WW-SR-PA method.
Hi,
some trades I made (demo) last week, have inspired me to start keeping a journal.
My trading consists of three parts;
Once I've identified a potential WW setup I look for support and resistance levels which may be a turning point. These include;
With these two in place we move to confirming price action. They will include;
Targets will be determined by Wolve Wave targets combined with S&R, but as I see more setups I may work to have a trailing stop setup as well.
I don't intend post entry and exit values. This is more to keep trade ideas and how they pan out. Maybe in the future I'll do that but not for the moment.
Feel free to post any potential setups you may see, as well as any constructive commentary.
What I am trying to get out of this journal;
1. I've seen a number of top traders quoted saying that losses can be painful experience but they contain the best lessons on what needs to be fixed up in your trading. A lot of traders ignore the losses and never improve. Well by putting my losses here I have to meditate on what went wrong.
2. This will give me a record so I can see what worked.
3. I'm hoping to maybe connect with some people here to exchange and compare trade setups we've spotted.
And of course - none of this is investment advise, we're just playing a game here .
Also I've note in my first setup I've been vauge about specific actions. My intention is as I learn more about what make a good setup, I will have more conviction about the specifics of trades taken.
Regards,
SilverB
Hi,
some trades I made (demo) last week, have inspired me to start keeping a journal.
My trading consists of three parts;
WW-Wolfe Wave
SR-Suport and Resistance
PA-Price action.
Once I've identified a potential WW setup I look for support and resistance levels which may be a turning point. These include;
Previous swing high/low levels.
Long term trend lines;
Fib retracment levels
Fib extention levels (i.e. AB=CD)
With these two in place we move to confirming price action. They will include;
Pinbars. (james16 chart thread)
Hammers
Tweezer top/bottoms
Head and shoulders
TD sequential
Targets will be determined by Wolve Wave targets combined with S&R, but as I see more setups I may work to have a trailing stop setup as well.
I don't intend post entry and exit values. This is more to keep trade ideas and how they pan out. Maybe in the future I'll do that but not for the moment.
Feel free to post any potential setups you may see, as well as any constructive commentary.
What I am trying to get out of this journal;
1. I've seen a number of top traders quoted saying that losses can be painful experience but they contain the best lessons on what needs to be fixed up in your trading. A lot of traders ignore the losses and never improve. Well by putting my losses here I have to meditate on what went wrong.
2. This will give me a record so I can see what worked.
3. I'm hoping to maybe connect with some people here to exchange and compare trade setups we've spotted.
And of course - none of this is investment advise, we're just playing a game here .
Also I've note in my first setup I've been vauge about specific actions. My intention is as I learn more about what make a good setup, I will have more conviction about the specifics of trades taken.
Regards,
SilverB
In trading you are only as smart as your dumbest mistake. - Ralph Vince