This is the price action journal, I can trade pretty much anything in the world except the S&P500 futures with this method with a SUPERtight stop, I'm not a market maker type trader like ericP or nnob or any of the traders who does 100,000 trades. They are quite good. I'm a 100% price action trader,<b> one or two trade a day </b> max 0.3% stops , instant profit on trades, no higher high lower low bullshit, Thats important but come on now, thats not even a method, its like 1/5th of a method. Its things you keep an eye on. And its definately not usuable by itself on the S&P500 futures. Real time trades only, none of that annoted shit I see in other journals, are you guys retarded? My momma can annoted a chart. This journal will go as long as my motivation stays, my motivation doesn't last much days, I just trade and make money. I don't care about newbies. I don't care about much I just love the thrill of putting on sniper accurate trades Its like coke++ ------------- Very fwe people in the world can trade like me, ain't nothing like watching a 3-5 cent stop trade go $2-5+, Thats close to a lottery ticket as it get, and you newbies actually get a peek at my huge ego trippin Some money things about my method. 1. I will add onto positions, trust me , when you watch a player like me do this successfully, Its like instant orgasms for EVERYBODY watching. 2. Those tight stops are just instant orgasms themselves, I still orgasm each time I put on a trade, I call trading "ATMing". ----------- If I'm in a good mood I'll answer your noob questions. I'll tell you if you are on the right path or not. MOst of the times I'll be ego trippin off my expert entries. But you'll quickly realize how fantabulous my entries are and ego trip along with me. ------- ps. I'm not opening up a piece of shit chatroom , I don't need your money , or do I want to mentor you slackers. I don't even need the women that you sacrifice to me.
definition on price action to me: 1) recognizing chart pattern The action of price, how it moves, how its patterned, Is it the right pattern, can I "foresee" how the pattern will act AFTER I enter. I must know what it will do before it happens, thats a PATTERN. This is PRICE ACTION, The action of a pattern, a. IF a box is starting to be drawn , and a round edge starts to be drawn, I immeiately know its NOT A BOX. b.If a circle is trying to be drawn, and a 90 degree angle starts to appear, it is NOT A CIRCLE. c.IF a cup and handle starts to be drawn, and I see a DONKEYS ASS, IT IS NOT A CUP AND HANDLE. d.If a airplane noise starts to get louder and I see a lawn mower, IT IS NOT AN AIRPLANE. Correct price "action": a.If I expect a rectangle and I see 90 degree angles being formed, I am on the right path, ADD. ----- Volume. 1) watching institituional size. This should be done along with price action. 150000 shares it not bought and sold by Jasonn or anyloser here on ET. PRICE ACTION. Learn it. ---------------- <b>WRONG Obvious retarded price actions made by common losers. </b> 1) SUPPORT oN 1813 , trading on Support and resistance lines, going long or short against those lines 100% bs. You call this "action" ? Price always overshoots and undershoots, or chops , It is NOT a pattern. Its RANDOM. 2) HOPE. 3) watching bid /ask size/offers 4) tons of other shit, I have no time to think about
Coolweb is a loser, I once read a journal of his where he went long and put his stop at the inside bid and was instantly stopped out. I mean, talk about trading scared!
Lost a whole penny on that, big time loser! Almost blew out my account on that trade. I'll never forget that trade, was one white knuckle ride.
It is much better to have a tight stop and get stoped out unnecessarily than to have no stop and wipe out your account. Sure you can have stops that are too tight, but that is better than too loose. Failure to respect risk is why most traders fail. If Coolweb is good at managing risk is way ahead of most.
Don't get me wrong, risk management is of the utmost importance, however Coolweb is mucho cocky for someone with a penny stop and declaring himself the "priceaction master" (see thread title). I'm merely pointing out that I do not think he is the master rather he justifies that he only takes these super uber low risk trades to compensate for the fact that he is really a very scared and unsure trader.
There is nothing wrong about being patience and waiting for the right set up. As long as he makes money that's all that matters. I actually agree with almost everything he has said so far....