Price Action Journal V1.5

Cliff notes on the Piscuy boxes.

Disclaimer: Just using this for reference, haven't tried to use either of these as a system. Also may have left a post or two out, but think I captured most. Hopefully someone will let me know if I missed something major on this or the Pivots post.

A Tip: use the zoom feature on MS Word or Open Office or your word processor to see detail on the charts.

An obvious thanks to Piscuy who took the time out to document both of these and explain the fine points.

-Gary
 

Attachments

Thanks Gary, I have always been interested in Piscays methods..


I fully read the AHG journal, and rememebr seeing some of Piscays input, but never got a good grip on how he scalped.

Does Piscay also stay out of range bound choppy markets, or does he try to trade teh S/R in teh range back and forth?

If anyone else has more info on how Piscays scalps please let me know.
 
What I learned tonight from Ted.com.


Learn from Everyone


Follow No One


Watch for Patterns


Work like Hell


-Scott McCloud

Note to self: Work like Hell.
 
http://futuresmag.com currently has an On-Demand "I-Trade" show. One of the archived presenters is Al Brooks, who has two free approximately hour-long presentations (click on Futures I-Trade show, registration required):

Trading the Best Price Action Set-ups
Short term e-mini strategies that work

Additionally, a PDF "Taking Action in the E-Mini" is available for download.

He has a "Trading breakouts and micro-trendlines" article in the January 2009 issue of Futures, where I found the info on the presentation. A lot of that article is covered in the presentations. He is a pure price-action trader, using only a 5-minute chart and a 20 EMA. He also has previous articles, free to download if you are a Futures Magazine subscriber.

Always in the E-mini
Predicting equity index reversals
Failed flags can lead to E-mini success
Price action fundamentals in the S+P
5 Min to Fame in the E-Mini

If you are not, the PDF's are available, free, through on-line library databases, library card required. Luddites, if interested, can read and or photocopy the articles from the magazine archives at their local library.

Gary
 
drycleaner41,

I don't have anything approaching personal experience for this, but I found this in the AHG Bible.

STEP 6 - CHART TYPES

Long bars are evil, highly recommend tick/share charts, provide ability to split the data and examine it with care. For the YM recommend 75 or 89 tick charts. This differs greatly from one instrument to the other, the greater the volume/activity it has, the greater the ticks size you will need. Adjust tick/share volume depending on how current day is developing. If low volume day, may even go down to 150, 100. etc… Adjust for best view and what you are most comfortable with.

Tick and volume bars, you need to be able to kill the possible long bars in time based charts that hide what could be important to observe; at least as a scalper.

Volume Bars suggested settings: (adjust for low volume)
·ES = 2500/5000
·ER2=750/1000 - 610 tick anchor
·NQ=1000/1500

·Note: Tradestation does not display Volume bars correctly
·Anek not concerned, been using TS for a while now. Would rather use tick charts than learning a whole new platform at this point
·Anek does not like time based charts, other than for Anchor reference
Higher time frames / Anchor Charts

·Use two charts, one for a clear understanding of the main trend, if any, and one for low risk good reward entry.
·Help determine the big picture or major trend. Always trade in the direction of the big picture and to be aware of possible of key levels that can and will produce congestion.
·Higher time frames also help alert if the breakout or breakdown was meaningful enough to merit averaging up on retracement.
·Dual confirmation
·There is no correct chart frame, whatever fits your risk/style/goals. Anchor 4x base chart is good
oLearn to recognize the bearish hemisphere from the bullish one and what's the line in the sand.
oRemember, the NASDAQ is leading.
oIt is extremely important, always, at all times, be aware of the big picture, without it, you would not know how far your good trades can go.
·I use two anchor charts, one regularly and one I examine late at night.
The regular one is 610 ticks, and the other 2500 ticks.
 
You must log in or register to reply here.
Back
Top