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The 22 Days: A Price Action Trader shares his Journey
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The 22 Days: A Price Action Trader shares his Journey

  #111 (permalink)
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Long two contracts

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... while the Finance Minister has started speaking


Original Post Date/Time: 28 Feb 2013 1025 IST

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  #112 (permalink)
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Breakeven stops taken out

I increased size but compressed the size of my stops.

Bad move.

Breakeven stops taken out and I am flat.

FM continues to talk.

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Looks very crowded, shows my scalps - when I had intended to swing.

Original Post Date/Time: 28 Feb 2013 1035 IST

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  #113 (permalink)
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First big bar of the day


I sold at a profit fearing a rout of sellers who had their stops at the pinbar low.

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Meditate now, even if the market is running away.

Original Post Date/Time: 28 Feb 2013 1100 IST

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  #114 (permalink)
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Humpty Dumpty Had A Great Fall

Here is a better view on a one minute chart

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Last three trades were roller coasters amidst volatility - the first one was an impulse trade and it had a cost associated (naturally, most emotional ones do! and the ones that pay richly twist you up for a later debt)


Overall it seems the market is headed down and gold is headed up.

The catch: Or vice versa. (dodging hurling brickbats....)

Original Post Date/Time: 28 Feb 2013 1120 IST

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Down down down

It looks down down down on the chart but I still suspect it is a deep pullback for the smart money to accumulate.

Exited with a tidy profit (but if I look the shorts would have been more effective - but didn't dare to take any)

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I am especially thankful for being in my full senses, meditative, composed which was why I escaped with a long bias without scathing myself.

Original Post Date/Time: 28 Feb 2013 1145 IST

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Long now

Long again.

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Reason for going long: Trendline break, fast up move, test of the downtrend extreme as a HIGHER LOW - such higher low tests lead to a protracted up move.

Original Post Date/Time: 28 Feb 2013 1150 IST

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  #117 (permalink)
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Not thinking swing - scalping!

Covered.

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Scalp again!

When really I want to be one of the "Sultans of swing".

Original Post Date/Time: 28 Feb 2013 1155 IST

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  #118 (permalink)
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And Long again

Home again
home again
like a turtle
to his balcony
and you know
where that is.

That was inspiration from @GaryD (has anyone figured out the meaning of the above yet, author included LOL)

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The reason for being long now is that yesterday's close held and price moved upwards after the test - so a "always in long" point from now.

Original Post Date/Time: 28 Feb 2013 1205 IST

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Stopping for the day?

A mad volatile session, but business as usual for price action traders:

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? in title - indicates indecision :-)

Original Post Date/Time: 28 Feb 2013 1315 IST

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  #120 (permalink)
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Some ponderings


My final entry looks a substandard piece of work (early entry but analysis right). My exit looks super perfect.

(Refer chart below.)

So here we have the conclusions though the session has not ended yet:

1. Why do I go long with such precision and get the almost complete upride?

A: Because I am slowly getting good at price action.However....



2. Why don't I go along with the smart money - e.g. why am I not short from the open?

A: The short answer is PSYCHOLOGY.


However that needs a bit of explanation:

Refer chart:

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It was apparent that at so many points the highest probability direction was down. Then why this reluctance to short?

So light bulb moments I had while meditating:

a. Bias. When start with a bias I do not see the gorilla dancing in front of the screen i.e. I see but I do not observe the actual thing that is happening in the market. I start saying 'Now, the reversal will come. Here are the fools getting in, they will be soon squished and the market will start moving upwards.

b. Short term players (and they are called that not perhaps because they scalp but because they last for a shorter term in the playing field LOL) get to enjoy the most thrilling rides. Perhaps it is thrill I am secretly longing for. My mind feels slightly numb when the best decision pops up in my head (and that opportunity will take planning, measuring, waiting it out - qualities not exactly 'thrilling') and feels a rush when a short term advantage / opportunity window is seen.

Original Post Date/Time: 28 Feb 2013 1400 IST

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