The Price Action Journal

Discussion in 'Journals' started by SusanaDT, Jul 19, 2008.

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  1. Welcome to the Price Action journal.

    My name is Susana and I am a price action ES daytrader.

    After many years of daytrading losses, approximately four, I think I have finally come to an understanding with the market.
    In the past 2 months I have consecutively come out ahead after the end of every trading week, with very few minor losing days.

    I would like to invite the pure price action daytraders of the forum to join me in this discussion to further improve our techniques and talk about what we love the most, price.

    I respectfully ask the moderators of ET to please help keep this thread clean of inevitable vile attacks, so I am counting on your assistance.

    Hoping for some mature and intelligent discussions of price action.

    I kindly ask that indicators are not mentioned or used during this team event as this is not the place for them.

    To conclude this introduction I would like to extend tribute and thank Anekdoten, Stealth Trader, and SamuelEngland for inspiring me, leading me and helping me become the trader I am today, without your guidance, this would have not been possible for me.

    I will start by posting my trading for Friday on the ES, eventhough it was Options Expiration, this did not stop price action for leading the way.

    Happy trading,
  2. Four years of losing and still being determined to succeed is a very admirable. I'm on my 2nd year of losing right now, although I'm mainly just swing trading and not day trading. I'm determined to eventually succeed regardless of what it takes. If it takes four years as well for me which is like going to college then so be it. The payoff in the end will be well worth it.

    Look forward to your journal. I too believe in trading just price action + support/resistance and a few patterns thrown in for good measure, based on Anek, Piscuy, and a trading mentor that isn't on EliteTrader.
  3. carbtrader,

    Yep, got to keep fighting, quitting is accepting defeat and that's the only true failure.

    I would like to clarify something, I don't want this to become my journal, it is for the most part an invitation to other students of price to chip in and exchange ideas and experience.

    I did not find the specific place for this in ET so decided to start by creating it myself.

  4. bathrobe


    Can't wait to read it everyday.

    Good Trading. :)
  5. karsat


    "Arise, Awake and Stop Not till the Goal is reached"
  6. Xuanxue


  7. Xuanxue


    I wrote this the other day:

    Minor Swings

    1) The opposition must show conviction they wish to reverse the trend by stopping the trend and holding it briefly. (Consolidation).

    2) The opposition must then breach the trending party's line by surpassing the aggressor's own conviction level of price satisfaction. (Breakout).

    2a) If the party line is breached then momentum is required to better the breach.

    3) All subsequent breaches after two shall be considered momentum exhausting, should there be any, and once depleted all movements with the trend shall be considered jockeying to create a base of the same low in price (for reversing downtrends) and the same high in price (for reversing uptrends), if the base requisite to stage the attack on the trend was found weak and/or the momentum in breach attempts were weak.

    4) Movement to create support for the base only occurs when the opposition to the trend temporarily loses edge to the trending party by ceasing to breach its own levels. (Corner and retrace head fakes).

    5) Support for the base and a change of trend will not occur unless or until the trending party moves lower than the base (in a downtrend) and higher than the base (in an uptrend).

    5a) Support for the base must not be considered established unless or until the bar, line or candle closes higher in price than the lowest low in the immediate, relevant price action (in a downtrend reversal) and lower than the highest price (in an uptrend reversal).

    Major Swings

    Rules 1-5a of Minor Swings apply, only you're after breaching swing consolidation arms sequentially. Ideally you require two breaches of attacks beating the immediate arm, a manageable retrace still in favor against the trend, and two breaches of the arm preceding it. A trend wont reverse unless that happens.


    In a different thread it was mentioned by Lucrum and I also had come to the conclusion that a swing has no more than three peaks (Resitance price satisfaction) before correcting.

    Price reading with some time in charts isn't all that difficult, but confidence and timing does take some getting used to. And I admire your effort in both sticking with it and for creating this journal.
    tradershanna likes this.
  8. This is potentially the one of the most valuable threads on ET

    I hope it goes on to be very informative.

    Looking forward to it
  9. Great idea Suzie, if this thread gets rolling count me in for occasional charts, would like to see the PA community working together here on ET.

  10. #10     Jul 20, 2008
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