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iqGod's Own Country
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iqGod's Own Country

  #251 (permalink)
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iqgod View Post
Since someone asked, and since it is my belief that even if this journal helps one person it would truly serve its purpose I have freely shared the method (its not my method, but remember that every method has to be made 'my' by the trader)


.... and by one person, I also mean myself. Journals are primarily meant to be tools, just like TA or biofeedback or meditation or counselling.

For more complete journalling check out @PandaWarrior's journals - he is a wordsmith to the core and can flush out his thoughts and arrange them so that it seems that the written word is speaking to you personally.

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  #252 (permalink)
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  #253 (permalink)
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As for you "intuitive" early entries on breaks - can you find one thing that the most of them, if not all, have in common?
(I'll reveal later, but I want to check if you come to the same conclusion, first)

Great journal btw, keep it coming - both psychology and execution, as they go hand in hand imo.

ST

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  #254 (permalink)
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Scalpingtrader View Post
As for you "intuitive" early entries on breaks - can you find one thing that the most of them, if not all, have in common?
(I'll reveal later, but I want to check if you come to the same conclusion, first)

Great journal btw, keep it coming - both psychology and execution, as they go hand in hand imo.

ST

.... that I jumped out way before the profit target was reached?

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  #255 (permalink)
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iqgod View Post
.... that I jumped out way before the profit target was reached?

for sure, but I was thinking more about a possible quantification of the entry ie. what do they have in common when looking at the chart setup?

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  #256 (permalink)
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Scalpingtrader View Post
for sure, but I was thinking more about a possible quantification of the entry ie. what do they have in common when looking at the chart setup?

I pored over them and...


Sherlock Holmes Quotes

'You see, but you do not observe. The distinction is clear.'
-A Scandal in Bohemia

"The world is full of obvious things which nobody by any chance ever observes."
-The Hound of the Baskervilles

'It has long been an axiom of mine that the little things are infinitely the most important.'
-A Case of Identity


"I am afraid," said I, "that the facts are so obvious that you will find little credit to be gained out of this case."
"There is nothing more deceptive than an obvious fact," he answered, laughing.
- The Boscombe Valley Mystery

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  #257 (permalink)
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C'mon, a bit more effort, please!

Take the one that occurred around 07:03 , you posted it around two hours ago (blue background):

Would you describe the range and the development of the chart up until the break for me as detailed as you possibly can?
Note everything that is on the chart and how it looks in relation to the other components, please.

Think like a Sherlock!

If you think that's nonsense, just don't but then I guess I got to keep my observation to myself

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  #258 (permalink)
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Scalpingtrader View Post

Take the one that occurred around 07:03 , you posted it around two hours ago (blue background):

Would you describe the range and the development of the chart up until the break for me as detailed as you possibly can?
Note everything that is on the chart and how it looks in relation to the other components, please.





iqgod View Post
Here we have an excellent range formation, but the silliness of my exit is obvious - I essentially succumbed because I entered early and then those mental reserves got depleted.

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Okay here goes....

Price was in a marked downtrend but still range bound. The buy at around 5:33 was mostly due to FOMO because there was no setup and no down trendline had been broken yet. This act meant that the tightly ranging market had to be tolerated till at about 6:16 I covered it at breakeven with Thank-you-God and promise-I-won't-do-that-again.

At that point the down trendline had indeed broken, however what we had was a typical false break i.e. price came right from the bottom of the range and overshot the top of the range without pausing. The early bulls who got in there were trapped hence the falseness of the break.

However the bears were thwarted once price reached the 20 EMA and the titans clashed in the barb-wire zone where the bulls slowly took control and steadily heaved the price above the 20 EMA.

The buy at 6:42 was slightly premature, as in, it was a tease break which originated from the 20 EMA and had to be proven yet, since the market could still go either way.

However the three compressed bars just before 7:03 showed that the shorts were being squeezed and the only way they could avoid painful losses were by covering their shorts for a small loss or be thrashed. Essentially the concept of double pressure where sideliners could now go long with the .50 level offering support and no clustering price action to the left of the chart meant that they could achieve a 10-tick target without price having too much trouble to reach that zone.

The long was then easy and the stop could have rested below those three compressed doji bars yielding a low risk scalp with a 10-tick profit.

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  #259 (permalink)
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iqgod View Post
Okay here goes....

Price was in a marked downtrend but still range bound. The buy at around 5:33 was mostly due to FOMO because there was no setup and no down trendline had been broken yet. This act meant that the tightly ranging market had to be tolerated till at about 6:16 I covered it at breakeven with Thank-you-God and promise-I-won't-do-that-again.

At that point the down trendline had indeed broken, however what we had was a typical false break i.e. price came right from the bottom of the range and overshot the top of the range without pausing. The early bulls who got in there were trapped hence the falseness of the break.

However the bears were thwarted once price reached the 20 EMA and the titans clashed in the barb-wire zone where the bulls slowly took control and steadily heaved the price above the 20 EMA.

The buy at 6:42 was slightly premature, as in, it was a tease break which originated from the 20 EMA and had to be proven yet, since the market could still go either way.

However the three compressed bars just before 7:03 showed that the shorts were being squeezed and the only way they could avoid painful losses were by covering their shorts for a small loss or be thrashed. Essentially the concept of double pressure where sideliners could now go long with the .50 level offering support and no clustering price action to the left of the chart meant that they could achieve a 10-tick target without price having too much trouble to reach that zone.

The long was then easy and the stop could have rested below those three compressed doji bars yielding a low risk scalp with a 10-tick profit.

An additional observation:
When the second breakout occurred, price was caught directly between the ema to the one an the range top to the other side, with no room left for movement to either direction.
So to speak, the ema started pushing price out of te range & into the stops that we're hanging above it.

If you want, go back & check for yourself if that scenario matches your other samples

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  #260 (permalink)
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Scalpingtrader View Post
An additional observation:
When the second breakout occurred, price was caught directly between the ema to the one an the range top to the other side, with no room left for movement to either direction.
So to speak, the ema started pushing price out of te range & into the stops that we're hanging above it.

If you want, go back & check for yourself if that scenario matches your other samples

Hi,

Yes that was so ingrained in my mind that I did not say it!

I alluded to it here

... However the three compressed bars just before 7:03 showed that the shorts were being squeezed ...

The illusion of the bars nestling in the EMA and the EMA literally pushing out the bars out into the breakout can be a powerful and beautiful one to note - of course it is not the EMA that has such magical powers but it can literally appear so!

Thanks @Scalpingtrader for the exercise!

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