Price Action - NQ

[lajax]

March 2nd 2015

PM levels

View attachment 149921

0928: previous to the open the price is located around the MP of the PD

0930: At the open the buyers test the MP of the ON action

0933: The sellers reverse almost all the previous up movement

0934: However the buyers try to take control and a RET is confirmed

0935: The buyers are trying to reach the ONH

0937: For the moment an uprend is going on

0938: RET triggered

0940: RET confirmed, although a HH was done there where no follow trhough

0941: The price is below the ONH

0945: the price BO the ONH, a RET is needed in order to confirm the buyers willingness

0947: The buyers are finding R in the PDH

0949: RET triggered and confirmed

0950: the price BO above the PDH. Waiting the RET

0954: RET confirmed, but no follow through

0955: The buyers show their strength and the uptrend continues

0958: the buyers make a new HH, waiting to see the next action

1000: The uptrend continues with ease of movement

1003: BO the DL or only a spike?

1007: The price starts to retrace

1008: LH, RET triggered and confirmed

1010: Although a LL was done there were no follow trhough and the price rebounds (TDTDB)

1011: The price makes a new HH

1014: Although a HH was done there were no sustantial advance

1019: A HH is done. Note: the speed of the price is lower now than in the first 60 minutes, there is a shortening of the upthrust

1030: The price found S at the principal DL and a HH is done

1031: There is no ease of movement to the upside and the price breaks the DL

1039: LH is done and the RET is triggered

1040: RET discarded, and a range is defined

1051: there is a listless downtrend in comparison with the uptrend of the beginning of the day

1053: the price found S at the previous SL

1102: Hinge within the TR

 

[lajax]

March 4th

Today I couldn't see the market live, because I had other commitments but here is the chart of my observations.

PM levels

1m

1m.

 

[lajax]

Today, before to the open I had issues with my connection, it seems that my demo expired and I made my PM analysis in a short period of time, so I couldn’t get the notion where the price really was. So the first learning of today is to give myself enough time to understand the previous context before the open and put the levels on the chart.

Regarding to the Observation for today here is the link it is posted on TL:

http://www.traderslaboratory.com/fo...g-sla-amt-intraday-week-3-a-5.html#post197030

But I´m not going to put the observation here, because I want to dedicate this post to the things that I think are valuable to me and I need to take them in this journal because this is my tool of study.


So the first one is the post of Db:

“There's not much point in doing these context charts before the open if they're going to be ignored as soon as the bell rings.
There should be no mystery about 50 (Mean of the PM action). Nor should there be any mystery about the bounce off the LL of the range (PDL).
Nor should there be any diagonal lines.
Nor talk of bias.
Make the most of these postings.
DO NOT TRADE THE SLA IN A RANGE!!
If you have not yet read Appendix F, do so.
FOCUS!
CONCENTRATE!
If you had taken the reversal at the LL of the range as prescribed, you'd be way past your entry point and sitting and doing nothing.”


Also.


“While I don't like being abrupt (I'll save that for ET), there is zero point in doing all this prep and posting all these charts before the open if you're going to toss all of that out the window when the bell rings and ignore your own work.

You should know before the open, after having done all these charts, EXACTLY what you're going to do when the market opens. News may move it before the open. Stocks may move it after. Doesn't matter. If you don't know where you're going to go long and where you're going to go short and how much room you're going to give the trade BEFORE THE OPEN, then you are not prepared and you shouldn't even be taking notes. Focusing on the wrong thing will only set you back further than if you had done nothing at all.”


So for the moment, I will take my time in order to study the previous observations (until now It´s been a little bit more than a month) and review the SLA/AMT pdf in order to make some conclusions regarding to my process until the moment. Maybe if someone of you have any comment or advice regarding to my process until now. It is welcome only if it is constructive

(BTW, thanks Db for the SLA/AMT upgrade, I´ll studied carefully)

 

[dbphoenix]

Don't leave off what came after "if you had done nothing at all." It reinforces the importance of doing the prep and of following what one has done:

Will likely exit at 20 and assess the situation from there.

Next up is 00. After that is 96, but 00 will likely present a problem.

And 20m ago, we hit 00.

 

[dbphoenix]

And here we are at 96.

Which I don't point out in order to congratulate myself. I point it out because this is the purpose of the prep, which of course has been preceded by the planning. Without doing either, what reason would one have to wait for 96? Or less?

It isn't magic. It's just prep.

 

[lajax]

I wanted to make a revision of today’s activity; now that I came after doing other things, I think I have a different appreciation from a hindsight point of view. With emphasis in the context

¿ Where is the price (before the Open)?

Daily:

At the UL of the daily TC

180m:

Is located at the MP of the TR

5m:

During the overnight the price spend most of the time around the middle of the previous Hinge (grey dashed line)

What happened previous to the open? Which is the most immediate range?

What Happen after the Open?

Later

 

[dbphoenix]

I wanted to make a revision of today’s activity; now that I came after doing other things, I think I have a different appreciation from a hindsight point of view. With emphasis in the context

¿ Where is the price (before the Open)?

And where is the range?

Edit: I should also point out that even though you're not trading yet, you should know that when looking at a range within a range, both of which have the same median, you're looking at a hell of a lot of chop. Be aware of the existence of these ranges, but avoid entering at or near the median. Wait for the extremes, either for a reversal or a breakout. This morning, you got both.

 

[lajax]

And where is the range?

At the UL of the daily TC (?)

 

[dbphoenix]

At the UL of the daily TC (?)

Note that I just edited my previous post.

As for my question, it wasn't about this morning in particular but the prep for the trading session in general, i.e., find the range. If you can't find the range, you have no anchor and no compass.

 

[lajax]

Posted by Db in TL : http://www.traderslaboratory.com/fo...g-sla-amt-intraday-week-3-a-6.html#post197049

I was going to post this tomorrow evening as I set up next week's thread, but it is the beginning of the weekend and some might want to move on to the next level. So . . .

If one really wants to trade rather than just have something to occupy his time during the day and if he really wants to profit from it rather than just fuck around, then he's going to have to do a whole lot more than provide commentary. Yes, observation is necessary even with the SLA/AMT since, as I point out in Appendix F, one must still specify exactly what constitutes a "break" along with what to do about it, what constitutes a "breakout" along with the tactics for trading it, what constitutes a "retracement" along with the tactics for trading it, and so forth. However, this sort of observation needn't take more than a few days of replay in order to determine just where one's entry triggers ought to be and how much leeway the trade should be allowed before the trader exits.

Once that's determined, it's time to get down to business. That means doing the prep. Every day. Beginning with at least the daily chart (and the weekly chart on Monday for the coming week) and progressing through the 5-hour if one likes that, the hourly, the 15m, and the 5m, the last most likely being posted just before the open.

After these charts are posted along with those ranges and trends that are of most interest, the trader must state clearly exactly what he plans to do with all this information once the session begins. At minimum, where is he going to go long?Why?Where is he going to short?Why?What will be his entry trigger?What will he look for to determine whether to stay in the trade or exit? And all of this applies to each trading opportunity that he sees as a result of having annotated these charts. Before the open. Whether or not he then provides commentary on price movement and/or his trading during the session is entirely up to him.

At the end of his session, there must be a trade review, or at least a chart review if no trades were made. How does what happened compare to what was expected to happen? What mistakes were made that must be avoided in future and what will the trader to do accomplish that (see, again, Appendix F).

In summary, (1) prep, (2) trade, (3) review. Posting a chart with "this is what I'll be looking at" is not enough.

Even those who are just observing and not trading must do this. Observation without purpose is little more than passing the time. If one has been observing for more than a few days, he ought at least venture into hypothesizing about what price is most likely to do where. Otherwise it can go on for months, and life is short.

Reread the pdf, paying particular attention to Appendices E and F and the Afterword.

Study Section 7 of W's course.

And that's it.