My nq price action method

Discussion in 'Journals' started by slugar, Sep 1, 2013.

  1. slugar

    slugar

    Resistance for Wednesday is 3720 or so, support is 3695, 3670 and 3650
     
    #301     Mar 18, 2014
  2. slugar

    slugar

    The fact the market would not go lower around 840 cst gives us a clue that it would go higher causing a long trade at 3691
     
    #302     Mar 19, 2014
  3. slugar

    slugar

    short trade as prices fail to go higher
     
    #303     Mar 19, 2014
  4. slugar

    slugar

    even with some mistakes today the market offered 45 points trading 2 contracts
     
    #304     Mar 19, 2014
  5. slugar

    slugar

    Was not able to trade today but I'm exited for the chance on Friday, here is what my method shows today!
     
    #305     Mar 20, 2014
  6. slugar

    slugar

    What I really like about the sla is it gives you the chance to let price move some what without getting out with every little wiggle, also if you follow the rules it's possible to be wrong more than right and still make many points, this morning is a good example of that with the 40 plus point move this morning.
     
    #306     Mar 21, 2014
  7. slugar

    slugar

    I do believe that there are certain areas to look at for possible change of pace or direction such as the 50% level of any move but for me personally I can't watch a 20 point gain turn into a 10 point I would rather take a trade in the other direction and the reenter in the direction of the main trend in case you would have a major reversal, just my personal opinion but I can't stomach letting such a nice gain be cut in half
     
    #307     Mar 21, 2014
  8. slugar

    slugar

    So until about 130cst I was up around 50 points for the day then we entered the chop so the next phase of my method is going to be finding a way to deal with chop, some quit trading at 10cst but if you look at the last few weeks most of the good moves have come after then so I prefer to trade until 11 or so then resume again after 2 cst. Here are the charts for the day.
     
    #308     Mar 21, 2014
  9. slugar

    slugar

    after reviewing the afternoon trades the mistake I made was looking for the big reversal that never came, there were only lower highs on each swing but the double and triple bottom made me look for longs, I guess that's why it's called chop but I will review my method for chop and have more defined rules for it. Price is price whether it is shown with a line, tick bar or candle it doesn't matter if you are following what the traders are doing
     
    #309     Mar 21, 2014
  10. IMO the failed reversal already happened at 12:30. That's the only time a higher high was made all session, it retraced over 20 points but by 1:30 the NQ was making new lows. I think that kind of price action is going to keep a lot of longs on the sidelines.
     
    #310     Mar 22, 2014