Price Action Journal V1.5

following BuyYourFreedom's advice, I will start posting my NQ day trades.

I hope someone can learn from my mistakes, as I am learning by going through other's charts.

Overall it was a small losing day, but the point is I totally missed the second congestion area in the morning. I did not trade the afternoon.
 

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Quote from mdl060374:

...what does LOTM mean? (low of the ? possibly) any other terms similar to those I should be familiar with?
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mdl ,

you probably are familiar with most of these.....

LOTM - low of the morning
HOTM - high of the monring
ORH - opening range high
ORL - opening range low
PDH - previous day high
PDL - previous day low
EOD - end of the day


can anyone else think of any that I am missing.
 
Quote from BuyYourFreedom:

mdl ,

you probably are familiar with most of these.....

LOTM - low of the morning
HOTM - high of the monring
ORH - opening range high
ORL - opening range low
PDH - previous day high
PDL - previous day low
EOD - end of the day


can anyone else think of any that I am missing.
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Hey BYF,
Quick question, how would you define, HOTM. I define ORH as the highest high from 9:30am to 10am EST. HOTM would be highest high from 9:30 to noon?
Also, do you take into account the prices in the premarket trading, ie. midnight to open into account in calculating the ORH and HOTM?

Thanks

JW
 
Quote from jfw215:

Hey BYF,
Quick question, how would you define, HOTM. I define ORH as the highest high from 9:30am to 10am EST. HOTM would be highest high from 9:30 to noon?
Also, do you take into account the prices in the premarket trading, ie. midnight to open into account in calculating the ORH and HOTM?

Thanks

JW
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JW-

Someone correct me if I am wrong, but I think the HOTM and ORH are synonymous. I also use the first half hour to indentify the range.

I do not take the premarket highs/lows into account when identifying the OR...

Anyone have any rules/strategy for trading the “gap” from the overnight session.

BYF
 
I am not sure about trading the gap... People talk about statistics, and there isnt much to back a strategy on trading it (as far as the ES is concerned.)

It seems like a crap shoot. Unless the gap occurs along a major S/R level, and bounces accordinlgy, it seems dodgy.
 
Quote from BuyYourFreedom:

JW-

Someone correct me if I am wrong, but I think the HOTM and ORH are synonymous. I also use the first half hour to indentify the range.

I do not take the premarket highs/lows into account when identifying the OR...

Anyone have any rules/strategy for trading the “gap” from the overnight session.

BYF
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Thanks BYF,

I didn't know what to do about the overnight high/lows... I guess if the ORH is breached, than I can use the overnight high as the next possible resistance... gotta just play with it and figure it out.

JW
 
Quote from mdl060374:

I am not sure about trading the gap... People talk about statistics, and there isnt much to back a strategy on trading it (as far as the ES is concerned.)

It seems like a crap shoot. Unless the gap occurs along a major S/R level, and bounces accordinlgy, it seems dodgy.
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MDL,

I read somewhere that gaps to to revert back to the previous day's range, but in reality not sure how well that holds up. By itself, probably not good enough to trade. To clarify about your S/R theory.. Do you mean if the price opens gaped up at a resistance point, it has a higher prob or either breaking up or down right?

JW
 
Quote from flaborderie:

following BuyYourFreedom's advice, I will start posting my NQ day trades.

I hope someone can learn from my mistakes, as I am learning by going through other's charts.

Overall it was a small losing day, but the point is I totally missed the second congestion area in the morning. I did not trade the afternoon.
More...

Flaborderie,

Posting here has definitely helped me become more engaged and I think you'll find the same. I got one more week of work before going full time so I'll be posting a bit more next week. I had trouble spotting your entries, it looked like you came up for the day no?

JW
 
Quote from mdl060374:

Andas, 2 quick questions:

1) what does LOTM mean? (low of the ? possibly) any other terms similar to those I should be familiar with?

2) your arrow around 16:49.. was that ideally a short or long trade? If long, how did you decide the trend had changed from a downtrend?


Me personally, could only catch the afternoon session, and caught 1 scalp.. I thought today was tricky after the initial morning move downward...

All I kept watching is the bouncing around forming a triangle in the afternoon on my 30 min anchor chart.


This led me to believe there would be alot of "bouncing around" and no solid moves... So I thought perhaps even fading S/R with tight stops might be the right thing to do...

Which begs the question, I know it seems like a bad idea for a trend following system (AHG) but are there days where you sense "no real action" and change the methodology and scalp or fade?

Or is that just asking for trouble?

advice?
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I am curious about other ppls thoughts on this topic too. I find it really hard to work this decision also. I have been sitting out a lot lately due to the choppiness in the ES. But I wonder if there are better options for a trend follower.....it is clearly possible to identify when there is no trend. Is it possible to remain profitable by fading the s/r on these days. Or does that simply make difficult decisions harder? My approach has been to sit out and wait for a valid trend based trade to come by.
 
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