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Tiger's Price Action Journal

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  #111 (permalink)
 Malvolio 
Frankfurt, Germany
 
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I think it would be a good idea to include pivot points and the high and low of the prior day and a chart with another timeframe too.
Your first trade for example was a good idea. The price only went to the pivot point and moved down from there. In the 5-range-chart you can see that the price was forming lower lows and lower highs at this time.
Your second trade too was a good idea since there was the low of the prior day.
Often the price reacts at areas where he dropped down ealier or where he started a move upwards. That happens for example today with the pivot point area, which works as resistance and later as support.

Nice thread. Good luck for tomorrow.

Malvolio

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  #112 (permalink)
 Tiger45 
San Diego, CA, USA
 
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Malvolio View Post
I think it would be a good idea to include pivot points and the high and low of the prior day and a chart with another timeframe too ...

Malvolio

Thanks. I am trying to maintain an awareness of the big picture, with varying degrees of success.

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  #113 (permalink)
 Tiger45 
San Diego, CA, USA
 
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Started off OK, taking my signals, but didn't take the 3 most profitable ones because ... hell I don't know.

Trade #1
Entered a long buy limit at 87.28 based on overnight support. Was filled and took 10 ticks of heat for a few bars, then the trade started moving my way. I had a 25 tick hard target in and price got within a tick. I moved my stop up to +14 and was taken out. Didn't follow my trade management rules, otherwise I would have gotten my target on the next bar. +14 ticks.

Trade #2
After the oil report, I entered a sell limit at 88.94 based on yesterday's HOD. Was filled and took few ticks of heat, then switched to the 1 min chart to manage my exit. +2 ticks.

After the peak, I sat on my hands and let 3 short signals pass me by. Even though the trend was up, there was plenty of room down towards the EMA.

Trade #3
Price looked like it was holding the EMA, then got a couple of bars making HH's and HL's. The 09:00 bar was a strong green bar. Went long at 88.57 with a tight stop and price came crashing down. I was filled and stopped out in less than a second. Very impressive violent move. -9 ticks.

Trade #4
Price moved sideways for 1 hour, making a few head fakes. The 10:10 bar looked like a bear continuation, but ended up green. The 10:15 bar broke the most recent pivot high and closed above the EMA. Went long at 88.50 with a fixed target of 25 ticks, which was 1 tick under the high of the 09:00 bar. +25 ticks.

Finished up 3 ticks for the day because of a 23 tick loss on 6E.

Overall, I'm not too happy about the way I traded. I mismanaged my first trade and it cost me 11 ticks. The 3 trades I ignored were each winners. I'm trying to keep an awareness of where price was to 'help' me with where price might go, and that did get me a couple of small winners, but today it seems I would have been infinitely better off if I had blinders on and just traded every signal.

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  #114 (permalink)
 Big Mike 
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Tiger45 View Post
Started off OK, taking my signals, but didn't take the 3 most profitable ones because ... hell I don't know.

Well you need to answer the question. Letting it remain unclear isn't going to work. The answer may be something like you were fearful of getting another stop loss, or you were uncertain, or (on one of the signals?) the signal was too close to inventory, etc. But it is important to stop for a minute as soon as you discovered you skipped a trade, and ask yourself why that happened, and take note of it.

Here is a helpful tool in that regard, @Bacon's decision matrix:





Quoting 
but today it seems I would have been infinitely better off if I had blinders on and just traded every signal.

Does your plan call for you to "blindly" take every signal?

Mike

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  #115 (permalink)
 Tiger45 
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Big Mike View Post
Well you need to answer the question. Letting it remain unclear isn't going to work. The answer may be something like you were fearful of getting another stop loss, or you were uncertain, or (on one of the signals?) the signal was too close to inventory, etc. But it is important to stop for a minute as soon as you discovered you skipped a trade, and ask yourself why that happened, and take note of it.

Here is a helpful tool in that regard, @Bacon's decision matrix:





Mike

Thanks for this - I can see the value.


Big Mike View Post
Does your plan call for you to "blindly" take every signal?

Very good question. I've always leaned towards discretionary trading, preferring to interpret the action and make decisions accordingly. I think this tool will help make it clear whether taking trades blindly is a good idea or not. I'll add a line to this for an explanation of why I didn't take the trade, a quick appraisal of the market condition, and what the profit/loss outcome would have been.

Thanks again.

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  #116 (permalink)
 Tiger45 
San Diego, CA, USA
 
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Much more relaxed trading today, due in large part to Big Mike's suggestion about tracking passed trades. Instead of agonizing over whether or not to take a trade, I just passed on it and wrote down why. I tracked the setup pattern, the price and time as well as the outcome. This will allow me to collect data on these border line trades and look for patterns. Thanks for the tip, Mike.

Overall I'm happy with my CL trading, even though I only ended up 2 ticks on 4 trades. I managed the trades well and didn't jump to BE at the first opportunity. The one mistake I made today was a failure to note the S/R areas on my chart. This caused me to take a long trade just under resistance that failed. On the bright side, it's nice to see something fail when it's supposed to.

Trade #1
Had 3 big green bars up. Didn't get filled on my first attempt at entry, but was filled on a second try. This was just under the aforementioned resistance area. Got a full stop. -9 ticks.

After realizing my mistake about noting R/S areas, I saw a support area at 80.08.

Trade #2
Wasn't filled on my first attempted short and price rapidly approached support so I didn't attempt a second entry. Entered a buy stop at 88.08 and was filled on the big drop at 07:00. Price bounced off violently, then came back down just as quick. I tabbed over to forxex. com to see if I missed a news event, but didn't. When price moved back up, I moved my stop to BE +1 and was stopped out. +1 tick.

Price went crazy on the 07:05 bar and made a massive perfect doji. Checked for news again, but didn't see anything.

Sat out the next 40 minutes or so, waiting for the market to make up its mind.

Trade #3
Price surged up over the EMA, then on the next bar closed under it. The next bar was red, so I entered a short at 88.08 with a tight stop. I felt that the repeated puncturing of the support at 88.08 was now greatly diminished, and the rejection of the EMA was a short signal. Also, I felt that the range created by that big doji might still be in affect, so I adjusted my target to 15 ticks with a 5 tick stop. Got stopped out. -5 ticks.

Trade #4
Got a long signal a couple of bars later, and I forgot to adjust my stop and target from the last trade. It hit my target quickly. +15 ticks.

Did +16 ticks on 6E

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  #117 (permalink)
 Big Mike 
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Good job. Rome wasn't built in a day. Just make a little progress every day and don't let any one trade or day get in the way of your success.

Mike

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  #118 (permalink)
 bluemele 
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Tiger45 View Post
Much more relaxed trading today, due in large part to Big Mike's suggestion about tracking passed trades. Instead of agonizing over whether or not to take a trade, I just passed on it and wrote down why. I tracked the setup pattern, the price and time as well as the outcome. This will allow me to collect data on these border line trades and look for patterns. Thanks for the tip, Mike.

Overall I'm happy with my CL trading, even though I only ended up 2 ticks on 4 trades. I managed the trades well and didn't jump to BE at the first opportunity. The one mistake I made today was a failure to note the S/R areas on my chart. This caused me to take a long trade just under resistance that failed. On the bright side, it's nice to see something fail when it's supposed to.

Trade #1
Had 3 big green bars up. Didn't get filled on my first attempt at entry, but was filled on a second try. This was just under the aforementioned resistance area. Got a full stop. -9 ticks.

After realizing my mistake about noting R/S areas, I saw a support area at 80.08.

Trade #2
Wasn't filled on my first attempted short and price rapidly approached support so I didn't attempt a second entry. Entered a buy stop at 88.08 and was filled on the big drop at 07:00. Price bounced off violently, then came back down just as quick. I tabbed over to forxex. com to see if I missed a news event, but didn't. When price moved back up, I moved my stop to BE +1 and was stopped out. +1 tick.

Price went crazy on the 07:05 bar and made a massive perfect doji. Checked for news again, but didn't see anything.

Sat out the next 40 minutes or so, waiting for the market to make up its mind.

Trade #3
Price surged up over the EMA, then on the next bar closed under it. The next bar was red, so I entered a short at 88.08 with a tight stop. I felt that the repeated puncturing of the support at 88.08 was now greatly diminished, and the rejection of the EMA was a short signal. Also, I felt that the range created by that big doji might still be in affect, so I adjusted my target to 15 ticks with a 5 tick stop. Got stopped out. -5 ticks.

Trade #4
Got a long signal a couple of bars later, and I forgot to adjust my stop and target from the last trade. It hit my target quickly. +15 ticks.

Did +16 ticks on 6E

Seems like you are managing your risk much better than before!

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  #119 (permalink)
 Tiger45 
San Diego, CA, USA
 
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Another decent day. I really like logging border line trades. I passed on 3 trades, all winners.

Trade #1
Short at 87.48 at resistance with a 9 tick stop. Got stopped out with 1 tick slip. -10 ticks.

Trade #2
After price popped through resistance, when long 87.60 and took some heat. Price turned around, then moved my stop up and got out. +4 ticks.

Trade #3
Another counter trend trade with a tight stop. Had 18 MFE and moved stop to BE+1. A mistake I made was not adjusting my target to reflect the fact that this was counter trend. +1 tick.

Trade #4
Played another counter trend trade off a strong resistance area. Right idea, but a little early. +1tick.

Trade #5
Got a shooting star that poked just beyond the resistance area. Entered a sell stop a few ticks below at 88.29 - not very aggressive. Hit my hard target. +25 ticks.

Made 16 ticks on 6E.

The good - profitable day and managed the trades well.
The bad - I seemed more focused on counter trend trades and really should have been looking to join the trend.

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  #120 (permalink)
 Mickey Caine 
Kent, England
 
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Hi
Not criticizing you, just an observation on your first trade, and maybe a couple of others. If you are going to counter trend trade on the 5 min it is often best not to enter a trade that is too close to the 20EMA. Case in point your last trade and biggest winner had around 30 points of space between entry and the EMA.

Best wishes

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