Volman meets Burke or My journey with PA

For me the 1-minute is too "noisy".

Not sure if i have shared this with you before if i have just delete it

Hi Mark,

Long one, sorry pal.

Yes the 1min chart is too noisy imho to always have in view, well ON ITS OWN.
(it does have its own big advantages imho, but that’s another story lol)


The larger timeframes do give us a wider angle as to what has been happening, in regards to the Major Swing Points of greater interest to traders AND the Market.

So, and for the reason of finding better entries here’s some trades around London last night that are seen best for their entry points on a 1MIN chart.
I mean seen best from the timeframe, as they are not what I call best or good quality trade entries at all.
And our entries of course being the bane of many of us traders.

Could I have made better entries on higher timeframes who knows (which I DO watch for Structure changes etc) ,
while these were taken at the seemingly low mark of the day (had done just on 190 pips ADR Asia to London).
(It turned out that was eventually nowhere near the low of the whole day lol).


The first trade I always call my scout trade as it tests the water, if you know what I mean, in relation to Market Reaction to my trade after my trade.

So the first trade was BOTH way too early for the mechanics of the next swing above
and also too late regarding the Inflection that had been brewing at 12:10 on the 5 min chart.


So my entry WAS suspect.
And maybe from what you are saying in your post above, maybe we all experience this in the search for the better entry

Secondly my judgement in wanting to hold onto the scout trade that was already 20p in profit, for more, rather than booking an early profit (which I usually do),
was a second choice not made well and which I would likely do differently now.

The 2nd & 3rd trades I then took at a slightly better price than the still live Scout trade.
And they all STILL went into DD lol (thanks Market Maker lol),
while IF the Scout was closed earlier at +20 then I would have NO drawdown at the 2nd/3rd entries and be a/c even on all trades also,
which would have then allowed me a 4TH trade at the bottom at a better price again.


All hindsight crying I know, but how else do I (we) learn other than reviewing our poor trades and NOT OUR better ones
(which we just expect to win anyway lol, hahaa).


So here’s the trades, ended plus 40p in the end (would have been +60 if scout closed early at +20 and then a 4th trade entered. But that’s trading. And learning).


Mark, I hope showing my entries that were not on point helps in your own search for better entries, as we are all always trying to improve our current situation,
myself included in that learning process.

So, NOT a trade entry process to follow, lol.

.

Dax so far. Like TT and others say -price returned to a level - BRN - and bounced twice. Maybe a third time ?

Yes -good old Burke.
With that I am not going to wait until 10am to quit trading. I am stopping now whilst ahead.
Good luck to you all and have a nice weekend

sp500 chart marked up and waiting

stop to 3780 and see if it bounces off Previous High or carries on with the short

stop moved down to previous high

It should test the lows.

Or not.

Close enough +50

What do ya know.

Done for the day now at 4pm UK
Very pleased with myself - and able to breathe again.
Have a good weekend all

You really need to stop holding your breath that long. That off bluish-purple color you turn does not suit you.

Not sure if i have shared this but here you go

I appreciate it... thanks.. have a paper copy too.

Hey T721,

Your Targets and (maybe Entries) are interesting to me.

I assume the green Circle is where you might have searched for an Entry to the long side.
If I were to take a guess it seems to me like a fib retracement level..?

What I wonder more is... how do you usually pick the Target for your Trades?

Also with the help of the Fib? with other potential Sup/Res confluences?

Love your Charts, they are very simple, but it feels like there is a lot to learn from it.

Regards
Chris

Yes, green circle on Dax i started building longs. i use fibs for targets.. throw in some market structure then want to see previous days candle break previous days body etc. its a bit of a long winded process. I exited just shy of 13200 and then it went 200pips plus without me. I try not to get greedy if it hits target and i get most of the run them im happy .

Tried to explain on chart hope it makes sense Chris

This 'different' application of the Fib tool can be helpful in anticipating TP targets... especially when it lines up with earlier levels and/or round numbers. This is U/J 15m . Notice the Fib is drawn differently than we may be used to.
Blue arrows show where the 0 zero line is placed at the top of the candle wick. Gold arrows show that the 23.6 level on the Fib has been dragged to the bottom wick of the candle. (this can be done by first placing the 0 zero line as described THEN by grabbing the 100 line of the Fib and dragging it down until the 23.6 line touches the lower wick of the candle). That is the placement of the Fib Tool for this set up. NOTE.. the application of the tool to the price set up only involves the 0 zero line and the 23.6 line bracketing the candle. The 100 line is used to drag the 23.6 into place.
Now looking at the Fib levels and the round number levels (black horizontal lines at 50 and 00 ) confluence could indicate a TP area.

In the Fib Tool example above one may also bracket the candle using the 0 zero and the 38.2 line to see confluences. Then the 23.6 line may become a SL line.