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Site Administrator Swing Trader Data Scientist & DevOps
Experience: Advanced
Platform: Custom solution
Broker: Collect them all
Trading: Equities, Futures & Crypto
Posts: 49,965 since Jun 2009
Thanks Given: 32,943
Thanks Received: 100,920
I agree
That chart is really a fantastic chart example of LH + LL, then indecision, then HH + HL...
When trend is strong some other indicators like even a simple moving average can be "faster", but when trend slows down and it becomes more choppy, PA is the best medicine.
1. Follow the Trade Plan (should use present tense here).
2. Preserve Precious Capital - Moved SL to 2 ticks in favor after the first PT was hit. No winning trade to become a losing one LOL!
Emotion: Very calm. Guess the trade started working almost immediately helped .. smile ..
Note: Only checked Perry's set-up for entry and had not used the Gomi one this time.
My Weekly Sim Trade Result as of this morning:
$382.50 MP and Perry's
$447.50 incl the PA impromptu one
No of Green vs Red mornings (13) since I resumed sim-trading on 19 Apr: 12 vs 1 (only 1 Red)
It's time for me to do real trades again .. very very soon! I have mixed feelings on this important move - both excitement and "little fear". Let me dig out my trading hypnosis audio clips and listen to them this weekend! Appreciate any suggestion to soothe my "baby fear bear" here .. haha ..
Beth
The following user says Thank You to wgreenie for this post:
I did practice my PA labelling on CL last night. Lots of DT and DB and I got lost several times .. sigh .. My confusion:
1. A HH with a subsequent HL, go Long if there's a HH breaks the earlier HH. Instead of a second HH, a LL that goes below the HL and then a HH shows up. Still go Long OR start counting again, ie wait for a HL etc etc??
2. When it's not a HH-HL-HH or LL-LH-LL pattern, I am not certain anymore. That explains why I prefer skipping HL-LH and just focus on HH/LL or DT/DB or the 123 Reversal method. Hey, occasionally I can see the 123 LOL!
How am I going to resolve this dillema?
I will watch Big Mike's CL video again + start reading the Al Brooks book. Appreciate any tips. Thank you.
Site Administrator Swing Trader Data Scientist & DevOps
Experience: Advanced
Platform: Custom solution
Broker: Collect them all
Trading: Equities, Futures & Crypto
Posts: 49,965 since Jun 2009
Thanks Given: 32,943
Thanks Received: 100,920
Beth, there is no "right" answer on the price action.
But yes, the HH+HL or the LH+LL are the "clear" ones, the simpler ones, in a strong trend. The ones where there is a LH then all the sudden a HL, etc, this signifies indecision, and you look for a possible trend reversal to be happening.
You should post some charts in the Price Action thread or mark up some of the "blank slate" charts I post daily in there.
Thanks Mike for the suggestion and additional guidance. For the undecided ones (not following the clear patterns), I have been using CHOP on them LOL! Well, let me do more studies before posting charts in your Price Action thread. It's quite embarrassing if my chart consists of too many ?? ..
Site Administrator Swing Trader Data Scientist & DevOps
Experience: Advanced
Platform: Custom solution
Broker: Collect them all
Trading: Equities, Futures & Crypto
Posts: 49,965 since Jun 2009
Thanks Given: 32,943
Thanks Received: 100,920
No...
Do you want to be embarrassed by placing losing trades because you aren't clear about a method, or embarrassed because you are new to a method and might make a mistake in snagit on a chart... this is nothing to worry about, decision is easy/clear.
Appreciate any suggestion to soothe my "baby fear bear" here .. haha ..