My nq price action method

Thanks
Have a good weekend RN and all.

Gabe

 

Gabe

Now the dust somewhat settled.., allow me to talk out of both sides of my mouth

Unless price is making an all time new H or L – it is essentially in a range

Which means – price is simultaneously moving up…, down…, sideways – nearly always


Literally.., I can take most any chart…, and make a valid case for going long…, or going short… or standing pat

And be profitable

So… other than I'm bat shit crazy – what does that say….


One needs to thoroughly define how they trade…, identify the TF and signal(s) they will trade… create a plan for each trade – stick to all of it – and apply it consistently..., methodically..., and repeatedly

Yes.., you are absolutely correct…

A valid case could have been made for going long…, or short…, or standing pat - on that chart you posted

Iow…, there are several ways of entering a trade in that area…, and not all trades will be exactly at the same place - or for that matter - even in the same direction - yet all perfectly valid

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What I was being cautious of (and continually must be)

Slugar has created his way (methodology / approach) – hence I must remain within those boundaries as I provide feedback…

Otherwise I am doing nothing but undermining him.., and his way of trading



It the same for all of us – we must stick a stake in the ground – build a complete system of how we trade around that stake – stick to it – while consistently…, methodically…, and repeatedly – applying it


Perfect example…

I’m hangin out with both Slugar and Jas as they work to solidify their approaches…, iron out the intricacies…, build their mental dexterity and fortitude


Both trade NQ… both see / trade the same PA – yet their approaches are more dissimilar than alike

They see / take different signals… and trade it differently

Yet.., both their approaches are perfectly valid

I come from an engineering background – so I appreciate seeing / thinking in black & white

When starting this journey however – that is truly a hindrance (as it blinds us from the vastness of possibilities and potentials)


But once completed – reverting back to viewing this in black and white – is the only way (so it inclusive of all the possibilities and potentials)



Hope this serves to help…, more than confuse Sir

RN

 

thanks for your input RN! My platform is working again so I will post my Thursday and Friday charts today.

 

Thursday 500 tick trades.
1. Long on a double bottom and a higher low at 3638.25 stop 3634.75 target pre market swing high of 3645.
2. Higher low long above support at 3636.75 stop 3634.25 target last swing high 3645.
3.Long above resistance that is now support at 3649.50 stop is 3647 and target is breach of up move trend line.

 

Friday 500 tick trades.
1. Short on a lower high double top at 3652.50 stop at 3655.25 target breach of down move trend line.
2.long on resistance that is now support at 3657 stop at 3655 target breach of up move trend line that did not happen until around 3674

 

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Overall / General comments;

The trade plans look a lot more uniform – makes for consistent trading..., and results


One sure fire way to tell price is in a range – 2 or more of the successful trades are nearly identical


Trade 1.
Long on a double bottom and a higher low at 3638.25
stop 3634.75
target pre market swing high of 3645.


Trade 2.
Higher low long above support at 3636.75
stop 3634.25
target last swing high 3645

Can’t get much closer that these two


Both H... and D are solid


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Trade 1.
Long on a double bottom and a higher low at 3638.25
stop 3634.75
target pre market swing high of 3645.

Comment

I lined out the DBs around this trade – just as an interesting observation

Entry – Solid
Stop – Solid
Target – Solid


Trade 2.
Higher low long above support at 3636.75
stop 3634.25
target last swing high 3645.


Comment

The first trade solid – makes sense this one is also

Entry – Solid
Stop – Solid
Target – Solid


Trade 3.
Long above resistance that is now support at 3649.50
stop is 3647
target is breach of up move trend line.

Comment

Thinking you modified the management to account for that pesky range (zone) above – Way to roll with it !!!

Entry – Solid
Stop – Solid
Target – Solid

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You've definitely come a long way

RN

 

Overall / General comments;

Once again the H&D are golden



Trade 1.
Short on a lower high double top at 3652.50
stop at 3655.25
target breach of down move trend line.

Comment

Entry – Solid
Stop – Solid
Target – Solid



Trade 2.
long on resistance that is now support at 3657
stop at 3655
target breach of up move trend line that did not happen until around 3674

Comment
This is the trade that just keeps on giving – love those

Here’s an observation on the gamesmanship that goes on

I highlighted a range

Price had a Failed BOU
Then PB to the 50% level of the range (which just happened to coincide with the UMTL
Then continued on up

Now a person would have to be really daft to think all that is simply happenstance

Or…, that after breaking out – sellers purposefully stepped in and drove price back down to the 50% level – then mysteriously gave up

And while the sellers doing this – buyers were simply sitting with their thumbs up their butt watching


Really doesn’t pass the sniff test imo

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Oth hand

How many short stops triggered / eager longs entered – when price BO

Good way for the boys to sell some… and take profit


Then how many eager longs exited – once the BO immediately failed

Good way for the boys to reenter…, at a lower price…, and go along for another ride


Meanwhile..., and as price begins moving on up.., after this little melee..., there sit the ones recently burned – wondering wtf just happened


==================

Entry – Solid
Stop – Solid
Target – Solid


Gotta love the games

RN

 

We are on the same page.
I think.

Thanks

Gabe

 

The 4000 lb elephant in the room – that no one…, other than traders…, speak of

RISK

It not only exists with each trade – it is systemic – and permeates every nook and cranny of trading

Never turn a blind eye toward it Slugar…, and never allow yourself to become complacent… or underestimate it – while in its presence (which is every time you’ve a position on)

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I think many are reluctant to discuss risk – as it brings to light our frailties…, our vulnerabilities…, our potential to fail

For that matter it forces us to face the reality that we could fail

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We can’t have an ego…, and respect risk my friend

Neither can we ever take it lightly



Respect it…, get comfortable with it…,learn to manage it – in all its forms (there are many)

RN

 

How do you define RISK?

My definition is the amount of my capital I can lose on any one trade.

Big losses come from not taking small losses.