Price Action Journal

One of the tips recommended by Miltos on the Price Ladder Training Course, is to keep an price action diary, recording how order flow reacts to structure.

Or a Market Structure Journal as Lance Beggs from YourTradingCoach.com calls it.

He is a quick description from Lance’s eBook “The Greatest Trading Book – Ever.”

Whilst I do keep a journal of market structure, and screenshots and videos of the trades I take for my Trading Journal. I have been wondering how the best way to journal the market structure and order flow.

One of the problems with journalling is that it can take up a lot of time. So I am constantly looking for efficient ways to do this that do not hours and hours to the day. I do not mind the hard work, but it has to be process that I can envision that I will continue over the years. If it takes hours per day on top of a full day’s trading followed by a journalling/review process and then a market structure of individuals setups then it could be something that fails by the wayside.

Over the past few days I have been experimenting to find the best way to efficiently journal market structure and order flow, which also includes set up that I am not in for whatever reason.

My current process is to use SnagIt, which is the big brother to the free Jing screenshot software. This allows me to take screenshots and edit them, and take video for longer than 5 minutes.

The other advantage is that the screenshot I can send straight to my journal in OneNote and the videos get sent straight to YouTube. Which allows me to embed the video later, but also keeps all the videos in the cloud rather than hogging memory.

Here is an example of one my Market Structure Entries.

Breakout Play – Stoxx 23rd March 2016

Daily – Bof of inside day low, exp for test and break of inside day high

Above 2980-82 is where potential stops have built.

Target 2989 is previous daily high and minor sz and above 3000-3013 is a major sell zone.

Price has bof low and my exp short term is for a test of the 2980-82. Therefore, looking for an order flow breakout scalp to 2989 and then possible reload for for test of 3000.

Did not take this trade as I was already stalking a Bund Trade.

From start up to about the 15min mark is pre breakout order flow, and after the 15min mark, there is a change where the buyers start to push for the break.

Stoxx – ID Breakout scalp

 

2 thoughts on “Price Action Journal

  • 24/03/2016 at 12:19
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    Hi Adey,

    Re OneNote, what tagging or other organisational system are you using so you can find those screenshots again ?

    What I’m trying to do with each “structure” I am capturing is to have about three examples – a picture perfect one (admitting that nothing should be perfect in trading) and two opposite extremes.

    I may also combine all of these pictures on one page in OneNote and that essentially becomes my flashcard of what that structure looks like. Like flashcards you create when you are studying for an exam it’s best not to have too many or it defeats the purpose of having them.

    Looking at similar structures in hundreds of charts is still absolutely critical but I don’t find it adds anything to put every screenshot in my journal as no two charts will be identical.

    Videoing a structure may be useful but I have found that I simply don’t revisit those videos so they are currently pointless to me. Perhaps if I did a 15 second 120x speed timelapse they could be useful but time is so scarce already you have to make sure you use every minute smartly. I think some of Lance’s ideas would take 24 hours a day to implement 🙂

    Reply
    • 24/03/2016 at 16:05
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      Hi Mobs,

      I tag the screenshots and videos, I use the OneNote tags which I have customised for my system, so BOF, BZ, SZ 60min level,15min level sort of thing.
      I found that having screenshots of great setups, was limiting in the following way, that as you said that no set up is exactly the same, and looking at a screenshot of a level was not improving my trading. I think that I got to stage where I regonise a good level and can regonise good price action at that level.

      But as my main focus is on improving my no fills by using order flow, I have found that screenshots, was not really helping me with this. I found that the video of the price action is more helpful in watching it play out, I learn more, it saves time in writing notes (in the short term) and watching the ebb and flow and the games being played was a lot more informative, then my reading my notes after the fact.

      Also once I have watched it once then I take notes of the time when the important order flow happens, so I can then go back and just watch these segments at 2x the speed. Which saves a lot of time.

      Hope you are well.

      Adey

      Reply

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