Price Action Journal V1.5

Quote from flaborderie:

I totally agree with you;
but shouldn't these different charts serve different purposes : 1mn chart or above to identify trend reversals, and very fast chart just to check what big players are doing and if a BR for ex. is not a fake ?
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Yes you are very right I think! The 1 min chart, is a to slow of a chart to see what is happening in the very small picture, and therefore as you say - it would serve better as a chart to identify trend reversals. However, IMHO, when you look at big formations like that HS, that clearly take shape in a 1 min chart, watching volume in even such a "slow" chart will serve as an extra edge and confirmation. Like Shakira pointed out, that retest of neckline with much smaller volume is an example of that. Another example can be consolidation after a big trend, which maybe start shaping up to a triangle or some other geometrical shape in a 1 min chart. When that shape is broken, preferably in the same direction as previous trend, it is very helpfull to see volume confirmation in that 1 min chart as well.

Here is an illustration of a continuation pattern in a 1 min chart, with volume studies. Maybe not the best example, but with my limited historical data it was the best I could come up with for now.

veggen
 

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Quote from flaborderie:

Very nice chart DanioZ, what a discipline in taking the entries with the trend and not calling a pause in the trend a reversal.

May I ask you how you are managing your entries with those High/Low bars ?
I have them now because it allows to display a lot of bars on the screen. But I find a drawback, in that I can't see any more if the bar is a strong one (ie closing above/below the high/low of previous bar). I use this information when deciding to take or not a 3BR at a TL. How do you do that ?
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How about color painting the bars?

If bar closes higher than open, light green. - If bar closes higher than open, and higher than previous bars high, dark green.
If bar closes lower than open, pink - if bar closes lower than previous bars low, dark red.
 
Quote from flaborderie:

Very nice chart DanioZ, what a discipline in taking the entries with the trend and not calling a pause in the trend a reversal.

May I ask you how you are managing your entries with those High/Low bars ?
I have them now because it allows to display a lot of bars on the screen. But I find a drawback, in that I can't see any more if the bar is a strong one (ie closing above/below the high/low of previous bar). I use this information when deciding to take or not a 3BR at a TL. How do you do that ?
More...

I use regular High/Low bars.
My entry criteria:

If i have a trend: 2hh/2hl or db+1hh/hl for uptrend of course then around pivot or tl I look for 3br then wait for magic tick. Magic tick is only a signal, not a price to enter, I send a limit somewhere between high of 3rd bar and low 2nd bar.

I limit my stoploss to 3,5pts. I place my stoploss 2 ticks above/below 2nd bar. I merge bars if they have the same low or high.

I look for at least 7pts profit, I do not move my stoploss to b/e, never.
I move only if there is a new hl or lh. (above or below them)

I do not cancel my order so sometimes I'm filled in the next wave for very good price.

I hope you can understand what I mean, if not I will try to explain.
 
Quote from veggen:

How about color painting the bars?

If bar closes higher than open, light green. - If bar closes higher than open, and higher than previous bars high, dark green.
If bar closes lower than open, pink - if bar closes lower than previous bars low, dark red.
More...

If you use 3bar reversal as an entry you don't need any color. You look for only for that formation around specific area and that's all.

Strong bars, weak bars, 3br or even stoch cross give probably the same entry but alone is not good entry. You need more confluence - S/R, TL, trend etc.
 
Quote from DanioZ:

I use regular High/Low bars.
My entry criteria:

If i have a trend: 2hh/2hl or db+1hh/hl for uptrend of course then around pivot or tl I look for 3br then wait for magic tick. Magic tick is only a signal, not a price to enter, I send a limit somewhere between high of 3rd bar and low 2nd bar.

I limit my stoploss to 3,5pts. I place my stoploss 2 ticks above/below 2nd bar. I merge bars if they have the same low or high.

I look for at least 7pts profit, I do not move my stoploss to b/e, never.
I move only if there is a new hl or lh. (above or below them)

I do not cancel my order so sometimes I'm filled in the next wave for very good price.

I hope you can understand what I mean, if not I will try to explain.
More...
Thank you for your answer.
I perfectly understand your explanations, because this is exactly what I try to do.
Your entry is what I call "Piscuy's style", having the MT make it unnecessary to look for a strong bar. I ususally enter MKT, because I am afraid of missing a good move. I will give it a try.
Its interesting what you are saying about not cancelling orders, when the price retraces that far you get a DB w/ uptrend entry.
Thanks for sharing.
 
Yesterday's chart
I was no very proud of me yesterday : I missed the big upmove, and totally f...'d up the DT entry and exit.
I was really pissed.

The lesson is :
1- I shall not trade break out, or not yet
2- if I'm afraid of big stops necessary for DT/DB plays, I should not play them, or with a smaller size,
3- I shall not sleep in front of the screen !

Have a nice trading day.
 

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