Thought I would do start this journal anew. Been away for a while journaling on a discord server but it would be good to get some interaction from "pure" price action traders.
Will be posting some of the journal entries of the past few days one after the other to get populate the thread.
Sep 22 EU
Premarket
Hourly has shifted momentum. Though the 15m swing high hasn't been breached, therefore the trend technically is still down, I'm not expecting any rejections to the downside to do much, at least until we hit R again. Line of least resistance for now is up and rejections will be taken that go in that direction. The successful rejection of the range MP to the upside confirms the current direction.
How it unfolded.
Will be posting some of the journal entries of the past few days one after the other to get populate the thread.
Sep 22 EU
Premarket
Hourly has shifted momentum. Though the 15m swing high hasn't been breached, therefore the trend technically is still down, I'm not expecting any rejections to the downside to do much, at least until we hit R again. Line of least resistance for now is up and rejections will be taken that go in that direction. The successful rejection of the range MP to the upside confirms the current direction.
How it unfolded.
- Price opens in the middle of the premarket range, nothing to do here but wait to see what happens.
- Traders take it down, so we extend the MP and wait for price to retrace to that level. This happens but we don't see any serious selling activity, so we pass on the short.
- Buyers step in at a lower MP but we don't go long as this would now be countertrend and these have a tendency to fail. Price does make it all the way up to the previous MP though.
- Here we see buyers just give up and selling starts to step up. This is what we've been waiting for. We enter short and price just falls. Scale out at MFE. We then set the close out order at the ONL but traders start to act a bit funny at the lower MP. Sellers disappear and buyers are in. We close it out here. We would go long but wouldn't have time to manage the trade.