almost immediately, but then got stopped at BE immediately on my runner. I would hit the enter button, and immediately be in and out with 6 ticks on one, and BE on the other. I've never seen that happen before until today. I think you need about 8 or 10 tick stops for now if using automated brackets like I do.

I'll adjust before trading tomorrow.
 

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My ES trades for the day, before price movement became too volatile for me to trade.... the first trade was a late entry and a loss... the second was also a little late but profitable....

cheers toucan
 

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Quote from neekoryan:

Here are my trades so far today. Two trades, both short. Could hav eheld longer as usual, but that is my weakness. Total of around +10pts.

Question tho. There seems to be some differences in my chart compared to others and I can't figure out why. At 10:02 for example Stone has price at around 1185 whereas on mine its at 1168. We are both trading Sept ES at 10k bars. What gives? Am I having a mental collapse or is there something I am missing?
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hey neekoryan

Stone's charts are set to EST....I believe yours are set to CST(1hr dif).

BYF
 
Quote from johnpinochet:

txgrillguy, and andas,

Thank you for your posts. Very informative.

andas (or anyone),

I'm trying out ninjatrader for 3 months and would like to use it with the anek techniques detailed here and other journals. Any links to where to locate the indicator setup? Just tell me where to search and I'll do it.

Regards,

John
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John,

Page 48 may have what you are looking for.

BYF
 

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Hey guys.
Thanks for all the input. I appreciate the constructive discussion.
Thanks for the timezone update BYF I probably should have figured that out on my own, but it was just one of those days.
MCcullek...a short while ago I was on here complaining of no fills waiting for 50%, now I am crying the other way. lol its a fine line I suppose. I find with those big bars I either miss the fill waiting for 50% like you suggested or sit through some serious heat occasionally when I take it at the top. I was planning to scale in on these types of entries but I got a bit excited and didn't execute. I think in the end I made an error of assigning S/R. Mine were kind of loose and I was a bit lazy in adjusting them to recent highs/lows. For example, my resistance at 1170 should probably have been more like 1168 like it is on your chart, and my support at 1160 instead of 1162. That would have made it more clear that it hadn't broken through yet and I wouldn't have traded it as a pullback to support like I did. All in all, I did ok, +12pts today. I got back in for some of that move up after it hit 1160. Have a good weekend all.
 
Quote from neekoryan:

Hey guys.
Thanks for all the input. I appreciate the constructive discussion.
Thanks for the timezone update BYF I probably should have figured that out on my own, but it was just one of those days.
MCcullek...a short while ago I was on here complaining of no fills waiting for 50%, now I am crying the other way. lol its a fine line I suppose. I find with those big bars I either miss the fill waiting for 50% like you suggested or sit through some serious heat occasionally when I take it at the top. I was planning to scale in on these types of entries but I got a bit excited and didn't execute. I think in the end I made an error of assigning S/R. Mine were kind of loose and I was a bit lazy in adjusting them to recent highs/lows. For example, my resistance at 1170 should probably have been more like 1168 like it is on your chart, and my support at 1160 instead of 1162. That would have made it more clear that it hadn't broken through yet and I wouldn't have traded it as a pullback to support like I did. All in all, I did ok, +12pts today. I got back in for some of that move up after it hit 1160. Have a good weekend all.
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I hear you Neek. I actually missed several good trades today with the 50% entry because the market didn't pull back enough. On the bright side, it kept me out of a couple of bad trades as well though, so I guess it's all relevant to how it turns out! :)

I trade with a 770 tick chart, but I go to a 2400 tick to find my sup/res lines. The ones that travel back through the center of the congestion areas... places where you see that the line acts as both sup and res at different times.... those are the best lines and they tend to work well. I used to just go with the areas that were recent high/low areas, but I found that if you take the ones that have proven to be both sup and res at some time in the past, you will find your best areas to place your major lines.
 
I'll have to let someone else verify, because I don't know if I really understand the "dragon" formation. What I saw was a failed break out to the down side, follwed by a HH and HL. Any time you see a failed break out, they are usually great trades in the opposite direction.
 
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