The Price Action Journal
- Thread starter SusanaDT
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I trade with AMP using their Global platform. (global is the same platform as Open E-Cry). I like it because I can trade directly from the charts, and using their strategy option allows me to automate the stops. Once in the trade, it's very simple to move the stops around with a drag of the mouse. Now that I've used it for a while, I wouldn't want to trade any other way.
The commission quotes are accurate as well. You should be able to get the $3.80 RT if you use Global or one of their other options. If you use NT, it's a little higher.
Hi all,
First of all I'd like to thank susana for this journal. Using the info here and in JJvrat thread my trading improved drasticlly and I'm really happy with that.
Aswering some questions. First of all about the SPY, I still trade it from time to time. It has it's advantages, one of them is tighter stops and better fills but with larger sizes (anything above 5K shares which is 10 contracts in the ES) it starting to get a bit harder. Also SPY is a little more noisy then the ES so you should tweak your stops accordingly.
My PT an SL are about 0.15-0.2 for stop and 0.2-0.25 for the target but that really depends on PA and on your trading plan.
I usually scale in and out so all these things may vary.
For the other question about the charts. I find that using few charts together can give you a good picture, one that you don't have to tweak all the time. I use 1 point range bar chart + 1min chart + 10K Vol chart. And I'm finding it very comfortable to trade with.
First of all I'd like to thank susana for this journal. Using the info here and in JJvrat thread my trading improved drasticlly and I'm really happy with that.
Aswering some questions. First of all about the SPY, I still trade it from time to time. It has it's advantages, one of them is tighter stops and better fills but with larger sizes (anything above 5K shares which is 10 contracts in the ES) it starting to get a bit harder. Also SPY is a little more noisy then the ES so you should tweak your stops accordingly.
My PT an SL are about 0.15-0.2 for stop and 0.2-0.25 for the target but that really depends on PA and on your trading plan.
I usually scale in and out so all these things may vary.
For the other question about the charts. I find that using few charts together can give you a good picture, one that you don't have to tweak all the time. I use 1 point range bar chart + 1min chart + 10K Vol chart. And I'm finding it very comfortable to trade with.
I know you guys love to trade almost any S/R but I prefer setups with hight probability.
Here's an example from today for a setup that rarely fails. A setup I learned from Bill (AKA Bilbod) one of the best traders here and a nice guy too.
Anyways he says that after 3 waves in the direction of the main trend you need to expect a small or a big reversal or at least a 100% retracment to the last pivot.
Here's what you do. wait for 3 consecutive waves in the direction of the trend. Watch the 4th wave, if it's DB/DT enter a trade against the main trend. 1st target is at least last high/low (depends on the main trend) and if you're lucky, like today, you might get a full scale revarsal for the 2nd half. Enjoy.
Here's an example from today for a setup that rarely fails. A setup I learned from Bill (AKA Bilbod) one of the best traders here and a nice guy too.
Anyways he says that after 3 waves in the direction of the main trend you need to expect a small or a big reversal or at least a 100% retracment to the last pivot.
Here's what you do. wait for 3 consecutive waves in the direction of the trend. Watch the 4th wave, if it's DB/DT enter a trade against the main trend. 1st target is at least last high/low (depends on the main trend) and if you're lucky, like today, you might get a full scale revarsal for the 2nd half. Enjoy.
One hour. It's not going to generate bucketfulls of trades, but who needs that?
Those fees don't include the Ninja license do they?
I see 5, not 4 waves. Is the minimum target then 1278.50?
Firstly adjust your screen resolution to 600 x 400
I think a key part of the trade was the 1275 support
Also the low had Wyckoff spring action
http://www.hankpruden.com/MTWyckoffSchematics.pdf
Low confirmed by the NQ dragon formation
http://www.elitetrader.com/vb/showthread.php?s=&postid=1829804&highlight=dragon#post1829804
Thanks for that info. Much obliged.
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