Mr. Ocean's Journal (Hourly NQ)

Discussion in 'Journals' started by Danny_Ocean, May 22, 2015.

  1. Thanks db. I will be developing the tactics myself so that I trust them. Just like to know I'm using the right framework.

    I also like the fact that this will be cutting down on the number of trades I take, although it will require more patience. Which I don't really lack.

    Things are looking up. Finally.
     
    #21     May 25, 2015
  2. dbphoenix

    dbphoenix

    I should point out that AMT would have been of little help during the '07-'09 market for an hourly trader. But that doesn't alter the efficacy of the SLA.
     
    #22     May 25, 2015
  3. Hmm. So... You just use it when there's an obvious channel? Or what?
     
    #23     May 25, 2015
  4. dbphoenix

    dbphoenix

    If there's no mean, there's no channel.
     
    #24     May 25, 2015
  5. Gringo

    Gringo

    A Poet's Trading Plan

    SLA-AMT - use both, or either;
    And stay out in case of neither


    Gringo
     
    Last edited: May 25, 2015
    #25     May 25, 2015
    Bern and Danny_Ocean like this.
  6. Been playing with it more over the long weekend. Had an epiphany with the SLA lines and began to see the buying pressure and selling pressure forces at work. No need for all those boxes anymore I had at the beginning. Getting pretty good at reading it without the lines too. If I do need a line, it's because it's a little too close to judge with the naked eye. Which leaves me wondering... if it's not obvious without the line, should I even take it?

    It's really coming together in my head now how price moves. I'm loving it.
     
    #26     May 26, 2015
    dbphoenix likes this.
  7. Thinking a little more about entries and trade management now. Keeping "If it doesn't go, you don't want to be there" in my head. So I'm looking for those instances where price just goes and doesn't really look back, and the surrounding circumstances. Did it clear previous congestion? Did it clear the last swing point? How deep was the retracement? Etc...
     
    #27     May 26, 2015
    lajax, dbphoenix and Gringo like this.
  8. Some preliminary observations:

    1. Price needs to break the previous Supply/Demand line clearly and decisively.

    2. Price needs to clear the previous swing point.

    3. If the retracement is deeper than 50-75% of the initial impulse, it's usually not any good.

    4. The best retracements usually offer a stop <20 points if placed behind the entry swing.

    Sill working on clearing congestion areas. I remember reading db saying somewhere that price has to clear congestion before it can run for daylight. Seems like once price spends two or more days ranging in the same territory, it's best to wait for the breakout and retracement of that activity.
     
    Last edited: May 26, 2015
    #28     May 26, 2015
    Bern and Gringo like this.
  9. Buy1Sell2

    Buy1Sell2

    Really only the second bullet point is significant in value. The rest is over-analyzation. Price clearing previous swing point though is of significance if the swing point is determined properly.
     
    #29     May 27, 2015
  10. i've never quantified that grail, and it's not for not looking but i know it when i see it:)
     
    #30     May 27, 2015