Price Action Journal V1.5

Monday,

I started looking for an entry after price moved through and close above the top trendline on my chart. I entered in the following bar after a slight pullback.

BTW....Take everything I do with a grain of salt...I am still learning.

BYF

 

JW,

I always used the range of the first 15min. of trading....not sure what the "exact" definition is though....I don't use OR that much, so I'm probably not the one to ask.

-traderTX

 

I have seen first 15 mintues, 30 minutes, 45 minutes, one hour.

Anekdoten defines it as the first 15 minutes based on my observations and his posts. 9.30 to 9.45.

Hope that helps,

Stone

 

I'm toying with a different approach to OR. Instead of an arbitrary time, what if we let the market define it? Wait for a high and a low to be made whether it takes 10 minutes or 45 minutes. Then plan a strategy around the day's first areas of S & R.

Seems like a logical approach, but I have not determined if I can create an edge from this or not. Intuitively, I would think to look for longs above ORH and shorts below ORL. But I like the idea of letting the market tell me where it intends to draw battle lines for the day.

Any thoughts?

 

Sounds like a good idea to me. Now to forward test it

 

BoyBrutus - thanks for posting these charts. Do you happen to have the Ninja indicators for it?

Thanks a lot.

 

If you type "kevin ho scalp" in a search engine the first result (google) will be

[PDF]
from the pit
File Format: PDF/Adobe Acrobat - View as HTML
Kevin Ho, floor trader, reveals his six favourite high probability scalping setups ... In opening range breakouts, where a quick scalp is taken minutes ...
https://www.lbrgroup.com/images///tooI_kelvin1.pdf

One of the things K. Ho describes are rules for a 15 min OR breakout. Hope it helps!

-Gary

 

A floor trader's method may or may not apply to a screen trader, imo. I remember he also said something like "one million trades for one million dollars". Can we do that? I doubt it.

 

Todays been very difficult for me. Nice morning trend but we're just gyrating now. Killing me!

 

yw

Here is Aneks chart from yesterday from the ES journal

http://www.elitetrader.com/vb/attachment.php?s=&postid=2087083

As for Ninja indicators you could try a pm to 4thborn, TraderStavros, bmwhendrix, jonbig04, kidPWRtrader, opm8 or the other AHG guys. I'm using esignal and x-trader.