Price Action Journal V1.5

Thanks Schaefer


I actually found that thread after I posted with the "search" function...

Still a little unclear, but I will searching and researching it.

I guess the basics are, keep longer term setups/trend in mind, (not just any old support/resistacne break will do.)

and its the tick on the bar after the breaking bar.
 
Quote from BoyBrutus:

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
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Hi BB

Thanks for your concern and advice. If I had big overhead than I would probably not consider quitting. I have 27k saved up and monthly expenses under <$600. Good to be single and 24. I think I would do much better on my own in terms of getting up to speed... nonetheless I'll take a look at the DAX.

Cheers

JW
 
Where can I find Suri's recent H & S example? Thanks.

Quote from jmonday:

BYF,

Here's what Anek describes as the <b>Magic Tick</b>

"• 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
• 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!
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10 trades

6 winners
3 losers (2nd, 3rd, 9th)
1 BE (1st)

I took the first two longs because of the DB that occurred outside normal trading hours. Probably not the best thing to do? Any thoughts? I notice a lot of traders don't bother to report bars from the overnight session.

7th - really bad exit from this trade. My internet connection shutdown before I could get my stop in. As soon as it came up I exited at the market. :(
Ended up missing the next couple of hours because of my office buildings damn connection.
 

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