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CW's ES Price action trading Journal


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CW's ES Price action trading Journal

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  #11 (permalink)
 Big Mike 
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Good job on the journal, keep it up.

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  #12 (permalink)
 cw30000 
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Today's open was in yesterday's trading range near at the end of the day. Since the open brokeyesterday's bull trend line, so I am looking for a break to the downsize or a weak rally to fade.

1) Break out pull back and an inside bear bar. Setup for short. Price is not as strong as I would like. I should have exit this trade, because it triggered my exit rule. Instead I scale in. See #2

2) Stupidly scaled in on L1. The price action was too weak to go short on Low 1. There were too many tails. As stated on #1, I should have exit when my exit rule is triggered.

3) L2, EMA short. My target of 2 points was touched but didn't triggered. Got stopped out. I moved my stopped too much. I should just leave it at breakeven.





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  #13 (permalink)
 rassi 
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cw30000 View Post
Today's open was in yesterday's trading range near at the end of the day. Since the open brokeyesterday's bull trend line, so I am looking for a break to the downsize or a weak rally to fade.

1) Break out pull back and an inside bear bar. Setup for short. Price is not as strong as I would like. I should have exit this trade, because it triggered my exit rule. Instead I scale in. See #2

2) Stupidly scaled in on L1. The price action was too weak to go short on Low 1. There were too many tails. As stated on #1, I should have exit when my exit rule is triggered.

3) L2, EMA short. My target of 2 points was touched but didn't triggered. Got stopped out. I moved my stopped too much. I should just leave it at breakeven.






Possibly another way of looking at it

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  #14 (permalink)
 cw30000 
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Thanks. I was thinking to short that "15min ib" as well, but I was not comfortable taking it due to many overlapped bars.

Still need to adjust my plan a little.

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  #15 (permalink)
 rassi 
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cw30000 View Post
Thanks. I was thinking to short that "15min ib" as well, but I was not comfortable taking it due to many overlapped bars.

Still need to adjust my plan a little.

Your welcome....Gap fill was the biggest clue!

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  #16 (permalink)
ziebarf
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I suppose I will chime in as well..

In my opinion, its good to pay attention to where price patterns form and break..

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  #17 (permalink)
 cw30000 
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Yesterday at closing, price over shooted the bear channel line and at open price was below yesterday's low. The best scenario is the opening bar is a bull bar and go long. It did attempt to close high, but it closed as bear and i do nothing.

Two news event were scheduled at 9:45 and 10:00 EST, and I wasn't plan to trade before that. However, after my observation for the past few weeks. Here is what I found: If news trigger wild action (like jump 5 pts in seconds), wait. If news trigger some action AND it is going the direction you are expecting, or price continuous previous trend, by all mean trade it if there is a setup presented. This will add to my trading plan

A) This is a 2nd attempt to reverse after channel overshoot. The first attempt was bar 1 at open. I was thinking to go long after the news reported. Price move little, but my trading didn't account for the so I waited.

1) I chased the trade. News just released and price goes as as I predicted. I exist early as I bought almost 1 point higher (This is more or less a testing trade from my news observation.)

2) 2nd attempt to short after L2 and price bounced off the down trend line from yesterday. I sold the breakout of the support area. The best scenario is to sell at the low of the doji bar, IF that doji bar is a bear bar. Another thing. Since the bull is so strong, and this is consider counter trend setup. Should have smaller target. It could also lead to a spike and channel setup.

3) H2 setup off EMA. I placed a limited order to buy as soon as my last trade got stop out. I adjusted the target to 1 tick below the last LH.





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 Eric j 
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Nice journal so far , quite informative . A couple questions - Is this the Al Brooks method ? ( Im not very familiar with AB method thats why I ask ) and why do you trade both longs and shorts ?

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 cw30000 
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Eric j View Post
Nice journal so far , quite informative . A couple questions - Is this the Al Brooks method ? ( Im not very familiar with AB method thats why I ask ) and why do you trade both longs and shorts ?


This is Al Brooks method. I don't trade all his setup, I only trade what I think is a high probability setup base on my research.

I long because I've determined it will be a bull day pre market and price action confirmed it shortly after open.

The short I take it is not a good short, but a low risk one. Because It was after a 2 leg pullback and it bounced off the trend line.

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  #20 (permalink)
 cw30000 
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There was a strong rally into yesterday's closing and premarket, it was showing a gap of 10 points. The price action for the last few trading trading was a trading range, so I was expecting today will follow the price action for the last few days. The pre market price is close to the top of the trading range, and my assumption was that market will attempt to break out 1064.5, if it failed, I will short it.

1) The opening bar is a failed breakout and also a climax bar. I placed order to go short because there was a strong bear inside bar.

I loss money on this trade because I violated my rules: (1) setup is counter trend after climax and I didn't wait for the second attempt below the short. (2) I didn't trial my stop to reduce my risk when the breakout was weak and no follow through. (3) Two news report are scheduled at 10 AM. Market is probably in a trading range mode until the news is released


2) This was a force trade. I was not reading the market and not following any of my rules


3) H1, HL. First pull back on the strong up move. The price action look like it will trend higher, but not going to be a measure move. Since today is a big day, I set my target to 4 points. It was within 1 tick to filled my target and it reversed. So I adjusted my target lower. My reason for this adjustment is because there were a lot of tight two side trading. Eventhough I believe market will goes higher, I am unwilling to sit through the tight two side trading.





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