The Price Action Journal

[SusanaDT]

Quote from ggoyal:

Then how do you observe and mark S/R?

In my book, support and resistance is horizontal.

Susana

 

[ggoyal]

I know the S/R are horizontal, but how do you decide when to enter and exit? what do you look at?

 

[Floyd Roberts]

Hi SusanaDT,

Thanks for creating this Price Action Journal. I tend to absorb more when I see something written in a systematic fashion like a book or course. What books or courses do you recommend if I want to get a good grasp on learning how to use price action for daytrading? Thanks for your suggestions.

Floyd

 

[SusanaDT]

Quote from ggoyal:

I know the S/R are horizontal, but how do you decide when to enter and exit? what do you look at?

I think what I look for is quite clear in my charts, but it's hard to put in words.

Be patient and keep looking.

Susana

 

[SusanaDT]

Quote from Floyd Roberts:

Hi SusanaDT,

Thanks for creating this Price Action Journal. I tend to absorb more when I see something written in a systematic fashion like a book or course. What books or courses do you recommend if I want to get a good grasp on learning how to use price action for daytrading? Thanks for your suggestions.

Floyd

I don't recommend any books except Trading in the Zone if you got disciplinary problems in your trading.

As far price action itself, an obscene amount of time watching charts.

Susana

 

[Jayford]

If I had to recommend just one book to read, I would also say Trading in the Zone. far more important than actual technique.

 

[johnpinochet]

Quote from Jayford:

Took me YEARS to be able to this. Chasing and fading used to account for 90% of my losses. Pretty much avoid both now, except in extreme cases (which are completely subjective).

I just let a lot of trades go. The markets are not going anywhere. they will be there tomorrow.

Very important point, among many made here in this journal.

Learning about measured moves and cycles helped me a lot in deciding when it is worth chasing.

 

[BoyBrutus]

A link to a talk by Mark Douglas author of Trading in the Zone.


http://www.woodiescciclub.com/Lectures/mark-douglas/index.htm



Warning - Do not click on anything further to do with Woodies CCI

 

[osorico]

No-one is infallable , no matter how good they are.

As previously mentioned, I am on vacation, and am trading on a limited and "unscheduled" basis.

Attached is annotated 5-minute YM chart. Also note, I use Equivolume, which is shown based on the thickness of wicks. You can visually see the effect of the opening bell vs pre market.

Cheers
Osorico

 

[Billybob543]

Quote from osorico:

No-one is infallable , no matter how good they are.

As previously mentioned, I am on vacation, and am trading on a limited and "unscheduled" basis.

Attached is annotated 5-minute YM chart. Also note, I use Equivolume, which is shown based on the thickness of wicks. You can visually see the effect of the opening bell vs pre market.

Cheers
Osorico

Actually, this provides credibility to your posts because you are posting your losers along with your winners, and not just your winners.