Price Action Journal V1.5

Thanks Stoneface and Trader273,

I've noticed that the TS bars were never 10k on the money. I just thought that was how it supposed to be.

Trader273, thanks for the recommendation on the other platforms. I'm signing up for ninja trader. I used it in the past and I liked the fact that you can trade off the charts instead of the matrix.

JW

 

Just as a correction if I may.
Sierra Charts and eSignal's Volume/Share bars are not consistently built. they are not accurate.

 

Your chart is fine and you can take that trade. Its only one loser. Once you get on the right side of the market you wont care that you had that one loser.

 

I noticed that many trends contain either 2 or 3 sets of HH/HL or LL/LH before reversing or losing momentum. Anek suggests you wait until you confirm 2 HH/HL or LL/LH before the trend is established and you begin to look for a valid entry.

If you wait until then aren't you almost missing most of the current trend? And won't a reversal almost be more likely than a continuation of the current trend past 2 or 3 HH/HL or LL/LH?

Thanks in advance for the responses/insight...



-monday

 

Sometimes.

I have found that to be the case sometimes, but nothing is perfect..

I believe part of AHG is also being more aggressive (not waiting for 2 HH/HL) on W or M formations or key support and resistance levels...

In other words, the 2 HH/HL wasnt the ONLY criteria for getting into a trade.

 

My single trade for the day.... I left before the nice trend starting 3pm eastern time.

Cheers

toucan

 

I left early, thinking no move coming....

Had I stayed, I would have shorted these 2 setups about where I marked with the red arrows. the exits for each would have been the next pullback.


Cheers

toucan

 

toucan,
Liked the Paintbar on your chart. Mind posting the eld for it.

Cheers,
gavich

 

monday
By AHG definition, those are ranging markets - and keeps you out of consolidation. AHG is a trend based method, and the 2 HH/HL or LL/LH is a filter to gauge the trendiness of the move. If it fails, it ain't a trend. This is my interpretation of AHG.

gavich

 

Gavich.... I took the standard heikin ashi paintbar study and added a "potential 3 bar reversal" (the blue/yellow bars)... The Heikin Ashi helps me see trends and I use the potential 3 bar reversal and the HH/HL, LL/LH to look for possible pullback setups.

I'm not sure how to add the eld, so just pasting code here:

{ Heikin Ashi PaintBarStudy 1/20/04

Heikin-Ashi technique for visualization
of trend

best if you hide regular bar style:
Format Symbol, style tab, select Dot
on Close, color to white or black
}
inputs: UpColor(green),DnColor(red),Nocolor(blue),onoffflag(0);

vars: haClose(0),haOpen(0),haHigh(0),haLow(0),
color(0);

if BarNumber = 1 then
begin
haOpen = open;
haClose = (O+H+L+C)/4;
haHigh = MaxList( high, haOpen, haClose);
haLow = MinList( low, haOpen,haClose);
end;

if BarNumber > 1 then
begin
haClose = (O+H+L+C)/4;
color = Nocolor;
if haclose-haclose[1]>= 0.0
then color = UpColor;
if haclose-haclose[1]>=0
and haclose[1]<haclose[2]
and haclose[2]<haclose[3]
and haclose[3]<haclose[4]
and onoffflag=1
then color=blue;

if haclose[1]-haclose>= 0.0
then color = Dncolor;

if haclose[1]-haclose>= 0
and haclose[1]>haclose[2]
and haclose[2]>haclose[3]
and haclose[3]>haclose[4]
and onoffflag=1
then color=yellow;

plotPB(high,low,"heikin-ashi",color);
SetPlotWidth(1,2);
SetPlotColor(1,color);
end;


If this doesn't work, I can email you the ELD.

Hope this is what you want

toucan