The Price Action Journal

I recommend all of you search and read DBPhoenix's posts here, and on www.traderslaboratory.com. He has tons on info and explains it all very well. I'm insanely glad I was turned on to his posts and literature. All of which are about price action. He goes into what price action comes from: supply and demand...the understanding of which I think is essential to understanding PA. I am very surprised no one has mentioned supply and demand yet, unless I overlooked it.

 

there is a belief that cognizant behaviour is dampened when there is a beta carotine deficiency,i imagine with a toxin like morphine,you need to boost a lot of your nutritional intake

 

SusanaDT, by any chance do you have a live trading room of some sort? Thank you.

 

New poster here on ET. Relatively new futures trader (1.5yrs w/eminis). Glad I found this thread.

Prob the best thing for me about understanding/using PA better is getting away from predicting and trying to be right, and just reacting to the market's reaction at the key S/R levels, trendlines... pretty much what Susana and other folks here have said.

Trying to find more time to prep and trade early mornings, but happy to be aboard here nonetheless. Will post charts when I start trading regularly.

Best,
TBR

p.s. Susana - glad you take a hard line re: indicators, negative/destructive posters. Too much b.s., not enough time.

 

Billyray,

Yeah, treat it as a numbers game, and don't worry about being right all the time. If you find a setup that has a good RR ratio, and at least a decent chance of success (40% is good enough in my book), then just play the numbers like a casino would. If you get into a bad streak, get small.

Takes a lot of stress out of it.

 

Two ways to make a HOD or a LOD reversal. Today is an example of the fast way to a HOD.

Price got a small top and retraced, then a rally that took off the stops and generated very low volume and "fast" rejection (no time). Entry on a sell stop just below the high volume print near the top.(Put your stop entry as the previous high is being taken, because if you are in "fast" the rejection is ... fast.)

What if there was volume developing above and no "fast" rejection?. Cancel the stop entry order.

What is "fast" ?. Today is an example of "fast". It is much better to watch it on a playback as volume develops and time can be felt.

The "slow" is quite different and requires price to stay at a high level "too much" time, but without making upward progress.

The third alternative is that price keeps trending up.

 

Is This what you mean by Prior Supprt Now Resistance, and PA tirggering a Short on the 3BR?

 

Susana,

Great thread! I love all the charts being posted.

trader123abc,

your charts remind me of piscuy's charts from the AHG thread. Can you continue to post? Id like to see some more of your trades, especially on choppier days.

Thanks!

 

Came off that Res into an area of S, maybe trends are changing and time to reverse, or take profits.

 

SusanaDT, I might have missed something while looking at your charts. How do you know with a high degree of certainty that the trend has changed? What do you look for to determine a change of trend? Thank you.

Floyd