A simple price action approach

Many times in the past I previously like to try to pick bottoms and or fight trends, which caused losses. Today, I went with trend as market was making new lows, hopefully learning from my previous mistakes. My only issue was not going for more profit on this trade. I think one has to examine each week how far when entering a trade correctly on a setup for example not chasing too much a trade can go more than one thinks possible in the winning direction.

I notice now with this trade and previous trades I could have had my target set farther out since when I am right, the market is moving more. My stop I can still leave as standard or based on chart where it outside of a zone.
 
Thank you for the info I am still trying to catch up. I am only on page 20 of this thread. I have read your post on page 20 about ten times. It was very helpful to me. I work full time driving a truck do my time is limited. Shots Fired.
Quote from NoDoji:

These lines simply act as a framework. The amount of time it takes for price to approach either line in a given time frame is also a factor, because as more time progresses the price level indicated by the line grows nearer (pullbacks to trend lines) or farther (excursions to channel lines), meaning that key S/R levels in longer time frames will eventually come into play.

In "orderly" markets, these lines tend to hold on the initial approach; in fast markets (surrounding news events and key

breakouts) these lines are meaningless in small intraday time frames.

My main concern is how price reacts to either line. There are particular patterns I watch for when price touches these lines that can trigger a new trade or trigger the close of an existing one for me.

I will trade with-trend or counter-trend depending on the contextual price
environment. In a strong trend I only trade with-trend.
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Quote from dv4632:

Just for fun, here's what I had drawn yesterday morning before the open, and how it panned out.
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Must say that since I trade NQ, use trendlines much less than before with Euro. Probably is related to the fact that NQ has sharper distinction between ETH and RTH with different players involved, while Euro trades 24/5 and mostly smartest of the smart money there which never sleeps (global banks and transnational corps).

NQ is a much simpler trader, can even say basic compared to FX.
 
Quote from dv4632:

Yeah, daytrading has it's advantages. If you're good at it, you can use a lot of leverage, much more than you could for swing trading.

Maybe my stops are too tight, or my entry triggers stink, not sure why daytrading hasn't worked for me. In any case I needed a break from it...

Ammo, are you a daytrader? I had the impression that you held overnight for bigger swings. But I don't follow ES Journal much so never really followed your calls that closely.
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cant daytrade profitably,requires more skills than i have,you need to be quick at pullling the trigger and changing your mind,or able to disconnect the thought process quickly, early on in trading i was able,saw only a small part of the big picture,today it's larger and the small picture smaller, a younger mans game imho
 
Quote from ammo:

cant daytrade profitably,requires more skills than i have,you need to be quick at pullling the trigger and changing your mind,or able to disconnect the thought process quickly, early on in trading i was able,saw only a small part of the big picture,today it's larger and the small picture smaller, a younger mans game imho
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Yea, day trading sure is very demanding compared to swing trading. If I was born rich, would never day trade, rather position trade intermediate/long-term having a few trades per year. But... :D
 
Regarding trend lines, I have been going through the charts every night on Sierra Chart, and I haven't been able to draw any good trend lines. It seemed really odd :confused: . Then I realized it was just because my chart was small where I had two different time frames stacked on top of each other....once I maximized it, it was a whole different world haha
 
Ammo, I think you have a lot of good information to offer. However, your writing, imo, is often so confusing that I spent far too much time trying to make sense of it, and usually give up. By the way, what the hell is L and C? I do not see an L or a C on the chart?

Quote from ammo:

it does the same rotation day to day ,the nips are the spots where it spent the most time at one price,when it gets there as in yesterdays down move, half the folks who spent time making that nip were sellers,when it got back to break even for them ,they covered ,stopping the selloff, when it bounces off that nip,if it holds,the L above is a ledge where a large order held the price up or down,there is one immediately below also,the C is cleavage and if you just use the area between the two wide horizontal lines and compare it to the daily chart posted previously,that cleavage area would represent the bottom of the 30 minute 1 day chart,just referring to the shape,as xspurt mentioned earlier,recognizing shapes and patterns, those nips by the way are areas where you will find s/r that sometimes are not in line with the tl lines,that is what crazy a was talking about for predicting supp/res..its all there 1a,and i know you like to keep it simple,the volume,the trendlines,the market profile areas,{they,big money, are the vol,tl, and mp}those are where the big money is most worried about risk and profit,they are too big to daytrade or micromanage,so they are aware of supp res and where the mrkt might turn against their position
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Quote from shots fired:

Ammo, I think you have a lot of good information to offer. However, your writing, imo, is often so confusing that I spent far too much time trying to make sense of it, and usually give up. By the way, what the hell is L and C? I do not see an L or a C on the chart?
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I second this.
 
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