Trading Journal entry Q2, 2018

Trader: Joel Benavidez Journaling from Wednesday, April 4th, 2018

Trading Journal

Crypto Capital SA, LLC pending

Introduction

The purpose of this particular entry is not intended to record specific trades with strategy and lessons learned. Scott Barkley from ProAct Traders has noted from his own research that it takes the human brain analysis of 300 separate images to properly record and instantly recognize an image, followed by 24 hours of rest. With that guidance we will find, draw and analyze 300 examples each of the 14 continuation and reversals price patterns.

Bull Flags

These are the examples of bull flags that were found. Some of the support and resistance lines have been drawn loosely (not in strict adherence to Edwards & Magee’s Closing to Closing-more on this later.) in order to confirm proof-of-concept with respect to the “Pole-Trade”. From what I’ve been able to gather, from Scott Barkley’s online materials and podcast interviews, There is usually one or several candles of breakout proportions immediately preceding a flat period of consolidation (or accumulation for the bankers). What has seemed to work for me is measuring that preceeding, significant candle, and then adding it’s total price gain on top of it to find a target price. As long as there has not been more than one pole & bull flag (a trend) the price usually reaches the x2 target after consolidation. Finding higher percentatge gains is what has been challenging 4 charts into it. I will record more notes as I continue to 300.

As for drawing on charts using closing prices only, this has proven useful for drawing Fibonacci levels in the past, but, for drawing cursory trendlines they can almost prove cumbersome. I think the reason for this may be because aside for symbolic time targets, the crypto markets never actually close. This is divergent from traditional markets of course since the new york market (and other global markets) opens and closes at set days and times. This is also clearly evident when looking at stock or index chart.

Please feel free to jot down notes or questions as you read through and use the contact template on this site to reach out to me with anything you’d like to address. I’d be happy carry on a dialogue where practical.

#1, 4-3-18-0600 COINBASE:BTCUSD

iMAGE:

#2, 4-4-18-0800 FX_ICD:XAUUSD

iMAGE:

#3, 4-5-18-0845 BINANCE:TRXBTC

iMAGE:

#4

iMAGE:

——–In Process——–

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