Section 7

[trip]

Hi Trip,

I haven't seen your journal before and read the first post or two. Is this different than SLA or is the section 7 title now misleading?

The original name of this thread was "getting my shit together". ET mods did not like that so I had it changed. "Section 7" seemed like a good fit as my plan was to track the market every day while learning the Wyckoff system of trading.

Right now my focus is SLA since that is where I started. I have not strayed far and my plan is also built on SLA with a few filters. I still go back and forth between observing (like today) and backtesting.

 

[trip]

Prep for today:

I'll be looking for SLA entries above the top and below the bottom of the box (outside of the range); I'll avoid the mush at the center.

 

[trip]

Done for today.

My filter of not trading within a range worked well today.

I just noticed DbPhoenix described the market close to real-time in the "Is day trading worth it?" thread today (an amusing and hilarious thread), too bad I missed that. My entries are somewhat different from what he described but still valid according to my current understanding (a.k.a. plan).

 

[trip]

I can't edit my previous post.

Just to clarify - I don't draw all the supply and demand lines, especially if they're in the middle of nowhere where there would be no trade anyway. I see the shift in balance without the lines but still use them when I feel they are important. The chart above is my trading chart and not edited (apart from adjusting colors to fit posting here). I don't trade (not even using a simulator) so the markers are put here manually; not by the simulator). These are just observations.

It was a boring day.

 

[trip]

Prep for Thursday.

Yesterdays high (bounce of 3668-ish) was the mean of the overnight "action" from 19-20 March. Price struggled a bit at that level a few days later on the way down, and then now on the way up, 2 weeks later. Like the market has a memory.

Today looks a bit similar to yesterday and the same rules apply - longs above the range, shorts below, flat within. There are news coming out at 10:00 (ISM) so perhaps this balancing will come to an end.

Edit:

09:27 - waiting for a retrace.
09:30 - not any more as price fell back into the range.
09:45 - long 63.75.

Ok, no more updates, takes too much focus.

 

[trip]

I better post that I scratched that now (09:49) for a tick. Bounced on 67.75, not unexpected. Simulator, of course.

 

[trip]

Thursday recap.

At the second attempt to break out of the range (after a higher low in the range) there was a possible long which then failed. Not much to do after that until price reached the other side of the range where there was a short attempt which also failed.

In real-time I was contemplating a short at 10:24 but price was not far above support at 52-ish and within the old range so I decided to pass. In hindsight it would have been good for a few points.

Tomorrow's the job report, maybe that is holding the market back. This is the second narrow range day in a row. Unless something interesting happens before the end of the session. Anyway I'm done for today.

 

[niko]

Thursday recap.

At the second attempt to break out of the range (after a higher low in the range) there was a possible long which then failed. Not much to do after that until price reached the other side of the range where there was a short attempt which also failed.

In real-time I was contemplating a short at 10:24 but price was not far above support at 52-ish and within the old range so I decided to pass. In hindsight it would have been good for a few points.

Tomorrow's the job report, maybe that is holding the market back. This is the second narrow range day in a row. Unless something interesting happens before the end of the session. Anyway I'm done for today.

Great to have you back in chat.

 

[trip]

Prep for Friday.

Price has begun moving again after several days of short bursts followed by what has felt like forever ranges.

Today I will focus on a few levels where I will see how price reacts and a few where I will avoid entering (previous means of ranges).

Line of least resistance is up but the move is likely to be somewhat slow. If we go down I will expect a more determined move as there is still relatively thin airspace there.

Right now price is at 50-ish which could be the mean of this up move if it indeed is a channel. An area where I will be prepared to scratch should I enter.

Edit:
Right now (09:22) there's a nice hinge on the 1m. Centering again.

Updates:
09:34 - short 44
09:40 - supply line in place which will be used to manage the trade from now

 

[trip]

09:57 - out at 09 as the supply line is broken and the last push down failed. I'll post a chart in a few minutes.

Edit: Here is the chart.

Now long from 18 which was the first retrace after the break.

Edit: Seems the timestamps on these posts are off by a few minutes?
Edit: No, it's me reading it wrong. And I am still long.