shotgun77
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It looks like that BB could also have an angular line on it and its break would have gotten you in a bit sooner.
It looks like that BB could also have an angular line on it and its break would have gotten you in a bit sooner.
BLS
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My charts with notes.
I did about every foolish mistake I could today - forgot about news announcement, accidently exited a valid trade and missed a textbook setup because I was surfing the web. Nevertheless, I really liked the market today, I think it behaved very technically
P.S.: I'd love to hear your comments on that particular BB (3rd chart) setup in general.
I skipped it mainly because the block did not not find a visible support level. Given the visible resistance around the 80 (double top basically) I thought it would be best for price to find former resistance and build a base a support from that. I forgot the Philly Manufacturing Index was coming out in 5 minutes but that would also be a reason for me to skip this. The setup itself was fine, I was just worried about the context.
I skipped that DD because I'm still paranoid about those around 00 levels. It's like I burned my hands one too many times for me to feel comfortable trading them.
I have attached the rest of my charts from today.
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virtuesoft
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samich1262
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Yeah, it takes a lot of practice, but if you get good, it has a nice risk/reward ratio.
matty_dunn
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Do you guys all have other jobs? Full-time or otherwise? Or do some of you purely trade?
If trading isn't your main source of income how do you manage it all - time to study, rehearse, experience etc etc?
Personally, I find the juggle pretty tough with a full-time job and 2 young children. Am beginning to wonder if it's all really worth it, given the countless hours one must put in to become consistently profitable.
Would appreciate any thoughts on the matter, and maybe some encouraging words. Feeling a little unsure about it all.
If trading isn't your main source of income how do you manage it all - time to study, rehearse, experience etc etc?
Personally, I find the juggle pretty tough with a full-time job and 2 young children. Am beginning to wonder if it's all really worth it, given the countless hours one must put in to become consistently profitable.
Would appreciate any thoughts on the matter, and maybe some encouraging words. Feeling a little unsure about it all.
samich1262
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I only have a part time job, so I have a lot of time to study and trade. However, I read the beginning of one of Al Brooks's books and he learned while raising 3 kids and working. It did take him a long time but before him, nobody had written an extensive book on price action trading. He went through a lot of methods and exploration on his own before discovering price action. I think if you just pick a method based on price action, it's doable if you stick with it. It does take a lot of live market experience though.
15 min tlb
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Let me raise a constructive issue about range breakouts with this method?Some of you skip them.How do reduce false breakouts , iffy breakouts and random noise breakouts?
Following breakouts are better opportunities
a)The second breakout is a confirmation sign of market intent , two false breakouts is rare.
b)new trending breakouts with hh or ll tend to be in tune with markets
c) following underlying and preceding trend
d) backed with fundamental price drivers
e) Bounce off (rejection)previous resistance / support breakout
f) momentum breakouts
What types of breakouts do you avoid with this method?
virtuesoft
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stehlikpetrmsncom
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samich1262
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AHhh I slept through my alarm for an hour and missed an easy RB/IRB.. Looks like it had a couple 2nd chance entries too.
This next chart was a bit too unclear for me to trade. I was wondering what your thoughts were on it. I was watching this possible ARB on the GBP/USD. I know it's a different pair but it's an interesting chart. Do you think this looks like a valid ARB? I wasn't sure, but there's a nice clear barrier and two ceiling tests before price breaks out of the range. That block may have been a good IRB coming after a triple bottom if it had contained more bullish price action. Pressure looked too even to me, price wasn't able to close on the barrier. I suppose I could have moved the barrier down 1 pip but that would make the barrier level a little unclear...Anyways... following that possible IRB (which is a ceiling test of previous price action to the left), price climbed to the top of the range, and then came back down and tested the IRBish block. It is a ceiling test after a teaseWhen that ceiling test was successful, I thought it might be a possible ARB. It's technically found bullish support within the range twice, taken control of the 40 level and tested the 50 level 3-4 times. Seemed like a test of the 60 level was likely, but the setup wasn't particularly bullish. What do you think?
This next chart was a bit too unclear for me to trade. I was wondering what your thoughts were on it. I was watching this possible ARB on the GBP/USD. I know it's a different pair but it's an interesting chart. Do you think this looks like a valid ARB? I wasn't sure, but there's a nice clear barrier and two ceiling tests before price breaks out of the range. That block may have been a good IRB coming after a triple bottom if it had contained more bullish price action. Pressure looked too even to me, price wasn't able to close on the barrier. I suppose I could have moved the barrier down 1 pip but that would make the barrier level a little unclear...Anyways... following that possible IRB (which is a ceiling test of previous price action to the left), price climbed to the top of the range, and then came back down and tested the IRBish block. It is a ceiling test after a teaseWhen that ceiling test was successful, I thought it might be a possible ARB. It's technically found bullish support within the range twice, taken control of the 40 level and tested the 50 level 3-4 times. Seemed like a test of the 60 level was likely, but the setup wasn't particularly bullish. What do you think?
shotgun77
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I think it is a valid inside range though more extended inside range than the ones in the book. And maybe you would even lower your barrier to it and call it the main range and call the DT as overshoots of the range or failed breaks. The important thing is to see the fight going on. To my eyes, the bears are fighting hard to push prices lower. But each break lower is met with bulls. Bulls finally start to win and make higher lows. The low before your arrow is a micro-DB so found support. So you have 4 pushes at the same high and a break-through. Got to be double pressure there. It looks like that is where you needed to get in to make your 10 pips before the 50 level pushed it back down.
shotgun77
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@samich1262 - Maybe it is an ARB but I feel sure I would have missed it real-time. Chart is just not clear enough and with ARBs, I've found it pays to wait for clarity. So I would definitely have missed the move. I do like your boxed area as an IRB. Not quite room for 10 pip unless upper barrier breaks so you'd have to be on alert to exit at the top.
15 min tlb
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Several times the price went to 41 and caught out longs and chopped out.several false moves.The safest way to trade this to let breakout happen above 41 , 41 was your resistance and now becomes support.Wait for price to touch 41 and get rejected off support , just on far right of your chart (but not on chart)
That was the only safe trade without getting chopped out.I was waiting all morning to buy above 40 , after 40 became support with a rejection.
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Two trades for me today. Hesitated to take that flag break after strong move down. Couldn't evaluate fast whether 00 will act as a magnet or will prevent the price to reach target. I was watching it attentively when first pullback started forming, but it was too shallow and I got less focused on the further price action.
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samich1262
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Yeah, it was tough to catch that in real time. It wasn't super clear. There was a more clear ARB a little bit later. It's a little aggressive because it doesn't have a double bottom, but since there was previously a triple bottom if you scroll back a little (last chart I posted) then it doesn't seem so bad because it was in the bottom of a long range. Had this been at the bottom of a trend, then it's probably not a strong enough reversal pattern.
Check out the same move on the EUR/USD: Not as nice of a squeeze but you can see a possible RB forming with the diagonal line. I didn't like it as much as the one that occurred at the same time on the GBP/USD chart.
stehlikpetrmsncom
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I see it as an 'advanced block break' IRB, I'd definitely let it pass (even more because of the strong bearish bars after the tease break). I'd just wait for a basic RB.
Then again, I view it only from the perspective of eurusd experience. Perhaps this is doable on gbpusd.
15 min tlb
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cha-ching
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When I got to my computer it's already 7:50 (on my chart), and I only saw the picture perfect range got broken for a few bars, not the inside one. When the pullback touched 20ema for the first time (the black doji) I wanted to wait for the next bar to break it and enter long, but didn't feel very comfortable b/c 1) it's European lunch session and the market is rather slow and 2) it's in the 40-50-60 danger zone. Since I'm still learning I hesitated and missed a better entry (2 pip lower) 3 bars later. Sorry I cannot comment on IRB 'coz I've never taken one.
If any one of you took this ARB, would you exit after you saw that double top formed and price dipped below 20ema at 8:04 on my chart? I made those comments at the time price progressed as if I were in the long position.
