The original name of this thread was "getting my shit together". ET mods did not like that so I had it changed. "Section 7" seemed like a good fit as my plan was to track the market every day while learning the Wyckoff system of trading. Right now my focus is SLA since that is where I started. I have not strayed far and my plan is also built on SLA with a few filters. I still go back and forth between observing (like today) and backtesting.
Prep for today: I'll be looking for SLA entries above the top and below the bottom of the box (outside of the range); I'll avoid the mush at the center.
Done for today. My filter of not trading within a range worked well today. I just noticed DbPhoenix described the market close to real-time in the "Is day trading worth it?" thread today (an amusing and hilarious thread), too bad I missed that. My entries are somewhat different from what he described but still valid according to my current understanding (a.k.a. plan).
I can't edit my previous post. Just to clarify - I don't draw all the supply and demand lines, especially if they're in the middle of nowhere where there would be no trade anyway. I see the shift in balance without the lines but still use them when I feel they are important. The chart above is my trading chart and not edited (apart from adjusting colors to fit posting here). I don't trade (not even using a simulator) so the markers are put here manually; not by the simulator). These are just observations. It was a boring day.
Prep for Thursday. Yesterdays high (bounce of 3668-ish) was the mean of the overnight "action" from 19-20 March. Price struggled a bit at that level a few days later on the way down, and then now on the way up, 2 weeks later. Like the market has a memory. Today looks a bit similar to yesterday and the same rules apply - longs above the range, shorts below, flat within. There are news coming out at 10:00 (ISM) so perhaps this balancing will come to an end. Edit: 09:27 - waiting for a retrace. 09:30 - not any more as price fell back into the range. 09:45 - long 63.75. Ok, no more updates, takes too much focus.
I better post that I scratched that now (09:49) for a tick. Bounced on 67.75, not unexpected. Simulator, of course.
Thursday recap. At the second attempt to break out of the range (after a higher low in the range) there was a possible long which then failed. Not much to do after that until price reached the other side of the range where there was a short attempt which also failed. In real-time I was contemplating a short at 10:24 but price was not far above support at 52-ish and within the old range so I decided to pass. In hindsight it would have been good for a few points. Tomorrow's the job report, maybe that is holding the market back. This is the second narrow range day in a row. Unless something interesting happens before the end of the session. Anyway I'm done for today.
Prep for Friday. Price has begun moving again after several days of short bursts followed by what has felt like forever ranges. Today I will focus on a few levels where I will see how price reacts and a few where I will avoid entering (previous means of ranges). Line of least resistance is up but the move is likely to be somewhat slow. If we go down I will expect a more determined move as there is still relatively thin airspace there. Right now price is at 50-ish which could be the mean of this up move if it indeed is a channel. An area where I will be prepared to scratch should I enter. Edit: Right now (09:22) there's a nice hinge on the 1m. Centering again. Updates: 09:34 - short 44 09:40 - supply line in place which will be used to manage the trade from now
09:57 - out at 09 as the supply line is broken and the last push down failed. I'll post a chart in a few minutes. Edit: Here is the chart. Now long from 18 which was the first retrace after the break. Edit: Seems the timestamps on these posts are off by a few minutes? Edit: No, it's me reading it wrong. And I am still long.