Welcome to my little Price Action Journal V1.5. My name is Ed and I am a price action NQ/ES daytrader. I would like to continue discussion of price-action only trading that one of my mentors(even though she may not know it) began. I am about 1/100th of the trader she is but I am learning continually and I have no doubt that I WILL become a consistently profitable full-time trader. All posts should be relevant to price-action and indicator-free. Please, no discussion of people, places, or things,... JUST PRICE! Now, let's rock 'n' roll! Here is my NQ chart from today. 1 trade +8.75 pts Cheers, Ed
If this is a continuation of SusannaDT's very insightful PA journal (now closed), then I'm all for it.
Good idea, I'll chip in for the sake of the PA followers. ES Total Annihilation No shorts taken. Anek
Ok...here's my chart from today...traded the ER2 Luckily I stopped trading after the second trade failed, that trade didn't feel right and I was unsure of the markets and wanted to keep the profits I had made, and this proved to be a smart move....too bad I can't have that foresight more often! Also, Anek...thank you for posting...I have learned alot from you and your AHG journal.
I'm in for the fun! I do have one suggestion that may be slightly off topic, if so I'm sorry. A lot of us seem to be new. I know I am. In the last PA journal it seemed like a lot of newbies were trying to grasp and understand ALL the elements of PA at one time, in one fell swoop. What I'm doing (as you can see in my journal) is starting with one facet of PA (eg retracements) and learning about them back to front. This way I can have some level of "mastery" of that particular pattern before I move on to break outs, spring boards, pivots, hinges, etc. Of course I always keep in mind the 4 concepts: Supply/Demand (which i believe PA comes from), support/resistance, price/volume, and trend.
Could you elaborate on how you use this concept in your trading? It seems to me that supply/demand is always reflected in S/R, Price and Trend.
I could, but I would probably do as shitty job since I'm a newb. I suggest you search for a thread by DBPhoenix. Basically most PA people study PA because they think everything thing else is derivative. When really PA is just reflecting supply and demand. S/R aren't representing areas at which price may do something, rather they are areas at which demand will overwhelm supply or vice versa. I believe understanding the relationship between supply and demand and how IT affects prices is most important, and is itself a study of PA.
Alright... last 2 days got my ass handed to me due to mixture of discipline and stupidity. Best time to start a blog and start posting I suppose . My contribution... http://kid.ahgtrading.com/