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wow - The big boys jumped in early. I wasn't expecting them for about 15 to 30 minutes. I had the perfect entry for 40+ ticks but I am content with my 10 ticks.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
I was invited to join a group of traders who trade the EUR/USD with price action and they seem to use 5 min. charts primarily so instead of having so many different charts open all the time I elected to use the 5 min. so I can follow their discussions easier and participate better with my own input. You may of noticed I also started trading the 6E. Once you understand price action it doesn't matter what time frame you trade the setups are all the same, what may change is risk and reward (stops and targets).
If you are enjoying the journal, I would appreciate your vote in the journal contest. There are also many other good journals in the contest so check it out. Thanks! Here is the link to the page I am on (I think), look for the journal entry by Bolt Trader and add a "Thanks" if you so desire.
I hear this a lot. I also have a journal on a private site with some price action/order flow pros and I have repeated this there. While they agree to an extent, they also contend that different markets have different personalities. Some markets are more trendy while others are not, there are volatility differences, etc. I think this is evident if you look at index markets versus metals versus grains - they do seem to move differently. Not saying this invalidates the "price action is price action" claim, because it's all based in human behavior so there's truth to that; just pointing out that there may also be other considerations. I don't have the depth of experience to argue the point aside from some cursory observations.
Nor do I, nor do I care to - lol. I have just found in my experience that I can find a certain time frame, tick size, range bar, renko (whatever) that reveals to me the price action cycle and allows for me to see good signals for trading.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
Entered on an aggressive entry with 1 contract for +12 ticks in my TST account after market just collapsed on CL in anticipation of the 2L signal. My target was before the trigger so I felt okay with the trade.
Note: I am done in my live account for the day - Content! Looking for 1 more trade in my TST account.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
This setup is usually good for +30 but here I took +10 with 3 contracts only because of perceived weakness. We will see if I made the right decision or not.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
