Although I did not trade today this is my recap for the day. 8:32 sellers in control under 3100. 8:44 a higher low so buyers take back control. 8:48 another higher low buyers in charge. 8:59 sounds like a broken record but another higher low with buyers in control. 9:45 1st scary retracement but buyers still have THE UPPER HAND.
Almost a "cart before the horse" situation it appears. This, and by "this" I mean using a journal as the main tool to record you observartions of price activity, and more importantly your thoughts based on thsoe observations in order to learn how to trade, is a process. From what I have seen here in your journal to this point, you do not seem to be applying the process in the way I understood it. If this is to benefit you at all, it needs to be more focused on thoughtful observation, and less so on real time commentary. I know you have looked at this thread here: http://www.traderslaboratory.com/forums/wyckoff-forum/15535-developing-plan-trading-journal.html But now you need to understand it. Do not skip the steps. Each one is integral to any success you may hope to achieve from this work (and it is work). Also, DbPhoenix has mentioned it, but I want to reiterate that Game's Making of a Method journal here at ET is the best journal of this kind I have seen (outside of my own - which is in a three ring binder on my desk). And Game's journey, in many respects, has brought him to understandings that I have not yet experienced for myself. It is well worth the time it takes to read it, go over the chaarts for the time periods he was looking at, and use it as a sort of model for your own. Don't be exact, becasue we are all differnt. But pay attention to the process itslef. You have been pursuing this trading business for a while now. You have now been brought to the right path. Slow down, plan your plan, acquaint yourself with Game's model and really try to understand each of the steps DbPhoenix outlines in his essay about the Trading Plan/Trading Journal. As he says, "the markets will always be here for you when you are ready."
I am at the point right now that I understand the basics, support and resistance, higher lows and higher highs, lower highs and lower lows, retracements, 2nd entries,moving averages, hinges, breakouts and the rest of the basics, what I don't have is an exact method with strict rules and I am not ready yet to do this live but I will not give up until I know I can do this. My point in this thread is to learn to UNDERSTAND SUPPLY AND DEMAND, SUPPORT AND RESISTANCE AND WHEN I KNOW THAT THEN I CAN BUILD MY METHOD. My personality tells me that I will have a target in mind for my 1st contract and MANAGE 2nd contract and follow my rules on when to exit, or when to put my 1st contract back on. I have been interested in the market for about 15 years, tried a few times to to trade on my ameritrade account managed to lose a few thousand dollars so here I am today ready to start 100% over.
While I don't want to hurt your feelings, I think I can save everybody a lot of time here. Pretty much all you've provided so far is commentary, which is the lowest level of "understanding", e.g., walking is putting one foot in front of the other. If you understood all this as well as you think you do, you would be able to explain WHY price is doing what it's doing. But you don't, either because you don't understand why or because you're just not interested. If the latter, then this sort of exercise is more something to be endured than something to be learned from. You clearly want something mechanical, so this approach is not for you. I suggest you look into something based on patterns and/or indicators. If the former, then pick up a copy of Technical Analysis and Stock Market Profits by Richard Schabacker. You can get a used copy for $13. If you decide to go with indicators, I suggest you familiarize yourself with the MACD (find a copy of Appel's book if you can) and Lane's stochastics. Perhaps a combination of all of these will provide you with what you're looking for.
not sure why you think I want something mechanical, you told me to say my thoughts and so I spill my guts tell you and anybody else reading this that I've made mistakes trading and what I understand about trading and what I don't understand and that I'm willing to do what it takes to learn this so I can use this along with my own system as far as which of my signals is worth taking and which ones I should pass on and I guess I'm upset you tell me that clearly I want something mechanical that is far from the truth and if you don't want to help me thats fine but you told me I have to have my own system backtest it sim. it and then trade it so tell me why what I said earlier is wrong!
First, you say you want strict rules. This can't be traded with strict rules. Second, you've said little to nothing about your thoughts regarding what you're observing. All you're providing is commentary. Noting a higher high or a lower low is fine, but it isn't anything that a casual observer can't see. Third, you haven't acted on a single suggestion I've made other than to change the aspect ratio of your charts. Fourth, yes, you have to backtest and forwardtest a system, a system that is formulated based on the hypotheses you've made regarding your observations. But, again, all you're providing is commentary. There is no inherent value in trading price movement. It is not inherently "better" than anything else. If this does not interest you, there are plenty of approaches which may provide a better fit with whatever it is you want to accomplish.
But thats the point maybe you're right about me not understanding but I was under the impression thats what my journal is for! how can I tell you that the nq made a higher low and explain why if I don't know why it did what it did. That's what I am trying to learn so how can I explain it if I'm not sure how to explain it.
I've read most of your post on if you can draw a straight line, I've read 3 of al brook's books, most of your ebook which has been very helpful. i guess what I don't understand is what is the diiference between the questions I ask and some of the questions you get on different threads, last week I asked you a question about a higher low and the difference between that one and the one before and you chewed me out about why would I want to go long there when everyone else was selling at that area, I get your question I just don't get why.
Asking why you'd want to go long when everyone else is selling is hardly "chewing you out". Be that as it may, you need to read the threads in the Wyckoff Forum at TL. There are hundreds of charts with detailed explanations as to why price is doing what it's doing, posted by me and others. You also need to read Wyckoff's course, which is posted in the stickies there. You also need, again, to read Game's journal. It also wouldn't hurt to read the books on my reading list, particularly Trading in the Zone and The Disciplined Trader. As to Brooks' books, they aren't going to do you the least bit of good unless you want to trade patterns. If what you've listed above is all you've read, you have a lot of studying to do. At some point you'll want to study charts to put a practical spin on what you've read, preferably moving charts. Once you begin studying charts with intent, you'll be in a position to formulate hypotheses and begin developing a trading plan. This is of course all in the journal link I've provided several times.