switching gears to Price Action via SLA

Context for recent price movement - had exited the longer term channel back (up - teal) but is still inside the more recent March channel (down - red). Price had moved to the mean of the down March channel before EOD yesterday (green diamond). During the overnight hours, it continued higher and has done some retracing since 0400. Currently price is safely inside the DL (60-min view).

Possible moves for today:
--Stay where it is which is right around the mean of the down channel.
--Head up to the upper boundary of the down channel - around 3640.
--Head down to the lower boundary of the down channel - around 3520.
--Head to the mean of the long term channel - around 3690.

Yes - that's a few options, but I've been receiving messages about how important the prep work is and having a few thoughts as to what "might" happen and then following price where it takes me seems like a good plan.
 
So today was pretty interesting. Lots of movement. Too much sim trading on my part. But, I learned a bit. A - the prep work is SO important. B - just be ready to go where price takes you.

I've got my platform set to automatically exit me if price goes against an entry by 5 ticks. What's interesting also is that with trading inside my chart, I'm learning what db has said about either not getting filled or not getting filled at the desired price. In some instances, getting filled 2+ ticks different and then there being a rebound in price. That took me out a time or two today. After things like that happen, I find myself in 'chasing the market' or 'make it up mode' which can't be good because then I want/need/expect/hope price to do such and such rather than just taking clues and making appropriate decisions.

Before the open, I indicated a few ways that price might go. I mentioned that it could go to the lower end of the down channel - 3520. Well it did so and actually moved through it quite easily. There was more of a pause in the 23-33 area initially.
gears said:
Possible moves for today:
--Stay where it is which is right around the mean of the down channel.
--Head up to the upper boundary of the down channel - around 3640.
--Head down to the lower boundary of the down channel - around 3520.
--Head to the mean of the long term channel - around 3690.
More...

It's days like these and in the CWS world that I wish I had taken an entry based on the 1min view and used the SL in the 5min world to just watch as price went down and down and down. Unfortunately that's not what I did. Another morning and more lessons catalogued. Not sure if I'm making a ton of progress with acting on the new information, but I'm working on it. I'll keep plugging away.

dbphoenix said:
After the lower low we made three days ago and given its regularity with the two previous swing lows, it appears that the lower limit is in charge and we must reverse the process and draw the upper limit in parallel to it.
More...

Based on the comments db made just today in the Ghost thread, I took a shot at drawing a revised channel (daily) using the lower level as the gauge. Not sure how correct my view is.
 
Context for recent price movement - different slope for shorter term down March trend lines drawn. Even with that having been done, price exited the southern boundary during the overnight hours.

Possible next moves:
--Stay where it is which is at the lower boundary of the down channel.
--Continue further down to the last swing area - around 3360.
--Head up to the mean of the down channel - around 3520.

With so much movement up on Wednesday and down on Thursday, buyers and sellers may be exhausted and just camp out for a while. Friday activity can be interesting though so it's just time to watch price and see where it takes us.
 
Price moved again today - guess buyers and sellers weren't all worn out. Price did head back toward the mean of the down channel (3520) but couldn't quite make it up to 3500.

I feel like I did some overtrading today. Still having an issue with being scratched or not scratching, but then immediately going in to 'protection' mode of whatever profits at the time. Same old song and dance - I keep working at it. I think I'm going to go back to the Bride method - exiting at breaks of an SL/DL. It's frustrating at times when the break occurs and immediately pops back to the original direction of movement, but I need a confidence builder. With reading some of the other journals, many take this approach (at least for a 1st exit) and it works well. I've got to work through this process as I have some baggage to unload. It's taking longer than I would prefer, but I have to get out of my own way and just work the damned plan.
 
DbPhoenix recently provided some information about journals.
dbphoenix said:
This was written by Steenbarger when he was more psychologist and less trading guru. I hope those who are maintaining journals will take it to heart. I hope those who are considering opening and maintaining journals will incorporate these elements from the beginning.
More...

When Trading Journals Don’t Work
--The journal lacks specifics.
--The journal emphasizes problems, not solutions.
--The journal is reactive, not proactive.
--The journal lacks metrics.

I've taken it to heart and it seems as though that the way I've gone about this journal isn't quite up to par. I have to admit that I thought a journal WAS an outlet for venting. I figured it was a way to discuss what I was doing, allow for criticism and also for me to vent about what I was doing wrong or how I wish I'd handled a situation. If it's written down, it can be reviewed in the future. I have periodically reviewed earlier entries and have found it quite useful for reference.

I guess I'm questioning myself in the context of this journal and how to get the most out of it. Initially it was begun to help me with my journey for learning SLA and to put myself out there -- to receive some feedback from others either on the same journey or who could just provide a nudge (or kick in the teeth) when needed. I have to figure out what my next move will be.
 
gears said:
DbPhoenix recently provided some information about journals.

When Trading Journals Don’t Work
--The journal lacks specifics.
--The journal emphasizes problems, not solutions.
--The journal is reactive, not proactive.
--The journal lacks metrics.

I've taken it to heart and it seems as though that the way I've gone about this journal isn't quite up to par. I have to admit that I thought a journal WAS an outlet for venting. I figured it was a way to discuss what I was doing, allow for criticism and also for me to vent about what I was doing wrong or how I wish I'd handled a situation. If it's written down, it can be reviewed in the future. I have periodically reviewed earlier entries and have found it quite useful for reference.

I guess I'm questioning myself in the context of this journal and how to get the most out of it. Initially it was begun to help me with my journey for learning SLA and to put myself out there -- to receive some feedback from others either on the same journey or who could just provide a nudge (or kick in the teeth) when needed. I have to figure out what my next move will be.
More...
most of us are in the same boat gears. I personally believe this is a valid approach especially if you combine it with amt and market profile is really good for spotting those areas that the trend might change. The funny thing about journals is that its yours and you need to proceed how you see fit. Some of the best journals on here are from people like us on a demo so don't be discouraged
 
what you can do to bring your journal closer to an ideal (?) journal, is:

- when you identity a problem, list possible solutions
- start defining some metrics you will follow

this will already address 2 features out of the 4 features needed.:)
 
Context for recent price movement - price is still within the steeper slope for shorter term down March trend lines drawn - seeming to be heading up toward that trend's mean. During most of the overnight hours, price was in a narrow 5-point range. Just after 0300, it dropped out of that to the downside and after 0700 it rose out of the range to the upside. A definite DL is now in place.

Possible next moves:
--Stay where it is.
--Break out of a larger range defined from yesterday's real time activity (between 3486 and 3424).
--Move up past the 50% area of the recent down move (3505 area) / head up to the mean of the down channel - currently around 3508. Interesting how this price area serves multiple purposes.
--Continue back down to the March TC area - around 3435.
--Continue further down to the more recent lows - around 3424.
--Continue further down to the last swing area - around 3360.

There are many places where price could go. Even considering what some of those areas are will hopefully allow me to just follow where it leads.
 
gears said:
Possible next moves:
--Stay where it is.
--Break out of a larger range defined from yesterday's real time activity (between 3486 and 3424).
--Move up past the 50% area of the recent down move (3505 area) / head up to the mean of the down channel - currently around 3508. Interesting how this price area serves multiple purposes.
--Continue back down to the March TC area - around 3435.
--Continue further down to the more recent lows - around 3424.
--Continue further down to the last swing area - around 3360.
More...
So price definitely did some moving today. The overnight range was broken out of to the north at the NY open and managed to get up to 3498, but it couldn't get up to the mean (3505) and even the 3498 price level wasn't sustained. Price then marched all the way down past the more recent low (3424) but not quite all the way down to the 3360 level. It has since retraced just a little bit more than 50% of the down move, so perhaps another run at the mean will occur.
 
Context for recent price movement - price is still within the steeper slope for shorter term down March trend lines drawn. It exceeded the recent lows yesterday (3400) AND went back up to and through the mean (3500).

Possible next moves:
--Stay where it is. Being that it's at the mean and the overnight has been a narrow 10-point range, it might very well just hang out here for the day.
--It could also launch from the mean to the opposite ends of the TC. First option might be to move up to the upper boundary of the March TC area which also coincides with the lower boundary of the long term up TC (3570ish).
--It could make another trip down to the lower boundary of the March TC - currently around 3430.

Movement yesterday was extensive - 100 points down and back up again. With so much activity, today may very likely be a day of consolidation. Or because the market is closed on Friday, today and tomorrow may be a flurry of activity. It's up to me to consider places where price might go, look at movement without any sort of bias and follow price where it leads me.
 
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