Is there a way to know which side (up/down) the CP will break out?
The 2nd CP in Beebolbod's picture actually broke out to the upside instead of usual down.
The 2nd CP in Beebolbod's picture actually broke out to the upside instead of usual down.
Fozzy Chat Room 7 replies
DislikedIs there a way to know which side (up/down) the CP will break out?
The 2nd CP in Beebolbod's picture actually broke out to the upside instead of usual down.Ignored
DislikedOK
More homework
I do hope this is something you all regularly practice anyway, but lets make it formal.
Open the M1 chart on any pair you usually watch
Find a chart that covers the time period you usually trade
Explain every single move that occurred
Refer to HTFs where it's pertinent (For SR, SD, TLs, Flags, CP, etc)
Do this 20 times
SimpleIgnored
Dislikedlove this homework
Let's start the journey
(http://http://www.youtube.com/watch?feature=player_embedded&v=rxYkOoLikN4#!#t=07sIgnored
DislikedA little depressed about my performance but hanging in there. A little epiphany, wonder if other's feel same. This zoomed out 1M chart is meant to illustrate the distance or time between some levels. I believe Sam Seiden teaches time away from level is important. Even on this 1M chart one can see that there is definitely more impressive reactions the longer away from a level price is. Sometimes when I'm watching minute to minute I think I get too caught up in the "minute" and not looking at the bigger picture even on a 1M chart. I need patience...Ignored
DislikedHey Winston
You might consider staying away from 1m charts. I know that for me it helped. Now I will look at a 1M only for some very specific reasons other then that 5m is about as low as I go for now. One of these days I would like to try a 2 or 3M candle. But time will tell.
Just an idea. For some stupid reason I failed to get my head wrapped around a 1M chart.Ignored
DislikedI'll do my best over the weekend.
A session before some bed.
Full size (http://i.minus.com/iFBzKKFhn3ff0.png)
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DislikedThanks Rufus. I am studying higher time frames 4H and Daily. Watching the PA traders in this thread is inspiring and I will continue to study their methods and perhaps reach their level at some point in the future. I need to be honest with myself and realize that 1M trading is not for me at this stage of my trading education. I can retrospectively analyze a chart to perfection but trading it in real time....that's another skill altogether.
I know most traders in this chatroom are scalping or trading relatively short term but it would...Ignored
DislikedI know I say this a lot.. but I hope this makes sense. Had just woke up.
EDIT; just realized IF and others beat me to it. Well, hope this still helps.
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DislikedAll the after-the-fact analysis eventually rubs off on the during-the-fact analysis.
Some during-the-fact analysis on the sim.
Will spend some more time this weekend to do more.
Full size (http://i.minus.com/iGNUacBzFVGOi.png)
..Ignored
Dislikedit's also about reading PA before price hits, seeing how many pockets of D or S have been consumed along the way, taking in all the signs that price may want to turn, giving you the confidence to enter the trade, and an idea of where price wants ultimately to go, and then reading the PA upon and after the touch
Could I ask you then to mark the signs on price approach that it's getting ready to turn or break, and the same for reactions too (which, of course, are just approaches to the last decision on the way!)
BTW, this is not meant to be...Ignored
DislikedK, thanks IF. I was thinking when I was doing my last session that I was not paying too much attention to CP and LQ, ect. I will pay more attention to it on this next one.
As you mentioned, trying to find HTF trades with specific 1-5m entries are key. Managed to capture a 1:20 RR on the sim the other day due to this way of entry. Will make it also my main objective in the next session.Ignored
DislikedS and D certainly is massively important, and most trades can be entered and managed using just this alone.
But just as much as SD predicts where price will bounce, PA creates the conditions for new SD to form.
Know how to read them both, and you'll master the marketIgnored