The Price Action Journal

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MandelbrotSet, you mentioned using the daily OHLC to determine the trend. What exactly are you looking for to know if you are going to take longs or shorts? Thank you.



Quote from MandelbrotSet:

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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Quote from alea_jacta_est:


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I think your indicator should be allowed as it is rule based on HH HL and LL LH (price action as seen by a machine). Not my thread however.
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This is conjecture on your part. And you missed the point... there is no substitute for learning how to read price action. And finding that handful of things that works consistently for you and your trading style. A computer program/indicator is only as knowledagble as the programmer.

Osorico
 
Quote from Floyd Roberts:

MandelbrotSet, you mentioned using the daily OHLC to determine the trend. What exactly are you looking for to know if you are going to take longs or shorts? Thank you.
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The chart is a daily of whatever futures contract you are looking at.

Pull up a daily chart of the ESU8 (candlestick) and you will see what I mean ... and boy it's dropped like a rock since I made my original post. :)

Of course this technique will not work when the market goes through a retracement, but sill maintains the bullish or bearish bias for the day.

You will have to do a lot of work with this concept to "make it your own". I remcommend reviewing your charts every day after the close, plus putting in the time over the weekend to study the last 10 - 20 days or so if you are serious about using this, or any, trading technique.

Good trading.
 
Trend is down and we are running into resistance and the price action is giving a 3br , this look s like a short play.
 

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Susana,

Do you trade with only one chart or do look at other time frame charts. I know some traders use a higher time frame chart to determine direction, a lower time frame chart for set ups, and an even lower time frame chart for entries. What's your opinion of trading with multiple time frames? Thank you.

Floyd
 
Pivotas,

I had to interrupt my trading day because I had to get this off my chest.

I've been extremely clear about the use of no indicators in my thread.

Not only you are you breaking a very important journal rule but you present your ideas in an egotistical way while keeping it confidential.

Please, for the love of God, your family or whatever the hell you guys care for the most, I DO NOT WANT INDICATORS IN MY JOURNAL !

It's a simple rule, please respect it.

If I go to your house and you ask me to take my shoes off at the front door I will do so, please reciprocate the courtesy in "mine".

Thank you

Susana
 
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