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My nq price action method
- Thread starter slugar
- Start date
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.
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
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.
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
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
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.