The Price Action Journal

[Darior]

Quote from jashanno:

Here are my trades/analysis during that period today. Made up for a not so great start to the day.

Great analysis Jashanno, post some more in the following days...

 

[TraderBillyRay]

Indirectly related to price action....

I noticed that a bunch of you use NinjaTrader for your charts... I've been doing a free NT demo w/Mirus, and I like the feel of NT.

haven't used Mirus (or anyone else except TradeStation and IB) -- anyone mind sharing which broker you use it with?

thanks.
billyray

 

[TraderStavros]

Quote from TraderBillyRay:

Indirectly related to price action....

I noticed that a bunch of you use NinjaTrader for your charts... I've been doing a free NT demo w/Mirus, and I like the feel of NT.

haven't used Mirus (or anyone else except TradeStation and IB) -- anyone mind sharing which broker you use it with?

thanks.
billyray

I use NT with Zen-Fire for my charting and InfinityAT for order entry.They really are a match made in heaven.

 

[TraderStavros]

-2.93, 1 trade

http://stavros.ahgtrading.com/2008/08/12/081208-couldnt-get-a-trade-in-edgewise/

 

[loxwood]

Hi TraderStravros, do you get the NT charting through Infinity?

 

[Surdo]

Quote from loxwood:

Hi TraderStravros, do you get the NT charting through Infinity?

NinjaTrader charts are free.
Go to their website and sign up for a demo.

 

[ggoyal]

ALL AHG followers-

Since Anek says that we should not take large losses at anytime, what maximum point or tick stop do you use PER CONTRACT?

Obviously if a large stop is required, the trade is not entered.

 

[andas]

Quote from ggoyal:

ALL AHG followers-

Since Anek says that we should not take large losses at anytime, what maximum point or tick stop do you use PER CONTRACT?

Obviously if a large stop is required, the trade is not entered.

IMO this can vary from trade to trade. It depends a lot on R:R. If your target is 50 points away a bigger stop may be necessary. Personally I have a max 2,5 NQ-points per contract stop (I currently use 1 car in sim). When I go live I will never take a risk higher than 1% of the account which are probably a bit higher than 2,5 NQ-points. But instead of increasing my stop I can scale up to more contracts if I feel I "have" to take the allowed 1% risk.

As I have understood AHG - this is pretty much the standard among those who use it (correct me if I'm wrong)

 

[jashanno]

Quote from ggoyal:

ALL AHG followers-

Since Anek says that we should not take large losses at anytime, what maximum point or tick stop do you use PER CONTRACT?

Obviously if a large stop is required, the trade is not entered.

There is no maximum it is based on price action. When he says avoid large losses he is refering to averaging down and/or letting a trade get away from you and letting it turn into an "investment". As long as the risk/reward is good and the winning percentage is there then you stop size doesn't matter. However, with that being said the best trades usually have no heat so very small stops are all that is necessary and should only be big enough to account for noise. And yes if stop is greater than your risk tolerance than sit out.



Anyone have a chart from today w/ trades and analysis? I went 0 for 7 and got chopped to death.

 

[keri60]

Quote from SusanaDT:

[For the record, I use two things, price and horizontal lines, I don't even use trendlines.

Susana [/B]

After several years of trading and learning markets I came to the same. I use horizontal lines as S/R and price action.
I think that chart reading ability is the only edge a trader can have competing with other traders.
I personally made the quickest progress in chart reading when I traded EUR/USD on FX retail platform using 1 min charts.

Keri60