The Price Action Journal

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"What's your entry technique? A 3 bar reversal pattern like Susana uses (with the magic tick entry)"

Can someone tell me what the "magic tick entry" is.

Great thread.

Thanks,
Mark
 
this thread is really good. It has definitely helped improve the way I look at charts. Also started reading anekdotens thread with some 1000 pages. very informational so far. threads like these make ET every bit worth it
 
C'mon guys, this is not Rocket Science. Susana has made it clear at the outset, and repeatedly, that she wants this journal to stay "indicator-free". Please abide by this simple request, and if you feel compelled to discuss your latest 'n greatest indicator start your own thread in the Technical Analysis Forum or elsewhere. But not here, or all your posts will be removed. We now return to this fine journal, and let's please keep it that way. Thanks.
 
Quote from mbluhm:

"What's your entry technique? A 3 bar reversal pattern like Susana uses (with the magic tick entry)"

Can someone tell me what the "magic tick entry" is.

Great thread.

Thanks,
Mark
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to go long, say bar #3 high 1270, you enter at 1270.25


Quote from ggoyal:

this thread is really good. It has definitely helped improve the way I look at charts. Also started reading anekdotens thread with some 1000 pages. very informational so far. threads like these make ET every bit worth it
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me too, plan to take weeks to finish the reading, good stuff.
 
Oh gosh, did I over trade today. Thankfully due to my positive R:R nature I came out ahead and missed the whole afternoon dump, so what, there are more trading days ahead.

The goal is to make money not be omnipotent.

Today is a day I could use your ES trading charts, was a little confused, felt a little out of control at times. Definitely not my best day, but I'll take any profits as a sign of success.

Looks so damn easy in hindsight yet in the day I felt quite lost at times. Once again, the cut the losses short and let the winners run concept saved my butt, I really don't know how people with big stops make it in this business, I really don't.

Sorry I got nothing better to show.

Glad the weekend is here (for me anyways), overall the trading week was another grand slam for me, I feel like I made it. Still trading 2 ES cars, if by August I keep the consistency I will increase to 3 by the start of September, knocks on wood (3 times)!

EDIT: Sorry I missed the stops on the last longs but by now you know where they go.

Cheers,
Susana
 

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There was a guy I use to follow who posted under Spike500. He developed a method that was based on trend and momentum.

I've only been able to scratch the surface, but when analyzing price action incorporating this will definitely help. After all most patterns like a reversal wedge is showing a weakening momentum etc.

I use term loosely - momentum - rate of change- pace- etc

Please ignore any reference to indicators

http://www.elitetrader.com/vb/showthread.php?s=&postid=1074975&highlight=#post1074975


Quote from spike500:

All depends on how you measure the strength (or the momentum). Your conclusion is correct if you measure the strength by using MA’s or MACD, but as I don’t use them I don’t have that problem often, and there is always a stop in case….

I divide trend in different strengths, and for each strength I have different entry and exits. As my strength is measured rather fast I stay most of the time in line with the prices. The fact that I only enter a trade at the optimal point of my system, gives me some space to see what will happen. That gives me the advantage that I can get out fast and most of the times before losing a lot of money.

The basic of a good trend following system is a system that defines the trend fast and accurately. This causes normally a problem, because fast means that it can reverse fast, it can whipsaw, reverse too soon, and signals can become unreliable. That’s why the system evaluates the strength and shifts to another scenario when the strength changes according to my decision table.

If you compare measuring the strength by a MACD with my method, I will probably get several warnings of a changing trend even before you see it in the MACD. But once the strength is developing I shift to another scenario and automatically the system is adapting it’s exit accordingly to the strength of the trend. I think it is impossible to have 1 system that trades well in all different kind of markets. That’s why I have build so many different scenarios.

Maybe a bad example, but better a bad one than none at all is the following:
You are driving in the mountains. To travel fast and comfortable you will have to adapt your speed in function of the inclination of the road. If the road is flat you can go in fifth gear, if the road goes up at 25% you will be forced down to the second gear. My system studies the road and says which gear is optimal for fast and comfortable travelling. But as the road changes constantly my system checks constantly to see if the actual gear is optimal or not.
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Hi Susana
Very glad to see you felt the same like me today. I had a terrible day today, wish my R/R was as good as yours.
Anyways, felt really lost most of the day and apperantly made a few losing trades you didn't take and I'd really love to know why to didn't take them. One was a long after the HL at about 10:04 (exactly at the time you exit you short) and one was a short at the bounce from the resistence at about 13:45 (a bit after you exit the long).
Don't feel bad about the miss of the big down move, unfotunately there was no PA or technical reason to enter (HH, HL before and not any heavy resistence near the area), moreover there were not even a little retracment that may have allowed us to enter using a normal stop. The only reason I see to enter was a break of an pretty obvious trendline, but again, market moved so fast that there was hardly any good place to enter. Well it's all look different at hindsight.
Anyway, keep posting your charts, I'm really learning a lot from them.
Oh, and one more question, what was the reason for the short at 10:06? I can't seem to find any resistence, and there was a HH just before that.
 
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