On the weekly channel the swing low in October was 3309 and the swing low in February was 3415. Extend this trendline out and that is where weare right now
Lots of debate about the sla but in my mind every time it doesn't work at least in my case it's the trader not the system, today was a great example of the potential with this approach
I managed to pull 38 points on the nq out of the market today. The problem is 2 times I had it over 50 but managed to give some back due to over trading!
Actually should have had 70 points trading 2 contracts, so I know I still have a long way to go but am becoming more consistent.
Today my method generated 11 trades, I know to some that seems like a lot but I don't have the stomach to hold through 10 and 12 point pull backs. The 1st trade is a long at 3510.75. 2nd trade is a short on the retracement at 3515.25. 3rd trade is a long at 3513.50. my question here is that it's a double bottom do I have to wait until it goes above the signal bar or can I enter during the bar? 4th trade is a short at 3530.50 double top. Same question the failure at 3533 is screaming short so can I short during the bar and use the high as my stop? 5th trade is a long with a double or triple bottom at 3518.75. If I wait for the high of the bar I go long at 3522. 6th trade is a short that is stopped out then another chance to short again at 3527.25. the next is a long at 3520.50.The next trade is a short at 3538.25 that is also stopped out for a small gain. and the last trade is a short at 3536.50. My amin question from today is on the double tops and bottoms should I wait until the high or low of the bar is taken out?
Where would this trade fail / be invalidated - once the DT / DB is breached Longer one waits... further price moves away from the DT/ DB = more risk involved (eta; one also needs to be cognizant of potential stop runs - very likely in low volume times) I'd also say waiting for a H or L to be taken out - is a totally different trade What do you think? =========== On another note What is our consistent actions / mainstay of our trading plan (think of this as a test) RN
Comment on DT / DB Fact is we don't know they are..., until after the fact..., and it too late to trade What we do know - price is reaching a level - that, not in the too distant past - was rejected So - to determine if it worth wild to trade this not yet confirmed DT/DB - what do we need to do/ need to see?? Otherwise we may be pissin money away trying to trade against a continuation / BO RN