[Gabe2004]

Originally Posted by forrestang »

I think it looks ok. I can see a bit of potential support it may be digging into based on a wider angle. Out of curiosity, has your outlook changed based on the picture I am posting? This is the picture of the E/J, I am reposting.

What do you think about the G/U for a long as I have on this picture.... if it puts in a HL. This is the 2nd picture.

I am refering to your EJ chart.
Wouldn't this be going into resistance?

Gabe

[MidKnight]

Originally Posted by Gabe2004 »

I would be hesitant to enter into a long position because of the immediate congestion (resistance) area at the level of entry.
I think this is the problem that MK was writing about but if he didn't I still have a problem with it.

Hi Gabe,

That must be a different problem This is the type of long I'd be keen on taking because of the bigger picture S/R. However, my results are poor. Maybe forrest's post above is correct in that it might be digging in.

I really don't know anymore.

With kind regards,
MK

[johnjohn1hew]

Trend is down.

Price is below resistance (prior support).

Could break up...

[Gabe2004]

Originally Posted by forrestang »

Interesting outlook. Of course price could break this consolidation in either direction..... but I wonder if this current consolidation/chop could be struggling to make marginally lower lows.....i.e. Kiwi's '3 Indians?'

What do you think Gabe?

Now I am lost.
I thought that the idea is that the LH could be in the S/R zone but not the entry point and here your entry point is in the S/R aone.

Gabe

[johnjohn1hew]

Also, just to get some of my thoughts out there. Most of you guys are keeping a detailed journal of every single trade with a picture of the chart as well, right? I think that keeping track of where price was in relation to s/r levels and in which direction your trade was initiated in in relation to the trend, how much risk you took on, your PnL, your reasonings, etc. could help you make a detailed trading plan.

[forrestang]

Originally Posted by Gabe2004 »

Now I am lost.
I thought that the idea is that the LH could be in the S/R zone but not the entry point and here your entry point is in the S/R aone.

Gabe

I'm sorry, I'm confused as well

Are you referring to the outlook that Thales posted to show his example in the E/J.....

Or are you referring to the trade I jumped in in the G/U?

[Gabe2004]

Originally Posted by johnjohn1hew »

Trend is down.

Price is below resistance (prior support).

Could break up...

So if price is below resistance, wouldn't it make sense for price to continue down as the path of least resistance?
Not that makes sense is any concern of the price action but if I would see a LH I would feel more comfortable to go short than long if I saw a HL.

Gabe

[forrestang]

Originally Posted by johnjohn1hew »

Also, just to get some of my thoughts out there. Most of you guys are keeping a detailed journal of every single trade with a picture of the chart as well, right? I think that keeping track of where price was in relation to s/r levels and in which direction your trade was initiated in in relation to the trend, how much risk you took on, your PnL, your reasonings, etc. could help you make a detailed trading plan.

Excellent suggestion. I actually do keep one, actually several journals with pictures. I have one for FX and two others for other projects.

There is a template in my blog, which is simple and is just a word doc with a table of content links at the beginning. It's nothing fancy, just the way I keep track of my trades.