Firewalker's Journey: A path of discovery in search for enlightenment

This is a discussion on Firewalker's Journey: A path of discovery in search for enlightenment within the Trading Journals forums, part of the Reception category; Originally Posted by dbphoenix Copy out the first intraday chart and annotate every penetration of S/R of three ticks or ...

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Old Aug 18, 2006, 1:21pm   #211
 
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Quote:
Originally Posted by dbphoenix
Copy out the first intraday chart and annotate every penetration of S/R of three ticks or more.
...
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Old Aug 18, 2006, 1:32pm   #212
 
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This is the last chart. Post the first chart.
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Old Aug 18, 2006, 1:41pm   #213
 
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This is the last chart. Post the first chart.
Thought you meant the first intraday chart, with intraday meaning only data of one day.
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Old Aug 18, 2006, 1:52pm   #214
 
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Originally Posted by firewalker99
Thought you meant the first intraday chart, with intraday meaning only data of one day.
All the charts posted are intraday charts.

There's no need to annotate penetrations of S/R for 7/7 since only two S/R lines are drawn.

What S/R level do you consider your annotation for the 7/10 open to be a penetration of?
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Old Aug 18, 2006, 1:59pm   #215
 
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Quote:
Originally Posted by dbphoenix
All the charts posted are intraday charts.

There's no need to annotate penetrations of S/R for 7/7 since only two S/R lines are drawn.

What S/R level do you consider your annotation for the 7/10 open to be a penetration of?
That one was incorrect, I already changed my post.
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Old Aug 18, 2006, 2:03pm   #216
 
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That one was incorrect, I already changed my post.
Now copy out the second intraday chart and annotate every penetration of S/R of three ticks or more. If you want to raise the line at 1550 to 1550.50, or draw a new line at 1550.50, feel free.
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Old Aug 18, 2006, 2:13pm   #217
 
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Quote:
Originally Posted by dbphoenix
Now copy out the second intraday chart and annotate every penetration of S/R of three ticks or more. If you want to raise the line at 1550 to 1550.50, or draw a new line at 1550.50, feel free.
I chose not to draw a new line and so at the end I have another penetration. If the line were at .50, it would be nip-and-tuck.
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Old Aug 18, 2006, 2:19pm   #218
 
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I chose not to draw a new line and so at the end I have another penetration. If the line were at .50, it would be nip-and-tuck.
Which of the trades for 7/10 are long and which are short?
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Old Aug 18, 2006, 2:29pm   #219
 
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Quote:
Originally Posted by dbphoenix
Which of the trades for 7/10 are long and which are short?
numbers are approximate:

(1) Long @ 1556 around 0930
(2) Short @ 1553 around 0945
(3) Long again @ 1556 second top
(4) Short again @ 1553 around 1025
(5) Short @ 1549 around 1030
(6) Long @ 1551.50 at right end of the chart

Long because of breakthrough up through R,
short because of breakthrough down through S.
If I were to follow the trend or act purely countertrend, only one type of trades (long/short) would be executed.
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Old Aug 18, 2006, 2:33pm   #220
 
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Quote:
Originally Posted by firewalker99
numbers are approximate:

(1) Long @ 1556 around 0930
(2) Short @ 1553 around 0945
(3) Long again @ 1556 second top
(4) Short again @ 1553 around 1025
(5) Short @ 1549 around 1030
(6) Long @ 1551.50 at right end of the chart

Long because of breakthrough up through R,
short because of breakthrough down through S.
If I were to follow the trend or act purely countertrend, only one type of trades (long/short) would be executed.
If you're entering at 3 ticks above R or below S, numbers should be exact.

Trend is not a consideration.
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Old Aug 18, 2006, 2:41pm   #221
 
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Quote:
Originally Posted by dbphoenix
If you're entering at 3 ticks above R or below S, numbers should be exact.
Trend is not a consideration.
Yes, but it's not easy to distinguish ticks on this small chart. Assuming your S/R lines are at round numbers, then my exact entries (3 ticks away from S/R) would have to be:

(1) Long @ 1555.75 around 0930
(2) Short @ 1554.25 around 0945
(3) Long again @ 1555.75 second top
(4) Short again @ 1554.25 around 1025
(5) Short @ 1549.25 around 1030 (or 1549.75 with S at 1550.50)
(6) Long @ 1550.75 at right end of the chart (or 1551.25 with S at 1550.50)
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Old Aug 18, 2006, 3:03pm   #222
 
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Originally Posted by firewalker99
Yes, but it's not easy to distinguish ticks on this small chart. Assuming your S/R lines are at round numbers, then my exact entries (3 ticks away from S/R) would have to be:

(1) Long @ 1555.75 around 0930
(2) Short @ 1554.25 around 0945
(3) Long again @ 1555.75 second top
(4) Short again @ 1554.25 around 1025
(5) Short @ 1549.25 around 1030 (or 1549.75 with S at 1550.50)
(6) Long @ 1550.75 at right end of the chart (or 1551.25 with S at 1550.50)
Assuming a 1pt stop, which of these would be winners and to what degree and which would be losers and to what degree?
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Old Aug 18, 2006, 3:12pm   #223
 
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Assuming a 1pt stop, which of these would be winners and to what degree and which would be losers and to what degree?
Winners:
(4) Shorting here is the only time price went in the direction for about 5 points. Assuming this is a reasonable target, 5 points of profit would be in the pocket.

Losers:
(1) If the target were only 2points, this could have been a win, but I'm assuming that's not reasonable.
(2) Could be a winner if target was only 3 points, depending on whether I'm allowed to move my stop to BE or not, this would be a loser.
(3) Idem as (1) but target hit almost in seconds rather than minutes.
(5) About right after the entry price went the other way, stop would have been hit almost immediately.
(6) Looking at the charts that follow, price didn't go beyond 1552. So my stop would been hit.
As with a 1pt stop, all my losers would lose 1 point each.
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Old Aug 18, 2006, 3:23pm   #224
 
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Winners:
(4) Shorting here is the only time price went in the direction for about 5 points. Assuming this is a reasonable target, 5 points of profit would be in the pocket.
Why are you assuming that 5pts is a reasonable target?
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Old Aug 18, 2006, 3:27pm   #225
 
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Why are you assuming that 5pts is a reasonable target?
Gaining 5 points, with risking 1 point only would seem reasonable... We haven't talked much about setting targets or goals so I have no real frame of reference and it's only an assumption, I'm open for suggestions though.
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