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Price Action Observations
Started:June 16th, 2015 (01:38 PM) by lajx Views / Replies:2,622 / 42
Last Reply:August 31st, 2015 (07:15 AM) Attachments:112

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Price Action Observations

Old July 30th, 2015, 08:28 PM   #41 (permalink)
Trading for Fun
Futures Experience: None
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Posts: 69 since Apr 2015
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DbPhoenix View Post
What G has been doing with regard to the "arithmetical integrity of a directional movement" (I like that; sounds professional) has to do with determining whether or not the directional movement is exhibiting the signs of reversal (God, this all sounds so textbooky). It has nothing to do with stops per se, trailing or otherwise. IOW, if price breaks the SL/DL by more than N points, then one should exit and prepare to enter the anticipated reversal. If the anticipated reversal doesn't show up, then he has to prepare to re-enter an anticipated continuation, though if price breaks the line by that much, he is more likely looking at a range, or chop.

I know you want all this to be rigid and mechanical, and I wish I could help. But it just isn't. It's not as if you haven't gone through all the stages just like you're supposed to, but I can't help but wonder if during the observation phase you were subconsciously thinking about entries and exits rather than focusing on nothing more than gathering information on the whys and whats and wherefores of price movement. You wouldn't be the first by any means. But the fact that you're so concerned about stops, particularly trailing stops, suggests that you're more concerned about yourself than about what price is doing. Once the trader is entered, one should forget about it and focus on price. If instead he's concerning himself with stops, then he's focused on his trade and his P:L, not on price's behavior. This results in the usual emotional responses that the observation phase and the trading plan are supposed to ameliorate, if not eliminate.

Therefore, my opinion regarding a trailing stop is that the subject is irrelevant. If price is doing what you expect it to do, just leave it alone. If it isn't, then exit the trade. The work that G has been doing helps to define one's expectations regarding proper price behavior.

So far I have been making questions regarding to the Stop Loss and the trade management because I wanted to be very numerical and in some way rigid in my trading plan, notwithstanding, I recognize that the market is always in motion and the duty of the PA trader must be to have judgement about the conditions of the market and this is something that cannot be framed into a fix values.

In this line of thought and in order to approach myself to a short term goal which is participate in the trading combine of TST, here is the preliminary Trading Plan which has some adjustments and that will face a testing phase in order to prep myself for my personal project, off course the basis of all of it is the work done by Db.

Thanks Db for your time and advice.

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Register to download File Type: docx Trading Plan 07-15.docx (54.4 KB, 42 views)
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Old August 28th, 2015, 01:30 PM   #42 (permalink)
Trading Apprentice
Futures Experience: Intermediate
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Favorite Futures: Stocks, ETF, Options
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Are you working on stuff or in vacation mode?


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Old August 31st, 2015, 07:15 AM   #43 (permalink)
Trading Apprentice
Futures Experience: Intermediate
Platform: MetaTrader and Tradestation
Favorite Futures: Forex and Stocks
Posts: 27 since Aug 2015
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Awesome plan there...!! I actually have made a quite a few observations which almost act like a mechanical system but they are just observations and keep happening time and again on forex.

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