Great stuff RN and JAS. I'll reply in detail tonight, I have to go to work. On saturday. In retail. Before Xmas. SMILE I've been annotating charts with a pencil this morning. I really enjoy learning this way. I'm specifically keeping my eyes out for the H/L O/C in relation to each bar. Great learning exercise. JAS --> I used many books. In fact I started this journey simply because of a book I read about the turtles. For some reason, I was inspired. I had no intention of doing this, and then boom! There's a desire in me somewhere to really do this a career one day. I've tried to study Brooks, bar by bar. There is SOOO much material there. He helped a lot with trend channels, lines, S/R, pullbacks. I probably read it too early in my journey, but I continue to reference it. I read Following the Trend by CLENOW. This is geared towards fund managers I believe. Way too technical for me at this point. Plus, I don't want to manage OPM. Money in stocks, by Oneil. Mastering the trade by Carter. Many threads on ET about price action. I have yet to read Volmans book on price action scalping, but it's on its way. I absolutely love Trading in The Zone. I continue to read a couple pages a day even though I already highlighted the entire book. More tonight, -JS
Thanks RN. I've gone back and forth with slugar a little in PM, and J began a little bit here. I'm not as experienced, but I agree they might not know how good they are at this. They will though. I've learned a lot from them. I've learned a lot about slugar's zones/gaps/strong isolated trend bars, these tend to get tested within a days action, sometimes two. Sometimes they become S/R, or they're at least filled again. I don't know if If I should be, but I'm often curious about the behavior behind this price action. If there is a strong isolated trend bar, with no overlapping from bars, why does PA often come back to it, at least to test it? I began printing charts today. Amazing what I'm seeing. Thanks for the exercise. I'll pay more attention to MTFA. I trade the 5, not well yet, and consult the 15. However, I haven't been putting much "weight" in the 15. Nor the 240. I should pay more attention to this bigger picture. -JS
You are up early! Or still not bed? LOL Hopefully enjoying your weekend. I have xmas pictures tomorrow with the fam. Hopefully we'll match this year. Last year they all wore black/greys....and I had a green sweater. I still don't hear the end of that. Ahhhhh Step one --> This is where I am. I'm annotating charts. I'm paying a lot of attention to H/L O/C. I'm trying to let PA just sink in. I am however trying to be very active about it. Asking questions while I read. I, like most traders, do want to reduce my time. However, I want to succeed. So I want to do what needs to be done. If that means taking longer on these steps, then good. "They fight themselves over dumbing down" You may or may not have written the above quickly. It stuck out to me. I see a lot of wisdom in this comment. Almost humbling oneself before the market and being willing to be told how to act in a trade. Following instead of Leading. Listening instead of Telling. Almost engaging in a friendly debate, but being wrong is ok too. But hopefully we're right. I fight myself over dumbing down. I'd like to learn how to get there. I hope I am. I don't want to be a know-it-all if it means success in this biz. "May you find that which you seek...., like what you find..., and experience much success - along your path..., and over your travel Sir" Thank you RN. I too want this. -JS
What made you take the second short? Obviously this is all hindsight, but I see support around 6:09-6:12 with a DB. Short into the DB? OR, were you thinking that the resistance area was going to hold above which also makes sense? I think if I expected R area to hold, I would have shorted again too, especially based on those bars. Next bar after first short made a HH, but was quickly rejected. Next bar, made HH and LL then previous bar, but had same O/C suggesting price might actually fall. Next bar, another doji, However, a much HL. I'm all hindsighting a learning. Thanks for this jas. -JS
there's one short on that chart. the first trade. then long I exited quickly which i should not have done then another long. jas
H & L is key, O & C random really there just when the clock ticks over and noise generally. Your reading too much into single candle patterns, imho there worthless on there own, look at groups last hour being key. Zoom out to get a feel for the market, but stick to 1tf, you will just confuse yourself. Time of day is important, generally chop first 15-30mins into US open or into news, then trend move, back to chop over US lunch time, then maybe a trend move into the close. You need to trade chop or trend differently, 2 methods works best, if the methods dont suck when you play chop and get trend or vice versa that also helps reduce your losses.
Sweet One very important note When ever it "appears" one of us (Slugar..., J..., or myself) is telling you one thing..., and another one of us.., or possibly two of us - is telling you what "appears" to be the opposite Please realize - we all trade differently - in unique ways to each of us...., as you too will need to find your unique way So if ever you get "what appears" to be conflicting information from us - drill down..., ask more questions till it makes sense to you Likely we're not disagreeing - rather just sharing how each of us see it ======================== It not necessary to know why in order to trade successfully Having said that - I never met a good trader who wasn't curious Being curious - and thinking through whys - is important to identifying behavior Beautiful One thing to always be mindful of; It is all the same exact PA (PA is continuous - except for session breaks) Pick whatever TF(s) fit your eye - knowing what you're looking for is discernible S/R..., direction..., or whatever - that'll help you stay in tune with price / and form trading thesis's - on your TTF RN
Nothing wrong with being unique Good..., And asking questions is always important.., as is finding the answers - never stop doing either I promise you this No matter I write something slow.., or fast - it will have been thought through One's mind..., is one's most priceless asset - I use the hell out of mine Absolutely You're Welcome RN
JS With what I post here - I still want you to stay on track It just..., as a trader - when an opportunity presents itself - I must exploit it (1) Yup (2) Clock tics = time...., ever notice - people put much emphasis on time..., ever wonder why Oh..., and I believe I did day time one of the dimensions (horizontal and diagonal being the other two) ================ We all..., see what we see We all..., are limited by same Expand your view..., expand your opportunities Food for thought.., or not RN