Simple Overbought/Oversold journal

For a real down move though, this thing needs to break that 20 hr MA I think and it has met stiff resistance recently there. We'll see this time
 
There is a good setup here for long. But needs to close above 1286, on 5 mins.
Another concern is 2pm is in 4 minutes, so just wait a little bit.
 
Quote from momoNY:

I did not say "I'm a discretionary price action only trader". I said I rely mainly on price action. There are tons of indicators, actually most of them rely on price only. I mean I don't use volume, A/D etc....
Well, I use stochastic for overbought and oversold, that's the only indicator.
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Ahh...ok...thanks for the explanation.

Since you didn't mention any indicators in your initial post and mention the words...

* Price Action Only
My method is the simplest possible and it is based on price action only.

* Discretion
I put a lot of discretion in here, sometimes I don't take a trade because I don't feel it or another system is pointing to the opposite direction.

I had things figured incorrectly by assumming you were a price action only trader (no indicators) and using some discretion for your trade signals.

Mark
(a.k.a. NihabaAshi) Japanese Candlestick term
 
Quote from NihabaAshi:

Ahh...ok...thanks for the explanation.

Since you didn't mention any indicators in your initial post and mention the words...

* Price Action Only
My method is the simplest possible and it is based on price action only.

* Discretion
I put a lot of discretion in here, sometimes I don't take a trade because I don't feel it or another system is pointing to the opposite direction.

I had things figured incorrectly by assumming you were a price action only trader (no indicators) and using some discretion for your trade signals.

Mark
(a.k.a. NihabaAshi) Japanese Candlestick term
More...

Mark,

If I understand you correctly, using a moving average will put you out of price action only traders.

In that case, I would fall into the discretionary traders, meaning that I don't have a precise plan Or I cannot "automatize" my trading. But I still use support and Resistance (pretty much) moving averages, and stoch on 15min.
 
I agree with using the 60 minute combined with your multiple time frame approach. watch for unusual sizes coming in fast that are out of character with the previous 10 or 20 minutes(or longer)- they'll often break s/r that you are betting on- but yeah, 60 minute add to the 15 's definitely
 
Once more, a day that is supposed to end up with 4pts gain ended with 1.25pts loss. I'm too impatient. Starting tomorrow, it will be a hit or miss, nothing in between.
 
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