Price Action Scalping- trading diary

[primitivetrader]

10:44
25/10/18
trap trade set up
tf-2 min 60 bar chart

OPT met in both

 

[haruns]

one of the greatest lessons you will ever learn is how to recognize the trade that has your name written over it. you cant let impatience or greed tempt you to take trades that do not set up exactly in accordance with your trading plan. there is lots of slope in the market. stay away from anything and everything that does not adhere to your specific considerations.

indeed these are the lines every trader should live by

 

[primitivetrader]

16:04
25-10-18
filter

another filter i use is "momentum precedes price". if prior to trade set up there is down momentum in case of short and up momentum in case of long, than only look for entry. as it indicates that price'll continue in the same direction/trend. so there is high probability of making profits. if price action does not depicts momentum prior to trade set up its always better to let go that trade. as it will tired me down and i end up scratching the trade.
i defined momentum as bar to bar higher highs higher lows, wide range bars, closing near its high no big up wick in most of the bars, steep angle of ascent and no major/complex corrections in between the impulse.reverse for down side momentum.
momentum concept is very powerful filter for me as it keeps me in right trade.
below is today's bnf 75 tick chart.

 

[newtrader101]

In the picture above can you explain the logic behind all the marking and the entry point??

PT, just attempting to summarise what you said:
1) Filter trades using moving average (18 ema or any sma/ema).
2) Dont short when multiple candles close above ema. Dont go long when multiple candle close below ema.
3) Impulse (momentum- short term trend?) is a nonoverlapping price action.
4) Range/correction is an over lapping price action.
5) Another filter is "momentum precedes price". Prior to trade set up there has to be down-side momentum in case of short and up-side momentum in case of long. If price action does not show momentum prior to trade set up, then let go that trade.

Here Momentum for upside is:

• bar to bar higher highs higher lows
• wide range bars, closing near high
• no big up-wick in most of the bars (i.e no bearish rejection bar)
• steep angle of ascent
• no major/complex corrections in between the impulse

Reverse for down side momentum.

 

[checkmate7]

@primitivetrader what is the plan for tick data you have subscribed..the cost per month and vendor?

 

[primitivetrader]

@primitivetrader what is the plan for tick data you have subscribed..the cost per month and vendor?

i am using truedata real time data they provide 1 day snapshot tick data. cost is around 14-1500/-. but again you have to decide as its ok for u that couple of candles/bars changes its shape when you refresh the chart. this is the problem i have faced with both true data and gdfl data.

 

[primitivetrader]

8:58
26-10-18
mindset

i cannot be completely discretionary in trading. there is always some mechanical process, which i have to keep repeating in order to be profitable. following are the steps to be followed consistently day in day out (even if they become boring)

1. spot the setup.
2. trigger the entry.
3. set the stop loss
4. take profits.

if not following the above steps, then i am only doing analysis not trading, which is not good for my account. its not the analysis but execution of analysis that makes profit.
to be consistently profitable above 4 steps are my "HOLY GRAIL".

 

[primitivetrader]

11:13
26-10-18
example

 

[primitivetrader]

11:40
26-10-18
filter

 

[primitivetrader]

19:47
26-10-18
filter-trade setup

i am trading with a few trade set ups only. and going forward will focus only on 1 trade setup. when i am using one trade set up, then the set up itself becomes a filter.
i will try to locate it at best possible places on chart, where other conditions are conducive, i.e from set up to going backward in different filters.
the single trade set up is a "trap" set up (Wyckoff literature calls it spring/upthrust), double bottom/top, or failed breakout. it can be used in trending conditions as well as sideways. below is the chart showing 6 times setup repeated itself today. form trend trading perceptive not all of them are tradable. but those which tradable are wonderful and low risk. there is a possibility that i may have missed some.