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Open: big gap up to yest gap down open, failed break above yest range. so far bear trend from the open and few bull SP's. bulls will try for a double bottom and bull trend but as of now very little buying pressure and in an area where bears have dominated for past 2 weeks.
19 first touch of EMA, some buying pressure (tails). AIS, tight bear channel from 6.
20 wedge bull flag off EMA, bulls buying lows, scaling in. bears unable to close below EMA.
21 strong bull trend bar. bulls want test of 5 close. bears want DT with 5 or lower high and bear trend resumption. closed right at bear TL copied from lows.
22 bulls lacked FT, reversal off bear TL, lower high. tested open. bulls were able to fill bear 6 gap but only slightly. may get sec push up from wedge bottom before bear resumes.
23 bears filled bull BO gap, LO bears made SP selling 21 close. bear EB.
24 bull BO, bear TL failed to hold. bulls got test of 5 and BO to new HOD. bears want TR with 6 / ET (1,2,6,20). bulls want strong BO and 24 MG.
25 bull FT bar but tail, some sellers at new high but no strong reversal. 24 mm tgt not far above.
26 25 BTC bulls disappointed, poor bull FT. forced to scale in or exit. prob top of developing TR.
27 LO bears made SP selling new high without scaling in, bad for bull case. TR more likely than bull BO succeeding. strong bear EB, scale in bulls likely exit BE on entire position. potential HOD soon.
29 bears remain in control but need strong BO below opening range for bear trend premise. first bear tgt below 24.
32 bulls scaled in for sec time (20 ticks, 29 close). most exiting BE around open. bulls want gap and bull channel from 13-20. possible but TR more likely.
35 strong bull rally up from 30. close to reaching 25 close.
36 small BCX bull TC just above
37 BCX to mm up based on opening range. bull TC overshoot. potential HOD soon. bulls want MG, but more likey EG and 35 was MG.
38 sell setup for failed bull TC overshoot BCX and reversal. potential HOD.
40 bear FT, AIS. first bear tgt below 31 / test of bull TL.
41 weak high 1 after BCX and flip to AIS, likely SA. last test of EMA got close below. EMA gap bar more likely before bull reversal.
42 sec BCX and bull TC overshoot. tested 37 close
43 poss steeper bull channel from 20-30-41. bulls want 42 MG but 37 rally parabolic. no sign of bears yet.
44 waning bull momentum but no strong selling yet. 42 mm tgt not far above, may have to be tested before bears return.
45 parabolic test and sec BCX to 42 mm tgt. also wedge top (25,38,45), increases % of 2 legs down.
47 big outside bear bar, tested below 41 sec BCX, closed within bull TL.
50 bears becoming more aggressive, selling highs, bulls taking profits. building selling pressure. double top with 47, bears defended stop. prob start of sec leg down.
51 steep bull channel within broader bull channel. first close below EMA in 20 bars, first break of steep bull trend line.
54 transitioning to TR. so far looks to be large trading range or trending trading range day. but still within broad bull channel.
58 huge bull BO and bull TC overshoot. bulls want mm up based on failed wedge but wedge resulted in 2 legs down so technically didnt fail. BCX, strongest bull bar of day. prob end of bull trend.
60 no sign of reversal yet, instead rally continuing toward mm tgt.
68 bulls want bull channel to mm tgt, not far above. lack of bear strength and follow through.
Can you help answer these questions from other members on NexusFi?
Open: big gap down, aggressive selling. bear trend from the open. Bulls want sell off to become SCX and form failed BO of yest range and early LOD. Bears want spike or gap and channel bear trend and to fill overnight gap from thursday.
19 good bull EB and FT bar, prob get sec leg up. but likely sellers at EMA. bears want to keep 10 gap open.
20 high 1 into EMA, high of bear flag. unlikely to result in bull SP. more likely SA, scaling in.
21 building buying pressure, some signs of selling at EMA (tail), but not that strong yet. bulls want 21 MG. bulls need strong BO above EMA / HOD otherwise bear flag.
22 sellers at EMA, bears trying to form bear channel. bears defended 10 BO gap.
23 weak high 1 top of bear flag, into EMA, prob SA.
25 bulls attempt at a failed low 2 / high 2. buying high, prob bull trap.
26 good bull EB, first close above EMA. bulls want test above 10, bears want lower high and bear trend.
27 bulls filled bear 10 gap. EMA gap bar and failed high 2. poss TR with 9 unless strong bear FT.
29 big 2BR, but tail above. strong bears returning. EMA becoming flat.
30 trapped bulls forced to exit. bears formed lower high, prob bear channel.
31 bull attempt at HL and start of sec leg up, but unlikely. more likely SA and BOPBS of bear flag.
32 outside bear bar, weak close. bears need strong FT.
33 sell setup for failed high 2 / BOPBS. bulls should give up.
36 TTR, both sides fighting for FT.
38 building buying pressure, bears may give up. need to defend bear TL just above.
39 low 2 sell setup / failed high 2 / DTPB. bears defended TL.
40 good bear EB. bears want 40 MG or leg 1 = leg 2 mm. both tgts new LOD.
46 small SCX to new LOD, mm tgts just below.
47 2BR for SCX and failed BO to new LOD. bears taking profits, bulls buying. weak bear channel, poss transition to TR.
48 failed bull reversal but shorting into LOD. prob 1 bar FF and reversal up soon. bulls scaling into longs, bears taking profits.
52 waning bear momentum, limited by bear TC. LO bulls scaling in after buying new LOD, bears taking profits. wedge retest of low (41,48,52), but weak SB and tight bear MC down from 39, BTW for sec entry.
55 sec SCX to 45 mm tgt, bear TC overshoot.
56 good bull EB, 10 pip failure for 53 stop order bears. but first break of bear MC might get retest of 55. 2 legs sideways to up / test of bear TL likely soon.
58 outside bull bar, failed low 1. building buying pressure. but forcing bulls to buy high and EMA just above, close to 20EMA gap bar.
59 some selling at EMA, prob only temporary resistance. 2 legs up to 59 but very few bars compared to 55 sell off. middle of bear channel, 50/50% bulls have slight advantage after failed BO of bear channel.
62 LO bulls exiting BE on first entry after scaling in. bears see as ET bear flag at EMA (52,53,55,61). bulls want BO of bear flag and rally to break bear TL or TR with 55.
67 bear BO, bulls lacking strong rally. bulls want HL and sec leg up.
72 sec leg up to bear TL and failed break of bear TL. large low 2 / EMA gap bar.
73 BCX to mm up from 69. first break of bear TL.
Today was a gap and bear channel trend day and a bear trend from the open. It is unlikely the bulls will generate a strong reversal, more likely prices will close around the LOD. Possibly bear trend resumption into the close and strong STC bear trend.
Best Swing trades
39 double top pullback / low 2 / failed high 2 and BOPBS to bear trend line
55 wedge bottom, CC SCX's and failed bear TC overshoot
74 large low 2, reversal after BCX and failed break of bear TL. Also a 2EMA gap bar
SA 23 weak high 1 top of bear flag, above 28 same, 43 failed reversal, buying below 57 (if able to get filled)
Today I started trading the EURUSD again. While the 6E offers many more setups and profit potential, I became too focused and concerned with risk due to the increased position size. Trading became too stressful as I would not enter all setups I normally would. Going forward I will be using a wide stop, willing to scale in, and trying to swing for a larger profit rather than always scalping. My goal is to do whatever the institutions are doing (swing when trending, scalp and scale in when TR). Trading the spot also allows me to adjust my position size and scale out of trades where I could not in the 6E. Most importantly it allows me to relax, remain objective, and have fun trading!
Trades I took
I shorted the weak high 1 at the EMA and top of bear flag, added on more below the 29 low 2 / failed high 2. I took most profits above the 47 2BR after the 46 SCX to new LOD. I held remainder and took final profits below the 50 weak low 1 after 49 sec SCX.
Sold below the 74 large low 2 / EMA gap bar after first break of bear TL. Exited at breakeven after not taking any profits on the sell off (did not reach min of 10 pips).
Open: bear gap down, sell off on open. similar to yest, so far bear trend from the open, filled bull gap from last week. But at / near support on 60 min, bears need strong BO below otherwise remains in large TR and bulls have advantage.
19 low 2 sell setup, variant of a failed high 2. but shorting into lows. swing only. prob buyers below scaling in.
20 signs of buying pressure, no strong bear BO. LOM, poss bottom of TR.
21 bears defending TL from open, want gap and bear channel. but need strong BO below DB, otherwise TR more likely.
22 bulls buying low, scaling in. bears lacking strong follow through selling. prob TR soon.
23 strong bull EB, broke bear TL. building buying pressure, test of EMA likely.
26 bulls keeping 23 gap open, trending bull closes, signs of strength. bear case weakening, TR more likely.
27 bull BO, poss MG. sec leg up likely. bears want bear channel from 3-7. more likely TR with open.
29 some selling pressure, decrease in buying. bears want to form bear TL from 3-7-29. bulls want sec leg up to test open / BO above.
32 micro DT, bears so far holding TL. variant of a failed high 2.
34 bears gave up, 32 poss MG, tgt new HOD.
39 buy vacuum test of high of TR, found strong selling. bulls need strong BO above HOD for bull trend, more likely bear flag TR.
40 small ET (35,37,39,40). 35-40 prob FF.
42 high 2 / double bottom bull flag, bulls defending 32 MG. but top of TR so risky.
44 bull BO above HOD. bulls want 43 MG and bull BO, but more likely BCX.
45 big 2BR for failed bull BO, ET, and FF reversal.
49 weak reversal attempt after flip back to AIS and strong selling. prob SA. 48 poss MG.
55 reached 48 mm tgt but strong selling, likely to test bottom of range / fill bull BO gap. poss new LOD. bears want spike and bear channel and BO of bottom of TR / mm down based on opening range.
57 big outside bear bar, closed at bottom of TR. poss sell vacuum or MG, next bar important.
58 strong bear FT, 57/58 poss MG / mm based on opening range.
64 weak bull FT, bears have chance to form BOPBS and channel.
69 sec entry for SCX / failed BO of LOD but TTR.
72 big bull BO, bears gave up.
73 bears want LH and broad bear channel. bulls want mm up based on 57 SCX / BO above HOD. middle of TR, 50/50%. bulls prob get atleast small sec leg up.
75 bears reversing bull BO, poss buy vacuum test of bear TL but still within TR. bears want test below 72 and leg 1 = leg 2 mm down. 75 poss MG, same tgt as legs.
78 bulls defended 72 stop, held bottom of TR, and filled 75 gap but need strong FT.
83 both sides fighting for FT, back to back failures. bulls have slight advantage, support of EMA and bottom of TR.
Best Swing trades
22 wedge bottom / failed BO below LOD
45 failed bull BO, BCX and reversal, ET and FF reversal
69 sec entry for large ET, failed bear BO of TR and SCX
Best Scalps
SA 50 weak reversal attempt, below 56 failed high 2
Open: TR open, within yest large bear channel. bulls have been able to make SP, reversing off HTF TR support, bears need strong BO below the 0860 level. prob heavy two sided trading today and some type of TR day.
20 sec entry for falied BO of yest lower high, 2EMA gap bar. but bulls creating gaps, buying below bars, and not back to bear TL yet.
21 building selling pressure, but bears unable to fill bull 12 MG or close below EMA. No LO bear scalps since open.
22 high 2 buy setup for failed bear reversal, DBBF. but buying high in middle of bear channel. small TR, lots of overlap, poss failure.
24 bull FT bar, bear TL not far above.
25 outside bar, weak close. still within small TR. bulls want 23 MG and to fill yest 74 bear BO gap.
26 sell setup for failed high 2, 15 BTC bulls exited BE. back to back failures, both sides fighting for FT, BOM.
27 more signs of 15 and 24 bulls exiting. weak bear EB, but bulls prob give up below, will try to form HL around 12.
36 building buying pressure around yest low, bears taking profits. prob bottom of developing TR.
37 bears defending 32 gap, but need strong BO below 35 DB for strong bear trend day. more likely some form of TR day.
39 poss MG, tgt top of range.
40 filled bear 32 gap. weak low 2 middle of TR, prob BB. bears see as 2 leg pullback.
43 stronger sell setup, small converging triangle. bears want channel with 17-26-31. middle of TR, 50/50%
44 good bear EB, bulls defending 36 EB stop. 44 poss MG, tgt new LOD
46 high 2 / failed low 1 bottom of TR.
48 descending triangle, bears holding bear TL, bulls lacking FT. bulls scaled in for test of 42, bears scaling in for test of 45.
50 45 bears exiting BE, but no strong buy setup. likely buyers below LOD
51 bears gave up, wait to sell higher.
52 DTPB, after 50 DBPB, converging triangle, institutions honing in on middle of TR. BOM.
55 failed bear BO to new LOD, instead found buying. weak low 1 bottom of TR if prices tick below, prob BB.
60 weak high 1 middle of TR, into bear TL, bulls failed to break. likely SA.
64 bull BO, broke bear TL. sec leg up from failed BO to LOD. but need strong FT.
67 EMA gap bar, large low 2 after first break of bear TL, and DT bear flag.
70 bear entry and FT bar. filled 64 bull gap. likely heading to test LOD.
72 weak reversal attempt, likely SA. bulls will likely need sec entry to reverse.
74 sec entry, some signs of buying / PT. but weak SB. bears want new LOD. So far small TR day, small daily range. potential STC/ BTC trend into close to double daily range.
76 failed high 2, bulls gave up. new LOD likely before bulls return.
79 bear BO, 78 poss MG
Today was another bear channel day, although weak and acted more as a trading range day until the breakout in the afternoon. The bears have the potential to break below the TR on the 60 min chart and turn it into a final bull flag. If so there will likely be continued selling on HTF charts and prob fill the bull gap on the daily chart.
The market opened AIL until the failed high 2 and formation of the high of the range. It became AIS on 32 and remained AIS for the rest of the day.
Best Swing Trades
25 DT / sec entry for failed BO above yest lower high
31 failed high 2 and DT PB. This trade was also high enough % for a scalp.
67 EMA gap bar / large low 2 after first break of bear TL
Best Scalps
31 failed high 2
43 failed high 1 into bear TL / low 2
56 weak low 1 after failed BO to new LOD and strong reversal
60 weak high 1 into bear TL
73 weak reversal attempt
75 failed high 2 reversal
Other more aggressive scalps; buying below 37, below 45, and selling 79 close
Open: opened at middle of yest TR and converging triangle. strong bear breakout, bear trend from the open. no bull SP. bulls want to become SCX form early LOD, and prevent bear BO of TR on HTF charts.
19 aggressive selling, 16 poss MG. bears want spike and channel bear trend day.
20 outside bull bar, 2BR, sec entry for SCX and reversal from failed BO of yest range, but large risk.
21 bulls made SP buying below 17. good bull EB. bears want to keep 16 gap open, bulls want test above 16 or 12.
22 bull FT, filled 16 bear gap, created bull BO gap. sec leg up likely. weak low 1 after SCX and reversal, likely BB. 20 possible LOD.
23 bulls defended 21 EB stop. first bull tgt above 16, next mm up.
24 low 2 sell setup, bears want steep bear channel. but strong rally, poss bear trap.
25 bears gave up, bull BO of bear flag. strong bears and bulls waiting for 2 legs up at min. weak bears shorting EMA for bear flag. poss MG.
26 some profit taking at first bull tgt but weak short setup. bulls want to keep 25 gap open for MG.
28 failed low 2, trapped weak bears.
30 prices stalling at bottom of yest range. bears want BOPBS, bulls want BO back into range and test of top. next few bars important.
32 stronger sell setup, EMA gap bar. bulls so far unable to break back into range. but very little selling pressure in rally, no LO bear SP's.
33 outside bull bar, another bear trap. but weak close, bulls still unable to break back into range. several day bear TL just above.
35 reached mm tgt, 35 prob EG. first break of longer term bear TL.
37 sell setup did not trigger, test of middle of yest range and converging triangle. 35 may become MG if not filled.
38 2BR, filled 35 gap, turned into EG. building selling pressure. poss FF. bulls want sec leg up from 37 rally, bears want test of bear low after TL break.
40 building selling pressure, bulls taking profits, LO bears starting to sell. bulls no longer getting CC bull bars. several sideways bars. 36-40 poss final bull flag.
43 sell setup for variant of a failed high 2, bulls exited at 37 close. shorting into low of small TR, but reasonable swing short.
44 bear EB, but failed to go very far. Bears need strong FT / BO below EMA for AIS.
45 bear FT, but closed above EMA. first touch of EMA in over 10 bars. small ET (36,38,43,45).
46 wedge bull flag / high 2 buy setup and ET for failed BO below bull flag TR. but buying high in potential FF, prob SA 38/43 high.
47 more signs of bull PT, bulls exiting at 39/42 closes. bears defending 38/43 DT, want DT PB.
48 small TR middle of yest range and CT. both sides fighting for FT and comfortable initiating trades. BOM. DT PB, failed high 2 / wedge bull flag. similar to yest 16-31.
51 bull BO, need FT. otherwise poss FF reversal.
52 sell setup for FF reversal, ET, and failed bull BO. bears need BO below TR for AIS.
54 weak bear FT, but bulls exiting at 51 close. bulls want bull channel but less likely, prob give up soon for now and look to form HL.
56 TTR, converging triangle in same area as yest. BOM.
63 bear BO of ttr, need BO and FT below 45 otherwise TR continues.
69 bulls giving up on channel premise.
73 TR continues. bulls defended 30 gap, want MG. bears want TR to become FF and test 19 close. middle of range important price level for both sides. DP 50/50, BOM.
75 bull BO of TR, but parabolic and climactic.
76 sell setup for BCX, FF reversal.
80 building selling pressure, good bear FT.
Today was a bull reversal day. After a spike and climax bear trend on the open the bulls bought aggressively. Prices stalled in a small trading range in the middle of yesterdays range. The day has the potential to become a trend resumption day and trend in either direction into the close.
Best Swing trades
20 sec entry for SCX and failed BO of yest low. also a bear TC overshoot (easier to see on 60min).
52 failed bull BO of HOD and FF reversal.
76 FF reversal, failed bull BO of TR and BCX.
Best Scalps
23 weak low 1 after SCX and reversal.
28 failed low 2 (could have also bought below 27 but more aggressive).
70 was also a reasonable buy (high 2 bottom of TR, 2EMA gap bar) for a scalp but did not reach 10 pips.
Open: Friday so weekly sup and res important. bears want close on LOW (yest low) for strong bear trend bar and sell signal. The bulls want a close above last weeks low which is around yest high. So far gap up and failed BO above yest range.
19 bull BO above yest high but weak close. poss end of sec leg up from yest SCX.
20 bull FT bar, bulls created 19 gap, want BO or MG.
21 strong bull BO, but climactic and unsustainable. reached mm up based on gap open and 20 gap. poss spike and climax bull trend and early HOD. strong bears waiting.
22 strong bulls and bears sold 21 close. sell setup for BCX and reversal but large risk.
23 PT / Selling at 21 close. bears see as weak high 1 after BCX.
25 bulls aggressive, buying bear closes. second BCX, poss 3 bar FF. bears scaling into shorts. bulls want spike and channel bull trend and 21 MG.
26 sell signal for CC BCX, but weak, sec entry better. bulls losing momentum.
28 sec entry for BCX but weak, prob BB. bulls want to keep 25 gap open.
29 good bear EB, but bears need FT.
30 failed bear reversal, failed low 2 / high 2 buy setup. bears scaled in and exited with SP. tight bull channel from 23-28-30.
33 bulls losing momentum, lots of tails, bulls taking profits. bears selling scaling in higher. potential ET reversal (27,28,30,31).
34 outside bear bar, failed high 2. building selling pressure. bears want test below 25.
35 bear FT bar, bears created BO gap (34), but still within bull flag TR. bulls no longer willing to buy high, but buying low (tails). want broader bull channel, prob buyers at EMA.
36 institutions no longer swinging, BLSHS. LOM. transition to TR / bull channel.
37 start of sec leg down from BCX, but weak stop entry, middle of TR. prob buyers around 36 low / EMA
41 building selling pressure, small wedge top prob lead to 2 legs sideways to down. suspected broad bull channel.
51 first test of EMA, weak low 1 bottom of bull flag into EMA likely BB.
56 no signs of bull PT taking yet, 47 BTC bulls scaled in, holding for original tgt. but bull TC just above, prob limit rally.
57 reached mm tgt from gap open to 21 MG, found PT and failed bull TC overshoot. bulls want mm up based on 21 spike.
60 a strong bear reversal looks unlikely at this point, the best the bears will likely get is a TR around 25 or 30 start of bull channel.
64 first break of bull TL, first closes below EMA.
67 building selling pressure, strong bear MC down from 58. but first strong bear leg of bull trend.
Today was a spike and channel bull trend day. After a strong bull breakout yesterdays high and several day TR, prices entered a channel where both sides were able to generate a profit. It is unlikely the bears reverse the day strongly, and the week will likely close above last weeks low for a weak bear sell signal (bulls will prob win).
Best swing trades
24 high 2 / failed reversal attempt, buying into highs, required swing.
30 high 2 and failed reversal attempt
57 wedge top and failed bull TC overshoot
Best Scalps
20 high 1 buy setup (strong enough for scalp but also a good swing)
buying below 26 or 28
51 weak low 1 bottom of bull flag and into EMA also into bull TL.
other more aggressive scalps; buying 20 close, 28 close, 50 close. selling above 33 and above 58
Lol yes i do consider myself to be hard working, I have been working since i was very young. I also went to school full time and earned a bachelors degree in business management while working full time as a manager. So I believe in doing the best you can and want to be the best i possibly can be at whatever it is i am doing. I also agree that doing this requires extreme self discipline and dedication. I have said many times before, nothing worth doing is easy and trading never will be easy. I know several other guys who have attempted trading but did not commit themselves as I have and have not made it very far. I believe the reason most people fail in this business is because they lack motivation, want it to be "easy money" or are misguided by all of the wrong information in the trading world today. If you are patient, work hard every day to better yourself (not just in trading), take the time to learn and study price action, and accept you are not going to get there overnight, I think most people would have a better shot. I often compare trading to being a professional athlete, and anyone who exercises or has tried to lose weight knows it is very hard to do and takes many days / weeks / months of dedication and hard work. You cant change your body in 3 months, it takes a minimum of 2 years of exercise and better eating habits for your body to change. And you certainly are not going to become a professional trader in 3,6, or even 12 months in my opinion.
I agree, Al's books can be very dry and hard to comprehend and would often put me to sleep (old video course too). However if you take the time to understand what it is he is saying it starts to make sense and becomes extremely interesting and was hard to put down the book (for me anyways). I dont think reading the books 1 time is enough, the second time it starts becoming easier to understand / clear and by the third you already know what is coming and start to really grasp the concepts. Like i said before, this is not easy, and like Al says he is theoretically teaching you how to play the violin, just reading a book (especially only once) is not going to guarantee you success. I suggest instead of reading the books so fast as you did, focus on reading 10-20 pages a day and really understanding the concepts of each chapter before continuing to the next. If something doesnt make sense, keep reading it until it does.
1-How did you study Al's books ? I mean did you take notes ? memorize some things ? Used a specific study method/methodology? How exactly?
I read 10-20 pages every day after the market closed and then reviewed my day and the price action from the day afterwards. I think reviewing for atleast 30 mins is crucial to beginning traders. I never really took notes, but i am not really a note taking kind of guy (all through college i very rarely did lol). But if that works for you that is what you need to do. I also think going through the charts at EOD bar by bar really helps to solidify the concepts. Anyone can say that is a good buy setup, ok, but why is it? What are the bulls doing? What are the bears doing? How are they managing trades? Why did this trade fail but that one didnt? After doing this for a while at EOD you start learning to do it as the price action is unfolding.
Many people dont believe this is possible, in fact i recently had a guy accuse me of "faking" my trades and just typing this out at the end of the day. To which i said well then why wouldn't i show 80-100% success rate and why am i often wrong and change my opinion? The truth is, he doesn't understand what the institutions are doing or how they trade so he assumes i am a fraud and making this up for attention. But once you do, trading becomes easier but you still must work on yourself (emotions, patience, discipline).
2-How did you apply the knowledge that you acquired from the books ? I'm sure most new traders will love to know the answer to this kind of questions...(It'd be very good if you wrote a section about how to apply price action knowledge in your book).
I sat in front of the computer from the open to the close, studying every bar, trying to figure out where in the market cycle we are and how the institutions are trading. When i was wrong, i wanted to know why, what did i do wrong? why did the trade fail? how could i have managed the trade better, ect. In my book i talk about how to apply the traders equation, how to determine probability of a given setup, and the different management styles of a given entry. I also discuss the importance of a good entry vs just a signal bar without strong context. All of which i believe will shorten the learning curve, but i dont know that there is an easy way to apply the price action knowledge without also developing the skills required to be a professional trader (patience, discipline, acceptance, and an uncomplicated mentality).
From what i remember you mentioned you are working so cannot day trade. Instead of trading the daily or HTF charts, just replay the day when you get home on simulator trading 5 min chart. You can speed up the replay so you do not have to sit for so long and can trade the whole day in probably 2 hours. I did this for a year before i quit to trade full time. This will help, but until you are in front of the market day in and day out i think this will only get you so far. Another alternative is to trade a 60 or 240 minute chart. You will have many more opportunities than trading a daily chart or higher time frame.
3-Do you think that Al's methods/Idea are enough for a trader to be profitable ? I mean is there some other aspect of trading that one needs to read and learn about beside what's in Al's books ?
As far as price action goes, Al is all you need provided you take the time to understand the concepts. The most important aspect of trading is understanding the traders equation, the market cycle and directional probability, and then applying them.
However, something Al does not talk much about which i find equally important is the mental side of trading. I believe this is the hardest part of trading, harder than learning price action. He says to remain objective, which is absolutely right. But how do you go about doing this? You must master yourself before you can master the markets. Personally, I am a Warrior Trader (Way of the Warrior Trader by Richard McCall). This doesnt mean you have to be, but i do think atleast some form of meditation is crucial to understanding yourself, overcoming your emotions, and mastering yourself. Like i said before you must work to better yourself in every way not just trading, and trading is often a teacher in life lessons.
Trading is an art form, and trading is my Way (path to enlightenment). Miyamoto Musashi (famous samuari) discusses in the Book of Five rings that any art form whether you are an artist, poet, carpenter, doctor, samurai, practice karate do, jujitsu do, aikido, (do means Way) whatever, they are all Way's to enlightenment and the end result is the same. He also says once you understand strategy it can be applied to anything and any art form. To which i completely agree, i often surprise myself and think "how the hell did i know or learn to do that?" (short answer youtube university lol). For instance i am currently remodeling my shower, and as long as i can figure out 1 more step (roughing in a new mixer valve) I will not need any help other than my complete commitment. When i cant figure something out, i keep trying and do not give up until i do. It might take me a while (this shower project has taken me several weekends!) but eventually i get there. My point here is that anyone can do anything they set their mind to. And a true Warrior knows this to be true. I discuss what Warrior trading means to me and how i apply the concepts everyday in my book, but i am hesitant to post that chapter here since it it personal and to me an important chapter. However i did post a different chapter about remaining objective a while back which you can find at this link (second to last post).
Open: bull gap opening, lack of bear urgency. small trading range / ET. bears tried for failed BO and bear trend from the open but lack follow through. bulls will try for gap and channel bull trend or bull trend from the open but likely need a double bottom first.
16 sec entry for DT at top of small range / ET (1,4,6,12,16). but little selling pressure and neither side has made SP yet since open, TTR.
18 high 2 / failed low 2 buy setup. middle of range, stop entry in LOM, 50% but reasonable swing.
21 bull BO with FT. rally appears to be limited by bull TC.
22 BTC bulls dissappointed with FT but will likely scale in lower. 2BR for failed BO and ET top, but overalps prior 2 bars, not that strong bears will prob need sec entry.
24 failed bull TC overshoot, signs of PT / LO bears. poss small FF reversal.
25 sec entry off bull TC, FF reversal and ET.
26 bad bear EB, buy setup for failed low 2 / reversal. but buying high in bull channel.
27 stronger sell setup, prob sellers below and bulls wait for test of EMA / TL. bears want test below 19.
29 bears lacking FT, but within MF of EMA.
30 bull BO, bulls want MG, bears want EG. micro wedge top (22,25,30).
32 2BR sell setup for BCX and wedge top. tight bull MC from 12.
33 bears could not trigger sell. instead bull BO above. bulls prob get 30 MG. strong bears waiting, strong, but climactic buying.
34 building selling pressure, 2BR for BCX but middle of tight bull channel.
35 strong bear EB, broke bull MC TL.
36 bear FT, building selling pressure. filled 30 bull gap. first touch of EMA since open, 20EMA gap. 33 bulls want test of close.
39 small sec leg down from 34. bulls holding prices above EMA and higher lows. bears need to be strongest here otherwise bull flag and bull trend continues.
41 high 2 buy setup off EMA and broader bull TL.
43 bears attempt at failed high 2. but shorting into lows. bulls want wedge bull flag.
46 failed failure, EMA gap bar. 44 small SCX prob end of bull flag.
47 bull case weakening. bears want to fill 19 gap. prob large TR developing.
56 bears gave up after CC failed reversals. bulls will try for new HOD. poss TR with 38.
57 wedge retest of bull high, DTBF with 38. reasonable swing short.
58 strong bear EB, reversed prior 10 closes. prob start of sec leg down, poss spike and bear channel from 36.
60 BOPBS, DT PB sell setup.
65 bulls see as two large legs down from bull high, again defending 19 bull BO gap. but strong selling, bulls prob will need sec entry. first bear tgt of leg 1 = leg 2 move is below 19.
68 bulls failing to form buy setup. 63 or 64 poss MG
Today started out as a gap and channel bull trend day but transitioned into a large trading range day and a bear reversal day. After a spike and climax bull trend prices sold off in a spike and bear channel testing the low of the day. Because the daily range is small (20 pips) there is a possibility of a trend into the close, doubling the daily range.
Best Swing trades
18 high 2 / failed low 2, middle of opening range and stop entry in LOM so 50%.
34 2BR for SCX and failed wedge failure (wedge top failed, but the failure failed). turned into HOD.
57 wedge retest of bull high and DT bear flag with 38.
Best Scalps
60 BOPBS / DT PB and weak high 1 after flip to AIS.
62 failed high 2
77 wedge bear flag at EMA and bear TL.
Other more aggressive scalps; 29 repeat to 18, SA 32 weak high 1 after BCX, BB 46 weak low 1
Open: huge bull gap open, increases % of trend in either direction. so far bull trend more likely (very little selling pressure / lack of bear urgency). However, CC BCX's and parabolic buying on HTF charts could lead to early HOD and bear trend.
20 bull BO, no signs of selling above HOD. poss gap and bull channel. bulls want 19 or 20 MG.
21 bear attempt to turn 20 into BCX and reversal, weak SB. rally prob limited by TC.
22 sec BCX to 20 mm tgt. 22 likely EG, less likely becomes MG.
23 rally continuing, prob to 22 MG. sign of waning bull momentum, climactic and unsustainable buying. but 23 weak reversal, prob BB.
25 bears scaled in after selling above 21. filled bull 22 gap. bulls want test of 23 close. bears want test below 22 and then mm down.
26 building selling pressure. bears exiting BE, bulls scaling in for test of 23.
29 bulls giving up, exiting on any small pullback. AIS for 2 legs sideways to down at min.
32 low 2 but selling low. bulls want TR with 22, but little buying pressure in 24 sell off. bears want mm down from 28 /22, tgt is below 19.
33 first test of EMA since open, but after BCX. 33 poss MG, bulls want SCX and to lead to rally. 33 technically 2 legs down but sell off prob first of two larger legs down. 24 poss HOD.
34 high 2 buy setup off EMA, rally prob limited by bulls looking to exit. bears want lower high and sec leg down / start of bear channel.
36 failed high 2 but still holding above EMA. bulls will try for wedge bull flag. very similar PA to yest.
37 wedge bull flag buy setup, reasonable swing.
38 back to back failures. very similar to yest. low 2 / failed wedge bull flag but shorting into EMA.
40 both sides fighting for control, small TR. bulls want leg 1 = leg 2 mm based on 23 to 33. bears want mm down from 33 / test below 19. bulls holding above EMA but becoming flat. 3 pushes up 3 pushes down in small range. 50/50 BOM.
42 swing short for failed bull BO of small range /start of sec leg down.
43 outside bull bar, BO of small TR. bulls want test of 23.
44 bears gave up bulls got test of 23 close. bulls want mm up from 43 which is around same as leg 1 = leg 2. bears see as CC BCX's. prob TR developing.
45 23 bulls exited BE. sell setup for sec BCX, DT / high of TR.
48 small ET. 45-48 poss final bull flag.
50 bear EB and FT, small 49 BO gap.
52 bulls giving up, will try to form DBBF / hold bottom of TR around 33. bears want BO below and test below 19.
57 bulls made SP buying below 34. TR continues, poss weak bear channel.
59 sec attempt to reverse from failed BO below bull flag TR. also off suspected bear TC and 2EMA gap bar.
66 bulls filled bear 49 BO gap. 65 prob MG, tgt middle of 45-48 TR. TR / weak bear channel, bear TL not far above.
68 high 1 buy setup but buying high. bears waiting for test of TL / high of TR. bulls want BO above TR and mm up after failed BO below.
69 bull BO, MG, and EG in rally to high of range. 69 likely EG and buy vacuum test of bear TL.
70 bears holding TL, filled 69 gap but no strong reversal (weak SB).
72 good bear EB, poor FT. variant of high 2 buy setup but high in TR and bear channel. bears want BOPBS of bear flag. bulls want break of bear TL and test above 48.
75 bulls winning, bear TL failed to hold. bulls forming gaps and trending closes.
76 waning bull momentum but weak short setup. still within TR, bulls need BO above with FT, otherwise TR continues.
85 bull BO with FT, BTC bull trend. 81 MG.
Today was essentially a large trading range day and showed some characteristics of a trending trading range day. It was also a bull trend resumption day. Prices spent most of the day in a trading range but after 2 legs down from the CC BCX's the bull trend resumed for a measured move up based on the height of the range.
Best Swing Trades
24 2BR from CC BCX's
34 large high 2 and first test of EMA.
37 wedge bull flag off EMA
45 DT and reversal for BCX
59 sec entry from failed bear BO of TR
Best Scalps
SA 28 weak high 1 after BCX and reversal
48 sec entry short off top of TR.
BB 61 weak low 1 after failed bear BO and reversal
Other more aggressive scalps
selling above 46, buying any close from 82-86
