I have been in this for a number of years now and thought I would try this journal approach. I am currently following the ES and trade the open for 30 - 60 minutes. I am a scalper. I can not hold for longer periods of time. I believe if a move I identify with/read occurs, it does so quickly. If not, I was wrong and I'm out. I strive to control my emotions and have made great progress in this. Management is critical - get out when wrong, let the winners run - this is the basis of positive expectancy. Look ahead and think - plan the trade, then trade it or not if it does not fit. And all of this needs to occur instinctively, similar to responding while driving on a highway, continually looking around your environment (cars, gauges, mirrors, etc... ) for indications of issues then instinctively taking the appropriate action to stay alive.
My current methodology involves 4 charts - 30min, 3min, 1 min, and 4 tick renko bars. I do have indicators, but I do not use them for signals. I use them to help me quickly establish context, direction, momentum, strength, etc... I believe one must learn to instinctively read/visual this in a moment. I believe that any signal from an indicator is based on what has occurred. I look to trade at S/R locations and enter based on the anticipated reaction at these locations. I define "structure" on the 30 minute S/R and have added focus on the reaction of price at these locations. I define tend on the 3 min and I may trade on this chart. I typically look for pull backs, momentum, strength on the 1 min, I may trade on this chart as well. I also have a 4tick renko chart that provides even more details and may trade on this chart too. I also keep an eye on the T$S as well as the DOM.
I believe it is not possible to predict, but I do know things more highly probable when panic is involved.
I believe price moves to previously visited locations - why? Why is a used car priced at what it is - basically because someone has paid that price before. I believe the same applies to futures prices.
My focus has been on price, specifically what is price doing right now based on where it just was and where will is most probably head. I want to augment/change this focus.
I am doing this journal activity to change my focus from strictly price to include identifying locations on the chart where traders are trapped and will experience pain. We all know these locations, the spots where just after you enter the market seems to instantly go the other way, stops get hit, the heard panics to exit, and those in the know gladly help relive their pain. I believe these exits are how to profit short term.
My approach is a combination of numerous methods and readings - Brooks, Prings, Eldar, Farley and all the great members on this form (to name a but a few of what I have read). I am an avid follower of Lance Beggs. I am not associated with any of these individuals I just owe what I have learned to these people.