After reading the subject book once, I am going to apply the suggested Business Strategy to my trading venture:

Business Strategy

1. Capital

- Adequately capitalized to begin with
- Conserve it

2. Identify the opportunity and then do the trade (No 100% confirmation)

3. Know your competition (say the Other Timeframe participants)

4. Know Yourself

5. Consistent Daily Execution

6. Inventory

7. Risk (Continual risk evaluation)

8. Goals both short- and long-term

9. Record Keeping and Performance

10. Dedication

Application

Staying in a BUSINESS AS A TRADER! (Trading is like running a Business!)

Step 1: Accept and begin to view trading as a business
Step 2: Develop a comprehensive strategy based on the concepts of successful business management (forms the strategic skill of trading survival)
Step 3: Formulate specific rules and mini-strategies that will help guide and mold your individual trades in order to meet the long-term goals of your trading strategy

I love the Trading Strategy Flow Chart to guide me along .. smile ..

Beth (If you want an e-copy of the book, please private message me with your email address.)

Appreciate guidance on the following please:

1. GomiVolumeLadder Indicator

I went through the indicator script and believe the red and green horizontal boxes above each price bar are High COT and Low COT respectively. I vaguely remember COT may mean Commitment of Trade or Trader (I saw it on a post before). Still have no idea how one can make use of them! Any tips?!!

2. HH/HL/LL/LH

Buy @Higher Lows
Sell @Lower Highs

I understand the set-up literally and have not been able to visualize the signals so far!!!!! If you can explain to me in some layman's terms OR direct me to some simple videos ... It will really help! I feel very stupid but I do not get it LOL!

Big Big Thank YOU in advance!

Beth

Big Mike did a video on it, if this is what you are looking for:

Big Mike 

I've made a 30 minute video where I mark-up in realtime the HH+HL, LH+LL price action markers on a 6 range chart for CL, and describe entries, stops, and targets. The video is part of the Price Action thread, check it out here: The Elusive Price Action: How to Trade Hey guys, here is a new video for you. Remember to watch in full screen mode. 11376752 I forgot to mention in the video that the paintbars are colored by what side of the ADXVMA indicator they are on. This is the same indicator mentioned above. … This type of price action is best visualized on a range chart. The thread is also discussing more complex variations of price action which is often best visualized on a 5 minute chart. Mike

gfg1 

Big Mike did a video on it, if this is what you are looking for:

My heartfelt thanks gfg1 for answering my sos swiftly! I'm going to watch it after a quick tandem bike ride. FYI: I just finished watching Big Mike's 21 Apr video on CL - what a coincidence that a friend forwarded it to me .. smile ..

I now better understand HH/HL/LL/LH. The entry points suggested by Big Mike in the 21 Apr video are (IF I understand correctly):

1. Long

After a HH and a subsequent HL, one may enter long when price breaks the first HH.

2. Short

After a LL and a subsequent LH, one may enter short when price breaks the first LL.

They're slightly different from my prelim understanding of

Buy @Higher Lows
Sell @Lower Highs

I will watch the suggested May video and may find the answers there. I always welcome guidance and tips .. Thank you again.

Beth

Hi Beth , if you want to learn price action , I would suggest Al brooks , I have learned a lot from his book , you may find a lot of free articles on his website , it will give you an idea of his trading style , he runs a live trading room , more on his website .
Brooks [AUTOLINK]Price Action[/AUTOLINK] - Home
I have always traded without indicators , only 2 emas , I caught the indicator virus on Mike's website lol , I love looking at them but never been able to trade with them on my charts lol ,
good luck !
soumi

soumi71 

Hi Beth , if you want to learn price action , I would suggest Al brooks , I have learned a lot from his book , you may find a lot of free articles on his website , it will give you an idea of his trading style , he runs a live trading room , more on his website . Brooks [AUTOLINK]Price Action[/AUTOLINK] - Home I have always traded without indicators , only 2 emas .. ..

Thanks soumi71 for the Al Brooks information. I will check them out! I admire your competence in trading with only 2 EMAs! Congratulations!

My to-do items for the next hour or so: Watching Big Mike's May 1 CL video and visiting IOAMT website.

Enjoy a Nice evening everyone.

Beth

I have a new chart with the Price Action indicator. Questions on HH/HL/LL/LH please:

1. Appreciate comments on the Long and 2 Shorts on the enclosed. Do I get them right?

2. What happen if a subsequent LL or HH does not occur immediately after a LH and HL? For example, will a late comer HH still work (per enclosed), ie a set of LH and LL after a pair of HH and HL? Once I have the answer, I will apply the same rule to a LL scenario.

Thanks for helping me out!

Beth

That PA indicator will lag. I would recommend against using it, you are best served learning to mark them in real time. I welcome your participation in the Price Action thread.

Also, just a brief pause to plug that Al Brooks will be doing a Price Action webinar June 21 on nexusfi.com (formerly BMT), and will hold a Q&A after, and we'll also be giving away autographed books of his "Reading Price Charts Bar By Bar".

Mike

Big Mike 

That PA indicator will lag. I would recommend against using it, you are best served learning to mark them in real time. I welcome your participation in the Price Action thread. Also, just a brief pause to plug that Al Brooks will be doing a Price Action webinar June 21 on nexusfi.com (formerly BMT), and will hold a Q&A after, and we'll also be giving away autographed books of his "Reading Price Charts Bar By Bar". Mike

Thanks Mike for the heads up. Can't wait for the PA webinar .. haha .. Not sure if I will be one of the lucky ones getting a book (since I seldom won any lucky draws LOL)!

I just watched your May video (thanks to gfg1 again for the link). It's great!! You made it very simple and easy to follow. I understand the logic behind your PA indicator suggestion. Me as a newbie, I probably will LAG more than the indicator. Sincerely hope that you will excuse my keeping it for a while until my Price Action drawing competence has improved.

Beth (grateful)

Here it comes ..

I will continue watching the special reference points for high probability trades. May try to apply Price Action HH/HL/LL/LH too .. smile ..

Yesterday's POC 1199.50 is also the Top VOC. Only 2.5 points from previous day's VAH.

Happy & Successful Trading!

Beth