The Price Action Journal

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My contribution for this great thread.
Had to leave early today so I've missed some nice moves (and at least one 10 points trade) but I can't complain, very happy with my trading today.

BTW, for those who asked me is several places. I DO NOT use this 10,000 Vol chart as my main chart. I just use it as one more chart (along with 4 range bars and 1 minute charts) and sometimes for my entries and exits too. I do use some indicators (only 2 HMA's for visual aid) but for the sake of this thread I post my charts like Susana's charts.

Edit:
The first comment on the chart should be R into S and not vice versa, my apologies.
 

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Thank you moderators for cleaning the trash off this journal.

Had an amazing trading day, ES has been a flower lately.

Would like to see experienced traders contributing to the journal please, I'm also a student here, otherwise will just grow tired.

Thank you.

Susana
 

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Hi Susana,

I posted a message a few pages back, not sure if you saw it so I will post it again.

I might have missed something while looking at your charts. How do you know with a high degree of certainty that the trend has changed? What do you look for to determine a change of trend?

Thank you,

Floyd

Quote from SusanaDT:

Thank you moderators for cleaning the trash off this journal.

Had an amazing trading day, ES has been a flower lately.

Would like to see experienced traders contributing to the journal please, I'm also a student here, otherwise will just grow tired.

Thank you.

Susana
More...
 
Floyd,

It's very simple and don't let anyone tell you differently.

Support is always support until it becomes resistance.

Resistance is always resitance until it becomes support.

The rest is highs and lows.

Susana
 
Quote from SusanaDT 07-20-08 07:24 PM:

Shel,

I'm not so much a trader of highs and lows, although they definitely play a huge role in my analysis.

My main definition of the trend, if any, is who's winning the flipping game.

You might ask yourself, what is the flipping game, well it's simple. Are resistances becoming supports, or are supports becoming resistances ? The answer will give you the trend, sometimes, regardless of highs and lows because as you well know, a consolidation or chop can give you false swings and confuse you.

Susana
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When you look at a 1 min or 3 min chart you will see in hindsight that a change in trend is often reflected in the price action even at the start of the move. As Saliva said PMT.
Look at the WRB wide range bars at the start of the move, there relation in size to the previous bars in the opposite direction etc

So once Support resistance and price action indicate a change in trend or a start of a move I look to buy/sell pullbacks...simple :D
 
Dear Susana,
agian, not that I'm a better trader but just notice that your only losing trade yesterday was a counter trend trade.
There was a obvious double top followed by a LL and a LH and if I remeber right according to AHG this is at least a sign of cosolidation, no to mention a trend change. But still, although you've noticed all these things you still entered long, and lost.
just my 2 cents...
 
Quote from amitman:

Dear Susana,
agian, not that I'm a better trader but just notice that your only losing trade yesterday was a counter trend trade.
There was a obvious double top followed by a LL and a LH and if I remeber right according to AHG this is at least a sign of cosolidation, no to mention a trend change. But still, although you've noticed all these things you still entered long, and lost.
just my 2 cents...
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Not taking support into consideration, AHG calls for a downtrend when a DT, LL and LH form. Typically very high R:R plays at that, especially if the DT is at R!
 
Quote from SusanaDT:

Thank you moderators for cleaning the trash off this journal.

Had an amazing trading day, ES has been a flower lately.

Would like to see experienced traders contributing to the journal please, I'm also a student here, otherwise will just grow tired.

Thank you.

Susana
More...

Anybody pulling out the performance that you are pulling in points per contract in real life, is in the top 0.25% of traders in the world skillwise.

At some point you will have to face the size demon, which is the last demon guarding the pot of gold at the end of the rainbow. It is an ugly bastard.

Additional improvement in your demonstrated PA skills will bring only marginal bottom line results. Only size increase will impact in a big way your performance from this point on. You have probably heard that before too.

The odds say that you are unlikely to see many of the 0.25% traders in your league with better points per contract results. But I never believed much in odds.

The above is my opinion only of course.

Thanks for starting the thread. I have learned from it.

Good luck and continued volatility in your journey.
 
Quote from SusanaDT:

Would like to see experienced traders contributing to the journal please, I'm also a student here, otherwise will just grow tired.

Thank you.

Susana
More...
Here's an idea, one which I'm sure you've had before.

Only take the trades in the direction of the dominant trend.

Using yesterday's trades as an example, using the daily OHLC to determine the trend and investor sentiment for the day you would only have taken LONGS.

Looking at today's chart, you would only look for SHORTS.

Just a thought.

Good trading.
 

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alea jacta est,

don't cross the rubicon. (that's supposed to be a joke)

serious question:

on your chart, are your price bars constant volume bars? If so, what volume, 10,000?
 
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