The Price Action Journal

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Max22,
TY very much for the chart. Your explanation was perfect.

1 question,
I understand th entry for a 3 bar reversal, but what is the proper entry for matching top or matching bottom?

Would you treat the second bar (that offers the matching H in a swing up or the matching L in a swing down) as the 3rd bar of a 3 bar reversal?
 
how do you guys not get caught in the very small trends within the main trend and not get chickened out of your trades?
 
Quote from ggoyal:

how do you guys not get caught in the very small trends within the main trend and not get chickened out of your trades?
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I get caught all the time. Still working on it.
 
Quote from balda:

I get caught all the time. Still working on it.
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I understand the relevance of S/R and HH,HL,LL,LH. these are pretty much what I use.

But i hate getting caught in the smaller counter trend. any experienced answers?
 
Quote from ggoyal:

I understand the relevance of S/R and HH,HL,LL,LH. these are pretty much what I use.

But i hate getting caught in the smaller counter trend. any experienced answers?
More...

Not an experienced answer, but then i'm not sure what you're looking for.

If your getting chickened out then..dont be a damn chicken. If you can't help but wimp out, then trade a smaller time frame. Less risk, but less reward.

However the best answer would be simply to be able to identify the difference between a retracement (countertrend) and when the situation has changed and the market is about to prove you wrong. If its a retrace then who cares (assuming your strops are in place) but if the situation has changed from your original assumption then cut your losses.

EDIT: Just want to reiterate that I'm very new to trading.
 
I think ggoyal refers to a chop.

You take a valid entry and get stopped out, then take another entry and get stopped out.

Do not be afraid to miss the move. wait for a larger move away from consolidation and than enter the trade.
 
Traded today because I got invited to a trip so will be putting trading on hold for a bit.

Got so many good plays that slipped through my hands due to missed fills, so frustrated, very tight range today but that's not where my frustration is coming from, was the freaking no fills on good calls.

Anek suggested that since I do 2 cars I should do 1 car @ limit of 3BR/Matching confirmation then a 2nd one at my typical place, then whenever I do 3 cars, the 3rd even lower with the same stop for all of the scale ins. Something to consider, basically scale in the position into the entry formation to avoid these no fills while keeping the risk in control.

Anyway, did very well, could have done much better if it was not for those no fill plays. Consistency is there and that's all I care for really.

Off to packing, beaches and Piña Coladas here I come!

Susana
 

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Quote from SusanaDT:

Traded today because I got invited to a trip so will be putting trading on hold for a bit.

Got so many good plays that slipped through my hands due to missed fills, so frustrated, very tight range today but that's not where my frustration is coming from, was the freaking no fills on good calls.

Anek suggested that since I do 2 cars I should do 1 car @ limit of 3BR/Matching confirmation then a 2nd one at my typical place, then whenever I do 3 cars, the 3rd even lower with the same stop for all of the scale ins. Something to consider, basically scale in the position into the entry formation to avoid these no fills while keeping the risk in control.

Anyway, did very well, could have done much better if it was not for those no fill plays. Consistency is there and that's all I care for really.

Off to packing, beaches and Piña Coladas here I come!

Susana
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hey Susana, thanks for the chart

would u mind explaining where u got those 2 support and resistance lines (the red and blue lines) in today's chart?

thanks in advance
 
Susana, could you please explain why you referred to the first trade of the day as stupid (or if you are on your trip someone else could help explaining).
Thanks in advance,
Chris :)
 
Susana,

What did you see that would make you go long on your 1st play on 8/1? I couldn't identify any support nor did I see a "magic" tick....just curious.

BTW- I made the same plays as you the rest of the day. I did take one additional short around 11:00 am @60.75 (the first bounce off of the 62 area R) for small gain. Additionally, I would post a chart but it would look identical to yours today.

Keep up the good work!

Ty
 
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