Price Action Journal V1.5

Quote from BuyYourFreedom:

mdl,

I feel like I was on the right side of the trade; all shorts in a down trend. Each trade, except for the last trade, I thought I was selling at a reversal formation. jmonday was so kind enough to point out the following:

1st trade: tough call, although you took it on 3rd bar with no confirmation (previous bar had LL than 2nd previous bar, you want the opposite normally in a down trend and 3BR)
2nd trade: never take a trade after doji
3rd trade: same thing doji
4th trade: you took trade on the 3rd bar, with no confirmation
5th trade: you shorted after a HH

Any thoughts?
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Gotcha.. I thought some of those were longs.. anyway I drew trendlines in the nieghboorhood where I would have shorted....

Again, its hindsight on my part, I am still sim trading and studying part time... I guess I look at it from a standpoint that I dont feel comfortable entering a position far away from a trendline b/c often I have gotten stopped out right AT THE TRENDLINE WHERE I should have been shorting it lol.....

That happened recently a few times.. The flipside of course, is that you will miss some good moves being cautious..

That last trade that I made a "rectangle" around is the kind of trade I try to stay away from. AHG stressed indentifying "chop" (which this was) and staying out of the market....

The only way I might trade it is if it was (in this case) along a low of a day or major support level, and trade a breakout to the upside..

Also, if you want to play a breakout up/down of a chop session, its good to let the inital move happen.. Then let resistance become support or vice versa....... THEN get involved..

Anek always said (I think at least), often the first move is "stop hunting" and the amateur entry point...
just my .02


hopefully some of this is helpfull.. Again, I am not expereinced, just going from what I have studied, etc...
 

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Quote from mdl060374:



Also, if you want to play a breakout up/down of a chop session, its good to let the inital move happen.. Then let resistance become support or vice versa....... THEN get involved..

Anek always said (I think at least), often the first move is "stop hunting" and the amateur entry point...
just my .02
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Great point...I should know better. Thanks mdl.
 
What a day. All kinds of tech problems this morning...IB missing data etc. Then I kept getting disconnected from their server for some reason. sigh. In the end I missed some entries at the beginning of the day. Most frustrating of which was the second trade attempt (yellow arrow), trying to go short but got disconnected just as i submitted a limit order. In the end no dice. First trade I went long for some reason...against the trend. Fortunately I recognized my mistake and exited for a small loss, even though the trade went my way I feel it was still the wrong trade to take and I am happy with my loss. I had some troubles with the chop in mid day and tried a short on my second real trade. Got stopped out for a full stop on that one. In hindsight it probably wasn't enough of a retrace, and the action at that time was a bit sloppy. The third one was a winner but once again got out way early. Next yellow was another missed trade, but this time just because I wasn't on the ball. My own fault. Last trade was my best of the day. Was a great entry, never took heat and got out at a great time. I could have held through the first retrace but I was up 10pts on that trade and if I exited it meant a positive day so I took it. Ended +6pts on the day. Not bad but still could have been much better.
 

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Today I had the benefit of really appreciating getting alot of screentime, and truly appreciating "volume based" charts.... Now I understand what Anek was talking about the speed of the bar formation...

(I use the % of bar complete add on, but it disappears from my screen when the market closes... that is why it isnt visible. It seems to help give a good idea for the force behind the moves..)

Anyway.. I was drawing trendlines as I saw them.. here is what I saw........
The circle designates chop.. (stay away and let market decide...) also always looking at my anchor chart for the bigger picture..
 

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My anchor chart...

sorry ET wont seem to let me post pultiple charts in one post... :(

Also.. I am using a 400K volume chart zoomed in for more detail for entries (as opposed to the 700K charts I posted.).. Just started using this the other day, and it seems to help....
 

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Quote from neekoryan:

First trade I went long for some reason...against the trend.
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That 10:40ish minor pivot was misleading...I bot it in realtime where it looks like you overlooked it at the time.

At 11 on a 5k chart I thought I saw a DB.
 
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