The Price Action Journal
- Thread starter SusanaDT
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Have a great weekend guys, had a great trading week, but based on what I was taught I did not expect any less. Once you understand "The language of the market" you don't need anything else.
Another awesome week that just helps my confidence.
Back next Tuesday for more.
Weekend Party time!
Susana
Another awesome week that just helps my confidence.
Back next Tuesday for more.
Weekend Party time!
Susana
vertigo3
Assuming that you have done a proper price analysis (indispensable) You have many options for triggers apart from the typical BS of experience and screen time (which sadly itâs true and it works). The very basics and essentials will be:
1) price rejecting the support and go long in the next bar that the close is above both of the previous open and close as long as it hasnât make a lower low (for longs) or
2) price rejecting support and go long at the close above the high of the last red bar (for longs) or
3) price rejecting support + Candlestick reversal, or
4) a 3 bar reversal (a green bar after price rejecting support in the 3 line break chart) or
5) mini âS/Râ lines or the âGamblerâ entry, just plot a line connecting the last low with the low of the rejected bar, place an order 2 or 3 ticks above that line (you have to move it every time a new bar is formed of course) and wait and hope that price retest the line soon so you can get a very nice entry.
Of course there a lot more options just with price but those are the essentials for this chart.
At the end it "doesnt matter" what you use for triggers as long as you consistently follow price analysis
I hope it helps
sandygray66
I donât have a clue. I just used this type of chart to show price analysis in a simplified way.
Susana,
Thank you for your kind words,
Good weekend to all
jjrvat
Assuming that you have done a proper price analysis (indispensable) You have many options for triggers apart from the typical BS of experience and screen time (which sadly itâs true and it works). The very basics and essentials will be:
1) price rejecting the support and go long in the next bar that the close is above both of the previous open and close as long as it hasnât make a lower low (for longs) or
2) price rejecting support and go long at the close above the high of the last red bar (for longs) or
3) price rejecting support + Candlestick reversal, or
4) a 3 bar reversal (a green bar after price rejecting support in the 3 line break chart) or
5) mini âS/Râ lines or the âGamblerâ entry, just plot a line connecting the last low with the low of the rejected bar, place an order 2 or 3 ticks above that line (you have to move it every time a new bar is formed of course) and wait and hope that price retest the line soon so you can get a very nice entry.
Of course there a lot more options just with price but those are the essentials for this chart.
At the end it "doesnt matter" what you use for triggers as long as you consistently follow price analysis
I hope it helps
sandygray66
I donât have a clue. I just used this type of chart to show price analysis in a simplified way.
Susana,
Thank you for your kind words,
Good weekend to all
jjrvat
OK, thanks jjrvat. What platform do you use to make that type of chart?
Yes, it's a simple way to see price action, and simple is good for trading.
Yes, it's a simple way to see price action, and simple is good for trading.
Susana
Usually i do not read back but a page or two so if you gave an explanation i apologize for missing it. But why would you not trade on Monday or Friday? Daytrading allows one to enjoy many freedoms if one allows themselves that priviledge.
I do hope you are not going to say because someone said that was a good thing to do, your trading surely has progressed past any such myth. Price action is always there in one form or another.
PS: Thought i would throw this in: In daytrading for more advanced traders, many following pure price action realize going from level to level or however one decides to describe price going from one [point of attention to another............... there are many DEAD ZONES where if a trader is not in he/she should leave the mkt alone until the next buy or sell signal. Chasing and or taking a trade in the middle of a move is dangerous. I could explain further but i assume many know what i am talking about. "DO NOT DIDDLE IN THE MIDDLE"
DOUBLE PS: i was hoping you would say you had reasons like that. I am proud oy you. HA
Usually i do not read back but a page or two so if you gave an explanation i apologize for missing it. But why would you not trade on Monday or Friday? Daytrading allows one to enjoy many freedoms if one allows themselves that priviledge.
I do hope you are not going to say because someone said that was a good thing to do, your trading surely has progressed past any such myth. Price action is always there in one form or another.
PS: Thought i would throw this in: In daytrading for more advanced traders, many following pure price action realize going from level to level or however one decides to describe price going from one [point of attention to another............... there are many DEAD ZONES where if a trader is not in he/she should leave the mkt alone until the next buy or sell signal. Chasing and or taking a trade in the middle of a move is dangerous. I could explain further but i assume many know what i am talking about. "DO NOT DIDDLE IN THE MIDDLE"
DOUBLE PS: i was hoping you would say you had reasons like that. I am proud oy you. HA
I think your missing my point. No one here has yet to post a trade blotter or anything that remotely gets close a trade in or near realtime, only after the fact charts. After reading ES Journal--which is chock full of trades as fast as people can type them and Susana's mission statement for this thread--a more proper location is Educational Resources.
This is not a Journal in the traditional sense, like ES Journal or ESclown's journal where you feel like your actually experiencing the trades with the traders. That is not to say this thread doesn't have a lot of value and benefit to readers.
Posting real time trades is an option for anyone and if they decide NOT to post trades in real time so be it. Personally i do not post real time trades in chat for a solid reason. That reason is quite simple: I might get in a trade and get out in a flash. Get the point? Posting real time trades for others to see is a chore and a distraction: If i say i went long at so and so and got out and back in over and got out and changed this or that etc, etc...............HEAVEN FORBID if i fail to forget to post something relative to said trade. Someone will jump all over me or YOU and say you are not being accurate.
I was in ES Journal for awhile and will say watching a couple post a ton of trades is quite useless as a learning tool for others. What will you learn by watching or following a few tick traders?
Best to listen and see if what you read has value to your learning curve. Actaully it would be good to critique others ideas because maybe they will redo ideas.
No one has come to this journal and claimed to be a wizard. Listen and learn, real live trades is not necessary.
THIS IS a journal as we express ideas and experiences from the trading day....
PS: If you go to ES JOURNAL and review it some you will see it is a bunch of opinions........... What are you going to learn from a bunch of others opinions.
I was in ES Journal for awhile and will say watching a couple post a ton of trades is quite useless as a learning tool for others. What will you learn by watching or following a few tick traders?
Best to listen and see if what you read has value to your learning curve. Actaully it would be good to critique others ideas because maybe they will redo ideas.
No one has come to this journal and claimed to be a wizard. Listen and learn, real live trades is not necessary.
THIS IS a journal as we express ideas and experiences from the trading day....
PS: If you go to ES JOURNAL and review it some you will see it is a bunch of opinions........... What are you going to learn from a bunch of others opinions.
<i>"like ES Journal or ESclown's journal where you feel like your actually experiencing the trades with the traders..."</i>
The professional's premiere forum for that would be HotComm, where no editing of posts are possible, everything is timestamped and entries are instant without lag. To each their own, but I personally don't think this site is remotely close to a live-trade forum.
As for the trade blotters you mentioned, I cannot recall seeing any of that outside P&L threads. Could be wrong, been wrong many times before, but I missed any of those per ES trade blotters posted elsewhere.
A "journal" by definition is somewhere to record thoughts for review at a later time. Some people here posted a few tidbits with explanation of what they see - do - act upon intraday. I'd opine that has more residual value than someone posting they just went long or short during live market action with little explanation otherwise.
The professional's premiere forum for that would be HotComm, where no editing of posts are possible, everything is timestamped and entries are instant without lag. To each their own, but I personally don't think this site is remotely close to a live-trade forum.
As for the trade blotters you mentioned, I cannot recall seeing any of that outside P&L threads. Could be wrong, been wrong many times before, but I missed any of those per ES trade blotters posted elsewhere.
A "journal" by definition is somewhere to record thoughts for review at a later time. Some people here posted a few tidbits with explanation of what they see - do - act upon intraday. I'd opine that has more residual value than someone posting they just went long or short during live market action with little explanation otherwise.
ES journal is for me a place to exchange ideas, not for posting live trades, for the reason that it is difficult to post trades while trading with the necessary level of concentration. Posting trades and/or blotters provides little educational value without a discussion of the principles behind the trade.
I do keep a journal of my ES trades that I write AFTER market hours based on observations made DURING market hours. However, I will not post that material online, as it is too valuable to give it away for free.
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