Here's some thoughts. 1) Post a chart of your trades. If you don't trade with real money, you can use sim. It does not have to be here, but you need to create a journal and then copies of charts which shows examples of winning trades where you refer back to so that you can hopefully then repeat in real time the next trading day. 2) Make sure you use only price setups. Again sim allows you to test theories without losing money. 3) Create an Excel file like this for every trade you do especially when just starting out. Then refer back to it to see what your mistakes were for the day or week, so you begin to notice a pattern and hopefully can break bad behavior. Day Reason for Trade Instrument Win Loss Thoughts
Other than the longer term style of trading I do in my trading journal, since I've been trying to learn price action I haven't made any intraday trades. Since I have no idea what price is going to do I would be entering at random. I want to at least have some sort of rules in place before I begin sim trading. I've been saving images of daily ES charts though to see if I can see any patterns.
Nota Bene for those who use the log I recommend. Point E is already part of the next trend. Your log indicates this in several ways. for the drawing the OP invented the log would have been completed whereby all columns of the primary and secondary said F (for False.) this is where a trend is fully completed and the "overlap" of the next trend begins to make money. as you keep a P&L for trading using the sheet I gave to the OP, fill in the remarks column with the EE event turns that form the trend. I call then a, b, and c. a is a DOM to Non DOM turn; b is a non DOM to DOM turn; and c is a DOM to DOM turn. The pattern shown by the OP is "The Pattern" and you all recognize it I'm sure. A to B is the dominant first move of "The Pattern". B is an a type turn. B to C is the non-dominant middle move of "The Pattern". What eliminates fear, anxiety and anger in trading is the relaxation of logging the volume test procedure and logging the P&L of "the Pattern" moves as a, b or c turns at the ends of "The Pattern legs. You always know so you are always relaxed. SCT traders know that point B and D are more differentiated than the OP can do with his inane HH's B is an "a" turn. D is not going from DOM to non DOM like an "a" turn. D is an DOM to DOM turn in THE PATTERN and begins a short trend. The OP sked for examples so I gave him all the examples on Friday (meaning all the hindsight c turns on Friday). I decided, by reading over the wekend,, that it was pointless to give the "c" turns calls to the OP before they came about since he is making so many thoughless mistakes hitting his head against his prison cell wall. that brings up "what the hell happened the rest of Friday after bar 33?". It is a mystery to those in prisons all over the place. But think about it. ow does a trend keep extending itself? It keeps getting pairs of a's then b's turns. Log them in in the remarks column on the P&L chart I gave the OP. Trading is so cool. You have a DOM to DOM turn. then you can get a smoke or watch porn for a while (do what prisoners do, you know). I listen to johnny Cash and Ray orbison or BACH run it off. After a c turn you will usually have an a turn then a b turn to get to the next c turn. I gave the OP some of these on Friday. By linking the a, b and c turns to the names of the end effects, you get to know just when a c turn CAN follow from a prior c turn. I gave the OP some of these too. All the prison rules go away as you become expert. You can shoot a man just to see him die as the song says. It is very relaxing to "know that you know" always. It is "freedom". Step through the looking glass. do follow the yellow brick road. Make a finite list of types of turns and types of EE's. you quickly learn which combos are for trend profit taking and which are just part of the trend sequencing to make more money. Early release from prison is not flipping coins or rolling dice in Monopoly. It is having a fully differentiated mind. Or be like our OP, nothin but a houn Tdog. A HH is realy and a turn or a c turn. At least HL's are always b turns. LMAOROTF......
Ok, then buy a book if you can't afford someone to mentor you. Here's one to start off of. After you read the book, start trading in sim to practice. My trade on Sunday took only 1 tick of heat and was based on a candle pattern which I don't know if it's in this book since most of my patterns are based off of observation. Candlestick Charting For Dummies
Nice âcallâ. It looks like you nailed the RTL to the tick (but that was an easy one--on Friday afternoon even I was looking for the long to end on bar 1 this morning). How about a much tougher call (at least in my mind)? What about Tuesday morning? I have price in a lateral at the right trend line at today's close. Will the retrace at the close today become a reversal at the open tomorrow? -river
A Sequence conveyed by a Bar Interval presents one of six Pivot Events. These are HH, EH, LH, HL, EL, LL. When the most recent xH or xL Pivot is retested it will Hold or Fail. These Events may be viewed using multiple adjacent Bar Intervals, and the lower order HP and FP Events may be observed to anticipate the higher order HP and EP Events. The Held or Failed Bids and Offers presented by observing the DOM are equivalent to Held and Failed Pivot Events in a very small Bar Interval.