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Beth's Journey to Make Her Millions
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Beth's Journey to Make Her Millions

  #251 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
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Price Action Learning

My PA To-do List:

1. Start reading the Al Brooks book.

2. Start accu CL data and market replay it using PA only EOD. I have minimized a CL chart this morning and will close it EOD. No idea on the market and can practise my HH/HL/LL/LH labelling skill.

Lots to learn for a Learning Sponge (me)!

Beth

 
  #252 (permalink)
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wgreenie View Post
Thanks David for your sharing. My trading rule is to Fade the Extremes (that's what I know better as of this moment). I noticed the Open Drive down way from the previous's value area and close. Unfortunately, I did not have any reference points to place a Short IF it's based on my limited MP knowledge. From Dalton, I learned that the worst scenario will be to place a trade in the middle of nowhere. I had no idea if my short (if I shorted at the Open) would be the bottom of the drop. Mr Market might start its rally against me as soon as I got in.

You're more advanced than me David .. I'm just a super-newbie ..

Beth

Beth,

I'm not that advanced.

I agree with trading the extremes, but the extremes can vary depending on the time frame. How do you know you are at the low when you take a long? I'm not saying the long is a bad trade because you never know, right.

Yes, you could have gone short and have price reversed, but it would make sense for it to reverse at some level such as a prior days low, high or close. But....the profile is telling us that price is not accepted at the levels of yesterday.

If you noticed the "open drive" down then I think you are seeing things very well. Given the fact that it gaped open lower and you saw the open drive down, from what I understand that could be signs of a trend day down. I think they discuss this in M over M.

I know this is hind sight on my part and I'm certainly not and expert and I struggle myself. My feedback to you is just as much for me as it is for you. I'm not trying to be critical at all.

David

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  #253 (permalink)
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David_R View Post
....the profile is telling us that price is not accepted at the levels of yesterday.

Hi David

You're very advanced in my eyes based on your CL Analysis Thread. I agree with you that the open drive down (no responsive buying = acceptance of the lower price and continual falling) is a strong sign of a down day. For me, I simply did not know where to place a short IF it's only based on MP. Plus I usually waited for the first and/or second 30-minute brackets to complete so that I have more reference points.

This morning I started practising a Price Action chart = less focus on the MP one. I just went through my Mind Over Market notes. Gaps is one of the Special Situations to identify high probability trades. Dalton did suggest "Trade with the Initiative activity". For this morning would be Short.

I just started to write down more price information this week such as Open and Close of the first 2 30-minute bars. What and where to look are all new to me. Your additional tips certainly help. Now I know where to look (such as a prior day's low, high or close) when a trade reverses. Thank you.

Beth

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  #254 (permalink)
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wgreenie View Post
Hi David

You're very advanced in my eyes based on your CL Analysis Thread. I agree with you that the open drive down (no responsive buying = acceptance of the lower price and continual falling) is a strong sign of a down day. For me, I simply did not know where to place a short IF it's only based on MP. Plus I usually waited for the first and/or second 30-minute brackets to complete so that I have more reference points.

This morning I started practising a Price Action chart = less focus on the MP one. I just went through my Mind Over Market notes. Gaps is one of the Special Situations to identify high probability trades. Dalton did suggest "Trade with the Initiative activity". For this morning would be Short.

I just started to write down more price information this week such as Open and Close of the first 2 30-minute bars. What and where to look are all new to me. Your additional tips certainly help. Now I know where to look (such as a prior day's low, high or close) when a trade reverses. Thank you.

Beth


Beth,

I think you are doing just fine. Keep up the good work.

D

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  #255 (permalink)
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Post-Trading Thought:

1. I asked myself if I was scattered "again" from my Trade Plan this morning (supposedly MP and Perry's set-up as primary with GomiVolLadder secondary)!?!

2. Starting tomorrow I will only practise Price Action (PA) plotting EOD or in the afternoon. No sim trades based on PA in the morning when regular sim or live trades will take place, ie back to my Trade Plan.

Update: My Mirus account is now funded and I can do live trades any time LOL.

Sorry for my PA slip ... though I was and still am very excited last night esp after watching Big Mike's CL videos .. haha ..

Enjoy a Nice evening.

Beth

 
  #256 (permalink)
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CL Market Replay Performance on 4 May 2010 (using Price Action ONLY)

Est Profit: $120 after commission
No of Trades: 5 (5 2-contract trades = 10 contracts)
Trading Hour: 9:00 am to 10:00 am

Trade Recap:

1. Trade No 3: Short sell order based on the most recent LL. It closed the Long position and I missed doubling the contracts for reversal.

2. CL is a very fast market. Notice 3-5 points slippage very often.

3. Need ample room (say 20-30 SL) for a trade to work out or get hit.

Goals Accomplished:

1. No indicators other than the price bars for labelling. You will notice I did not label all. Some I didn't know and some I left them blank as I had the more important ones to identify trades.

2. Enjoy the PA experience and I was a little shocked on the $400 SL one. Glad that the first trade was a Green one to soothe my psyche a little bit.

What's Next:

1. Will continue this plotting practice to sharpen my eyes' catching high probability trades.

Night-night.

Beth

Attached Thumbnails
Beth's Journey to Make Her Millions-cl-market-replay-performance-report-4-may-2010.jpg   Beth's Journey to Make Her Millions-cl-06-10-5_4_2010-6-range-.jpg  

Last edited by wgreenie; May 4th, 2010 at 09:29 PM. Reason: Should be 5 x 2-contract trades .. Fixed the Profit too ... sorry.
 
  #257 (permalink)
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I like the fact that you are going to PA. I found that after all the indicator nightmares, PA was a great simple answer to all that. You are going to do great at this.

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trippenlatin View Post
I like the fact that you are going to PA. I found that after all the indicator nightmares, PA was a great simple answer to all that. You are going to do great at this.

Thanks trippen for your kind encouragement!

Hey, there's a BM member aiming at a Scuderia car .. I visited his thread and his chart with only ellipses highlighting trades (no indicators) has drawn my attention. He (You) has inspired me to revisit the HH/HL/LL/LH mistery. Thank you!

With more practice and learning, I am following your footsteps to be a competent PA trader .. smile ..

Beth

 
  #259 (permalink)
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LOL, cool, I am using diamonds now...hope they are as visible...Als stuff is hard. It takes lots of time to process. You can join his room for free for a couple of days and hear how he does it live. Also big mike has done a good job on the elusive price action thread of explaining HH and HL stuff. Have fun.

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  #260 (permalink)
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Pre-market Homework for Wed 5 May


Trade the Plan: Fade the Extremes

Special Reference Points:

1. Previous Day's Value Area: VAH 1173.75 POC 1170.75 VAL 1165.75
2. Previous Day's H, L and C: 1185.50-1164.25 Close @1170.5
3. VPOCs: 1161.00 and 1170.75 (1192.50 if 1170.75 gets touched)

Pre-market: Price just touched 1161.00!! Let's see if it breaks down or finds a little support here. Oh, just broke ...

Happy & Successful Trading!

Beth

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