The Price Action Journal

Status
Not open for further replies.
This is an interesting. I tried to codify some things I would look for visually and got a general outline look of it. Rules would have to added to filter out chop-noise though, like only taking a move above a prior high or below a prior low where a price might be warning of turning.
Oh well, some more stuff to think about...
 

Attachments

Quote from rolextrader:

Forgive me if you've answered this, Susana, but what is the size of your stop loss? Does it vary?
More...

Her stop varies. Its based on previous S/R areas.

I do think that she eventually moves her stops up to around break even once shes in profit. Could be wrong though.
 
Great thread..thanx to all who are participating and especially SusannaDT for initiating all this.
I'm attaching a regular 15 min time frame chart of todays Emini action.
My point is that PA should apply to all time frames.
Personally,I'm not comfortable trading more than three times a day - in fact I often will go a whole day without any clearcut signals in either the Bonds or the Emini and, four years of experience has taught me to sit rather than s*it, if you know what I mean :-)
Trading a higher timeframe has both advantages and disadvantages. My learning curve is leading me to look for bigger targets. It's great to pick up a bunch of two or three pointers - don't get me wrong - but sometimes it's easier to just sit back, go out for a coffee and let it roll. If a signal is a good signal then I want to ride it until it proves me wrong.
My 2 cents worth.. interested in any feedback.
 
Will try to answer some of the new questions in one post.

I only use one chart, the 10,000 constant volume chart in ES.

I definitely go back as much as I need to find potential areas of support or resistance before I begin the next trading day.

My stop is based on PA, usually 2 ticks above/below my entry formations, if the entry formation is too extended I might skip the trade altogether or use a closer bar to minimize the risk of the trade. I like to keep losses per trade at a max loss of around 1%, this prevents psychology from interfering with my discipline and price action reading abilities.

The rest I believe I have explained in the past so I invite everyone who is confused to examine my posts and charts with a little more detail and perhaps dedicate more time to them before asking trivial questions that have been answered in the past.

Susana
 
Quote from SusanaDT:

My stop is based on PA, usually 2 ticks above/below my entry formations, if the entry formation is too extended I might skip the trade altogether or use a closer bar to minimize the risk of the trade. Susana
More...
Appreciate the reply. Just to clarify my thinking, when you say "formations" are you referring to either the high or low of the entry bar or something else?
 
Quote from rolextrader:

Appreciate the reply. Just to clarify my thinking, when you say "formations" are you referring to either the high or low of the entry bar or something else?
More...

Entry Formations:

- 3 Bar Reversals
- Matching Lows
- Matching Highs

Susana
 
Quote from jack411:


I do think that she eventually moves her stops up to around break even once shes in profit. Could be wrong though.
More...
Susana, is this true; if so, how much profit before you move the stop breakeven? Since you don't scale out, breakeven is entry, correct?
 
Quote from rolextrader:

Susana, is this true; if so, how much profit before you move the stop breakeven? Since you don't scale out, breakeven is entry, correct?
More...

I do not move stops to break even, stop movements should be based on future PA development not something that makes you feel good because you can't lose.

Look at my charts I annotated stop movement when I did.

I don't usually scale out, unless I see potential reason for doing so.

This week I did it once because eventhough PA hinted at retracement, ES had created a very nice reversal formation @ confluential support before that, so took one off and waited for the breakout, which I eventually got.

Susana
 
Status
Not open for further replies.
Back
Top