My nq price action method
- Thread starter slugar
- Start date
For those who only do Price Action, this has always been one of my favorite entry signals. I call it "Weak Hands Signal".
I wait for trend to change as in a Close beyond a trendline, then in so many bars, price must come back to trendline for entry in direction of trend. Reason I call it "Weak Hands Signal", often many get in on breakout of trendline then put in their breakeven or protective stops and market comes roaring back to give them the loss or breakeven losses they so richly deserve (I say this cause if one doesn't learn from mistakes like me when I first started, you can do this stupidity for a year or more.) Of course I miss out on the trades that don't come back and I get nailed for all losses, BUT, I profit on many more than I lose with this signal. Now of course this is but 1% of a system and entries means but a very small part of a completed system, and the 99% is called Money Management where the profits come.
I wait for trend to change as in a Close beyond a trendline, then in so many bars, price must come back to trendline for entry in direction of trend. Reason I call it "Weak Hands Signal", often many get in on breakout of trendline then put in their breakeven or protective stops and market comes roaring back to give them the loss or breakeven losses they so richly deserve (I say this cause if one doesn't learn from mistakes like me when I first started, you can do this stupidity for a year or more.) Of course I miss out on the trades that don't come back and I get nailed for all losses, BUT, I profit on many more than I lose with this signal. Now of course this is but 1% of a system and entries means but a very small part of a completed system, and the 99% is called Money Management where the profits come.
Stick a fork in me â I done
For anyone who takes (interprets) what I post â as trading is easy
Today was anything but â for me
Felt like a yo yo â I was up/ down so often it was simply pitiful
If not for the volatility (which Iâve said numerous times makes up for piss poor trading.., and I still hate) â likely Iâd be down
Just could not find my rhythm to save my ass â and I traded piss poorly
Any way â quitting while Iâm up
================================
H123
Thank You for sharing Sir
I especially like the built in.., easily identifiable â small stop
Good stuff
RN
For anyone who takes (interprets) what I post â as trading is easy
Today was anything but â for me
Felt like a yo yo â I was up/ down so often it was simply pitiful
If not for the volatility (which Iâve said numerous times makes up for piss poor trading.., and I still hate) â likely Iâd be down
Just could not find my rhythm to save my ass â and I traded piss poorly
Any way â quitting while Iâm up
================================
H123
Thank You for sharing Sir
I especially like the built in.., easily identifiable â small stop
Good stuff
RN
Mondays 500 tick. 1. Double bottom long at 3523 stop of 3521. 2longon a.retracement to the demand line 3540.25 stop 3537 exit on the double top. 3 short on the double top at 3560.50 stop of 3562.75 exit on the supply line break. 4. short on the lower high at 3550.25 stop of 3553.50. exit on the supply line break.5.short at 3529.25 stop of 3531.50 exit on the steeper supply line break. 6. short on the lower high at3510.50 stop of 3513.75 exit on the supply line break.7. long at double bottom 3484 stop of 3481.50. last trade long at 3492.50 higher low and bounce off of the up trend line. stop 3488.25 exit on demand line break. Seems I am re entering a lot in the original direction of my trade. not sure what to do about this?
RN that's why you are a successful trader you know when to stop
We'll address this..., after we address below
Trade plan (created for each trade)
1.) Signal / Entry
2.) Initial Stop loss signal / Stop loss price
3.) Target / Method of managing trade
==========================
Missing data â recall I suck at guessing
Trade 1
Double bottom / long / 3523
Stop 3521.
Trade 2
Retrace to the demand / long on a. line / 3540.25
stop 3537
exit on the double top. (on / or a breach)
Trade 3
double top short / 3560.50
stop of 3562.75
exit on the supply line break.
Trade 4
lower high short / 3550.25
stop of 3553.50.
exit on the supply line break.
Trade 5
short 3529.25
stop of 3531.50
exit on the steeper supply line break.
Trade 6
lower high short / 3510.50
stop 3513.75
exit on the supply line break.
Trade 7
double bottom long / 3484
stop of 3481.50.
Trade 8 (last trade)
higher low long / bounce off of the up trend line / 3492.50
stop 3488.25
exit on demand line break.
Redundant..., ain't I
RN