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Price Action Trading Journal


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Price Action Trading Journal

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  #1 (permalink)
Nampa, ID
 
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Well as with many of you I am looking at 2012 as a fresh start to what I hope is a business that has been bouncing along the bottom. This journal could be the thing to put me over the top.

Summary,

I have been trading futures and forex for over 15 months, options before that for another 6 to 9 months. I have tried about every indicator in the universe, written many more, traded them all it seems only to end up right back at price action trading. I always seem to come back to the fact that indicators are based on price so they MUST lag, so if I can learn to read the price then why not just trade price (with perhaps a bit of volume).

I have had the most success trading a 5 minute chart with other higher time frames for context. At present my trading environment is a daily, 4 hr, 1 hr, 15 min, 10 min and 5 min. Every so often I will get basically bored with the 5 min time frame and then try a tick, renko or 1 min. After my win rate drops dramatically I usually shake things off and then swear off the faster time frames for good.

The only indicators on my charts will be an 8 and 21 EMA that I look at for a cross and then a pull back. I also have the better volume indicator on my screen. I also have an inside and outside bar highlighter just in case I need it to stand out a bit more.

I have read the Al Brooks initial work, but haven't picked up his other new books. They seem kind of pricey and specific. Not sure why you would want $40 for a trend book, then $40 for a range bound book, but if that is the going rate I guess I'll pick them up at some point. Brooks first work was very confusing to me as far as entries and exits. There is lots of talk about H1s and L2 etc that I could never fully understand.

I like to look for pin bar reversals, 2 bar reversals or three bar reversals with the trend. I will occasionally trade counter trend if the R v R is very good and a DT or DB or HS has formed and seems sound off of support or resistance.

I won't be posting any charts until after the new year, but would love some input. The instruments will be the NQ or YM for futures and EUR/USD, AUD/USD, or the GBP/USD for forex. on the Forex side I am trading with JForex through FXDD (Dukascopy rebrand for the US).

Let me know if you have any thoughts or recommendations. Thanks much!!

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  #3 (permalink)
Point Roberts, WA, USA
 
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For Rambledog {edited} :



I think for price action you are going to have to try a few authors (just read a few pages not the entire tome) to find one that you like. On one video I watched the fellow made the point that successful traders pick a trading style that matches their personality. I think you could extend this - and pick authors that suit their personality.


My suggestions for books would be Gann's books and a chart reading book I have that is probably out of print.

Gann is more of the analyst and predictor of highs and lows.
My personal way of doing things is to read an author I like (=connect with), make some notes, and then ideas start coming to me. I personalize and experiment putting my own spin on it. Some times ideas are a combination of thoughts from 2 or more authors plus input from your intuitive side.

I make it my own.

I think the best book suggestion I can offer you is Raghee Horner's book on Forex.
She is nice and clear, she uses trendlines, support and resistance and Fib ratios, one or two indicators for confirmation.

I hope it helps.

Happy New Year!

..........
peace, love and joy to you
.........
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  #4 (permalink)
Point Roberts, WA, USA
 
Experience: Advanced
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Trading: ES
 
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You may want to poll the audience for their ideas of what
"price action"
means to them and post what you mean by price action trading (it can mean different things to different people) and this could then hone readers suggestions for books?

..........
peace, love and joy to you
.........
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  #5 (permalink)
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
aquarian1's Avatar
 
Posts: 3,889 since Dec 2010
Thanks: 1,474 given, 2,493 received

@RambleDog
@Gabriyele

Ooops! My apologies to both of you!

I think I need to go back to reading class!

Hi Rambledog - my replies are then for you - re price action.

As I don't know you (your personality) you may like Gann - he is the master in my IMHO

Of course Wycoff (sp) is well known and if you would like a short PDF let me know via PM

..........
peace, love and joy to you
.........
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