Missed these on Thursday...
A: was interesting as it was not my setup (S/R+20ema) but it was very similar as it occurred at S/R +.50.
B: see the chart...
Showing posts with label Practice. Show all posts
Showing posts with label Practice. Show all posts
Saturday, 13 December 2014
Tuesday, 7 October 2014
Practice Read
Routine a little off this week. Been going to bed later than I should (GF's away) and that effected my trading yesterday and today. So much so today that on waking I knew I was overtired so slept in.
EU Obs: Easy trend on Lows and Highs, made easier to see with bar charts
EJ Obs: Again a HH followed by a LL = confusion (just like yesterday)
Thursday, 11 September 2014
Some Realtime Practice
First day back where I've felt normal/well and haven't had guests sleeping where I work... No trades just a real time practice. Some rust, some nice observations.
1. Shorting into a HL (Buying into a LH) is going to be weaker play than selling into a LL (buying into a HH). As the HL was a test of the trend low and so price can now more easily reverse. Where was a LL is the trend low and still needs to be tested.
2. When a with trend trade shows weakness (ie O/C ag 20) this strengthens the potential SAR of it.
GU Obs: Simple trend trade, entering at 20+S
UJ OBs: another simple with trend trade, the 2nd was less likely to work as the prior low failed to close below the previous one.
EU Obs: Another case of how shorting into a HL is not always the best idea. Also sticking with the basic strategy is far less confusing.
1. Shorting into a HL (Buying into a LH) is going to be weaker play than selling into a LL (buying into a HH). As the HL was a test of the trend low and so price can now more easily reverse. Where was a LL is the trend low and still needs to be tested.
2. When a with trend trade shows weakness (ie O/C ag 20) this strengthens the potential SAR of it.
GU Obs: Simple trend trade, entering at 20+S
UJ OBs: another simple with trend trade, the 2nd was less likely to work as the prior low failed to close below the previous one.
EU Obs: Another case of how shorting into a HL is not always the best idea. Also sticking with the basic strategy is far less confusing.
EJ Obs: Chart shows that if the w trend trade shows weakness (in this case O/C ag 20) it stregnthens the SAR of it.
Wednesday, 25 June 2014
Tuesday, 24 June 2014
Monday, 23 June 2014
No Clear Trendline = No Clear Trade...... Clear Trendline = Trade as and When MAs Clear
Getting back into the swing by just PA again. My trade direction has for sometime been the 8/20 (8 abv 20 = long, 8blw 20 = short). I have however had some issues with this in the past, particularly in ranges when this "direction" can chop about. Friday I was watching the EU, EJ, and GU and noticed the following...
Clear Trend-line(s) = Trade as and when Moving Averages are clear
No Clear Trend-line = No Trades even if Moving averages are clear
EU Obs...(Clear TL and MAs = Clear Trades)
EJ Obs... (Clear TL but unclear MA's = No Trades)
GU Obs... (No Clear TL, even with a obvious MAs = Not trades)
Thursday, 19 June 2014
Observation: Above yesterdays levels = better flow
Been off a couple of weeks, just a warm up...
EU broke out above yesterday's high early as such PA had little interference.
The EJ on the other hand got slammed by yesterday's Hi
EU broke out above yesterday's high early as such PA had little interference.
The EJ on the other hand got slammed by yesterday's Hi
Tuesday, 21 January 2014
READ and further thoughts on this AM
RE this AM: I have come to the conclusion, maybe incorrectly but through as logical thinking that I can muster that...
If I have entered at a solid S/R level on good confirmation and price does not SAR immediately (NB a SAR must occur imd after the entry and preferably still be on the level, not off it), then I have likely got it right and it is more important for me to concentrate on (holding until price reverses at another S/R level) not getting shaken out, than taking fake secondary signals that will in no way be as strong as my initial entry and will likely just be shake outs.
I must not buy on Hi wave candles
Stop Loss thoughts (from the past)
1. I will place ISL at the other extreme of the trigger bar + spread.
2. I will SAR if and only if the reversal happens imd after entry and price is (preferrably) still in contact with the level. If price has detached from the level then only a close confirmation should be considered.
3. I will commence TSL when current bar closes beyond the trigger extreme +spread.
3.1 will Then TSL everytime price closes beyond the extreme of the prior with trade candle.
4. I will NEVER place a TSL on a NRB,doji or bars that gap.
5. I will Only exit discretionary if and when price meets another valid area of S/R and confirms a reversal.
If I have entered at a solid S/R level on good confirmation and price does not SAR immediately (NB a SAR must occur imd after the entry and preferably still be on the level, not off it), then I have likely got it right and it is more important for me to concentrate on (holding until price reverses at another S/R level) not getting shaken out, than taking fake secondary signals that will in no way be as strong as my initial entry and will likely just be shake outs.
I must not buy on Hi wave candles
Stop Loss thoughts (from the past)
1. I will place ISL at the other extreme of the trigger bar + spread.
2. I will SAR if and only if the reversal happens imd after entry and price is (preferrably) still in contact with the level. If price has detached from the level then only a close confirmation should be considered.
3. I will commence TSL when current bar closes beyond the trigger extreme +spread.
3.1 will Then TSL everytime price closes beyond the extreme of the prior with trade candle.
4. I will NEVER place a TSL on a NRB,doji or bars that gap.
5. I will Only exit discretionary if and when price meets another valid area of S/R and confirms a reversal.
Friday, 17 January 2014
READ and Thoughts on Desire
I always thought that money was a by-product of success, which I think is accurate but I've come to the realization that success is also a by-product. In trading anyway IMHO it is a by-product of ones ability to flow with the market. I've been thinking a lot about this over the week and came to the conclusion that...
I do not know the specifics of what is going to happen each day. I just need to know that the market will create something everyday, and all I have to do is flow with it. Flow must be my primary objective and precede all personal goals. I can inform the market of what my desires are but it will make no difference. I must realize that my goals will all be achieved in good time as a by-product of my ability to flow with price.
Anyway here's the read, both sessions ended up pretty choppy.
I do not know the specifics of what is going to happen each day. I just need to know that the market will create something everyday, and all I have to do is flow with it. Flow must be my primary objective and precede all personal goals. I can inform the market of what my desires are but it will make no difference. I must realize that my goals will all be achieved in good time as a by-product of my ability to flow with price.
Anyway here's the read, both sessions ended up pretty choppy.
Thursday, 16 January 2014
READ and S&R Thoughts
Trying to heed to words of several people /blogs I read. To Paraphase "simplicity, prep and context beat convoluted, fancy and intricate" I think I lost sight of that this morning particularly updating my prep (S/R levels).
To surmise....
- I need to mark all RLHs
- I need to mark all PBLs
- When price reaches an S/R line. I can expect 1. a bounce off it. 2. a pause and continuation (likely a SAR). 3. a straight BO/BD (that at some point price will likely come back to test/PC). 4. that I will have to update the S/R level after the test.
- In an uptrend (HHs/HLs)price will be making the new highs, and these will have to be tested before it reverses. The with trend PBs will occur at previously passed S/R levels.
- In an downtrend (LLs/LHs) price will be making the new lows, and these will have to be tested before it reverses. The with trend RLs will occur at previously passed S/R levels.
- All I have to do is wait patiently for the levels to be tested before taking a trade.
- Then be disciplined enough to take every trade that is triggered AND update the S/R level!
LLsLHs= down trend = only reverse on test of most recent low
a. Long off touch of prior low and draw new lows
b. Short off touch of PC and draw new highs
c. Long off deep test of prior low and 1.36, and draw new lows
d. short off test of prior RLH
e. Long on SAR of (d), draw PBLs
f. HH/HL = uptrend = only reverse on test of most recent high
g. Short off test of most recent high (d) draw new highs
Wednesday, 15 January 2014
PM READ and Volume Observation
Okay TBH I didn't do this in real-time, I had a long chat with the missus instead. Anyway tried to be as honest as possible. Still worried about potential over trading as there were a ton of triggered trades today, however outside of my sessions....
What I noticed was that these constant SAR (stop and reverse) trades took place mainly between my sessions and when the market had "relatively" low volume... Resulting in me confirming that my session times are correct and that I could even start my AM session closer to 0800GMT as this is when the 1st profitable trade usually takes place and is when volume pipes up. My PM session start time 1330GMT is perfect... Admittedly I'll still need some warm up time to get in gear. But I'm thinking 0745GMT is probably an acceptable prep time and 0800GMT an acceptable trade time for the AM (LON) session. 1315GMT and 1330 respectively for the PM (US) session.
Here is chart of the volume spikes (Magenta Ellipses) pinging at 0800GMT and 1330GMT...
Tuesday, 14 January 2014
READ and thoughts
It's my birthday today and I've felt rather pensive. I'm not depressed, just thoughtful. I think this morning's trading added to the thoughtfulness. After my initial AM post I had all these plans to go over all my trades from the past week and see how they would have worked out trading tick vs close confirmation but I haven't done any of it and probably wont. I know tick is better than the close and I know price context is better than tick (but that's still a way off for me). So what's the point? I don't actually know I've done all day. pfffh.
Today was the best I have ever traded (until I let emotions take over), it's ironic that despite flowing with the market better than I ever have I have a negative a PL to show for it. Maybe it's not ironic, it may have been my best trading (flow) but it wasn't my best effort, I could have preserved and should have.
Winston Churchill “Sometimes it is not enough to do our best; we must do what is required”.
Sod it, I'm gonna have drink... that's required!
NB some Q's in the last post if anyones got time to have a look I'd be v grateful. Worried I was overtrading the LON session today etc...
Here's the read. I'm trying to trade between S&R levels. PBL (pullback lows) RLH (Rally highs) and PC (Polarity Changes / you know when S becomes R and vis versa). When an area is broken I must expect the next level to be hit before price will be able to make a valid reversal attempt so I must hold to that level (tricky emotionally).
Today was the best I have ever traded (until I let emotions take over), it's ironic that despite flowing with the market better than I ever have I have a negative a PL to show for it. Maybe it's not ironic, it may have been my best trading (flow) but it wasn't my best effort, I could have preserved and should have.
Winston Churchill “Sometimes it is not enough to do our best; we must do what is required”.
Sod it, I'm gonna have drink... that's required!
NB some Q's in the last post if anyones got time to have a look I'd be v grateful. Worried I was overtrading the LON session today etc...
Here's the read. I'm trying to trade between S&R levels. PBL (pullback lows) RLH (Rally highs) and PC (Polarity Changes / you know when S becomes R and vis versa). When an area is broken I must expect the next level to be hit before price will be able to make a valid reversal attempt so I must hold to that level (tricky emotionally).
Monday, 13 January 2014
READ Practice
From this morning's live session I felt that I had too much bias on DLs and SLs over S&R / price context. Been reading a lot of LevelHeadedTrading posts over the weekend and in this read tried to incorporate some of his methods. Notably the using the midpoint of a range as another S/R level. Lots more work to do, lots more that could be said but this covers the gist of it. I'm pretty tired from the morning session, I'm almost certain if I tried to delve deeper I wouldn't remain coherent ( a feeling trading has a particular knack of delivering to me ;-))
1. $ Breaks down MP, short retracement
2. SAR on entry bar's strong rejection below this level
3. short on RL to prior RL high
4. short RL to prior PBL into RNG low.
5. Buy off lower RNGs MP
6. Short prior RNGs Low (current RNG hi)
1. $ Breaks down MP, short retracement
2. SAR on entry bar's strong rejection below this level
3. short on RL to prior RL high
4. short RL to prior PBL into RNG low.
5. Buy off lower RNGs MP
6. Short prior RNGs Low (current RNG hi)
Friday, 10 January 2014
READ: Friday Session
Won't bore myself with a wordy post after this morning's essay. Basically just want to show that I probably would have had a better time with bars instead of candles.
aqua squares where price PB/RL to prior S/R level and might offer an entry
Red arrows potential trades
? HTF do I get into this up move with my current idea? simply a TLB HL reversal entry?
aqua squares where price PB/RL to prior S/R level and might offer an entry
Red arrows potential trades
? HTF do I get into this up move with my current idea? simply a TLB HL reversal entry?
Thursday, 9 January 2014
READ: PM/US session and some Qs!
TBH not all of this traded in realtime today but God this action made me think.
As suggested I've been looking at the session in bars not candles and prefer the look of it. It makes price flow evenly as the "sessions" are less obvious so price action becomes one not 150 individual little things. However I'm still technically using candle entries so am swapping between views...
It's interesting when reading Al Brooks "Reading price action ...." he says (and I paraphrase because I'm too lazy to find it) "not to worry about data and to just trade the price action that it creates because it is perfectly valid" and that is precisely what happened this PM. US initial jobless came out BTE and the dollar rocketed and price action would have got me in on the move.
I'm using a two higher (lower) closes abv/blw a supply or demand line to confirm it as broken.. and a one close as it is still intact (any readers thoughts on this I want to hear please) So...
TBH I would probably have walked away after the gain from 3. BUT technically I should be able to continue trading this. A few rhetorical Qs that I would actually like answered if anyones got time...
Should I always look for a reversal on a spike?
Should I continue to trade between levels that have been broken to hell?
Should I simply quit after a large move?
2. was a long because if you look carefully 1 marks 2 bullish closes above the supply line.
3. was a perfectly valid short as it hit the supply line from the London session and reversed down from there after only one close above it (despite there being no TLB this was a spike top)... R+5.5
NB as price was moving down I started mapping demand lines from yesterday to help me find the next possible entry (is this correct?)
4&5. spike bottomed after validating a demand line from yesterday putting in reversals so both were long entries.
NB? Once price reversed at the demand level in 4&5 I removed the other demand levels I drew in as a guide (4 dark pinkish lines) as took this as the market confirming what was and wasn't relevant.
6. was a short off the short term supply level between 4&5,
7&8. were longs off PBs to this supply (now demand) level
As suggested I've been looking at the session in bars not candles and prefer the look of it. It makes price flow evenly as the "sessions" are less obvious so price action becomes one not 150 individual little things. However I'm still technically using candle entries so am swapping between views...
It's interesting when reading Al Brooks "Reading price action ...." he says (and I paraphrase because I'm too lazy to find it) "not to worry about data and to just trade the price action that it creates because it is perfectly valid" and that is precisely what happened this PM. US initial jobless came out BTE and the dollar rocketed and price action would have got me in on the move.
I'm using a two higher (lower) closes abv/blw a supply or demand line to confirm it as broken.. and a one close as it is still intact (any readers thoughts on this I want to hear please) So...
TBH I would probably have walked away after the gain from 3. BUT technically I should be able to continue trading this. A few rhetorical Qs that I would actually like answered if anyones got time...
Should I always look for a reversal on a spike?
Should I continue to trade between levels that have been broken to hell?
Should I simply quit after a large move?
2. was a long because if you look carefully 1 marks 2 bullish closes above the supply line.
3. was a perfectly valid short as it hit the supply line from the London session and reversed down from there after only one close above it (despite there being no TLB this was a spike top)... R+5.5
NB as price was moving down I started mapping demand lines from yesterday to help me find the next possible entry (is this correct?)
4&5. spike bottomed after validating a demand line from yesterday putting in reversals so both were long entries.
NB? Once price reversed at the demand level in 4&5 I removed the other demand levels I drew in as a guide (4 dark pinkish lines) as took this as the market confirming what was and wasn't relevant.
6. was a short off the short term supply level between 4&5,
7&8. were longs off PBs to this supply (now demand) level
Wednesday, 8 January 2014
READ: Support and Resistance instead of TLs
This a reading practice post...
I noticed as I was trading this AM that just trading between S&R seemed simpler and did actually help the PL in terms of avoiding a trade that hadn't reproached a prior S/R level. I can't pretend to have witnessed the trades that occurred from 1135 - 1620 in realtime and I am no longer foolish enough to say "but they look easy enough" but from 0930-1135 and 16.20-1820 I hand on heart acknowledged all the green arrows in real time. I missed however the Aqua arrows but can subsequently see why they are trades.
This is something that ScalpingtheStretch/LevelHeadedTrading has been patiently telling me for months. I guess my head and eyes needed to catch up with the information. Anywhoo, like he says "less focus on candles and more focus on context" is obviously the way I need to go. And to be honest made for a far more enjoyable experience.
I noticed as I was trading this AM that just trading between S&R seemed simpler and did actually help the PL in terms of avoiding a trade that hadn't reproached a prior S/R level. I can't pretend to have witnessed the trades that occurred from 1135 - 1620 in realtime and I am no longer foolish enough to say "but they look easy enough" but from 0930-1135 and 16.20-1820 I hand on heart acknowledged all the green arrows in real time. I missed however the Aqua arrows but can subsequently see why they are trades.
This is something that ScalpingtheStretch/LevelHeadedTrading has been patiently telling me for months. I guess my head and eyes needed to catch up with the information. Anywhoo, like he says "less focus on candles and more focus on context" is obviously the way I need to go. And to be honest made for a far more enjoyable experience.
Monday, 25 November 2013
Difficulty Reading in Real Time
First day back in "realtime". Expecting a few teething problems and fixes so not worried...
Clear set of LHs and a DWTL = short. Actually got confused with H/L setup numbering and the fact that H/L1s can be valid setups (2nd entries) if they are PB/RL to an area of S/R.
Clear set of LHs and a DWTL = short. Actually got confused with H/L setup numbering and the fact that H/L1s can be valid setups (2nd entries) if they are PB/RL to an area of S/R.
1. L1
2. L2 but both doji
3. L3 in BW so low prob
4. L4 i should have taken
5. L1
6. L2 I should have taken
7. L1 and near trend extreme
8. L1 but a 2nd entry because RL to 7 high so a valid trade!
To overcome this I need to add to my guide to label the hi/lo of each trend extreme and PB/RL (blue lines on chart). And I need to ID every potential setup so I am aware of where price is in the order of things (numbers on chart).
TO DO:
Add to method: label the hi/lo of each trend extreme and PB/RL (so aware of valid L1/1 trades)
Add to method: Label every setup (so aware of where price is)
Friday, 22 November 2013
Waiting for Hi Prob w Trend trades
Clear up set of HLs and an UWTL = looking for longs. Just waiting for H2s ,3s and 4s nearer EMA than trend extreme.
Thursday, 21 November 2013
Conflicting TLs, resorted to Highs and Lows
Day started with a series on HLs so was looking to get long. There were 2 UWTLs that could be drawn along this series of HLs. Price broke below one one these TLs but I still would have expected a test of the prior trend high , so still long. Price then failed to make a new high at the test of the prior extreme and created a M top and LH from which would have been an ideal short to catch the massive down move. Whether i would have got in on this I'm dubious of as those TLs would have been v confusing in real time ie which one was most important? However the Highs and Lows seemed to light the path here. Perhaps when there are conflicting TL's I should focus solely on the highs and lows. Price action is most important after all.
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