Often times the definition of trend is pushed aside, but I require a close beyond the trendline, providing this close is above the high of previous bars' high, don't want to define trend change when price has simply drifted above a trendline. John Hill in one of his books from late 1970s said new trend would come from a "Thrust" in one direction, so I modified it in terms I could understand as in close beyond previous bars' high or low to show me trend, there are several references like Joe Ross's "1,2,3" but t all boils down to making a low(1), move up(2)(ultimately trendline drawn to this), testing the low(3), then breakout bar and seeking quick retracement to retest the trendline. And this are not only done on one minute bars but I also been doing them on monthly bars, very robust. As far as targets, since getting in a start of Elliots wave 3 most of the time if wave 5 which is near end of swing, both can offer much longer targets. Even though I generally take off 90% of contracts at smaller targets, 1-2 times a week I will get much larger profits on sustained trend swings.
My nq price action method
- Thread starter slugar
- Start date
Often times the definition of trend is pushed aside, but I require a close beyond the trendline, providing this close is above the high of previous bars' high, don't want to define trend change when price has simply drifted above a trendline. John Hill in one of his books from late 1970s said new trend would come from a "Thrust" in one direction, so I modified it in terms I could understand as in close beyond previous bars' high or low to show me trend, there are several references like Joe Ross's "1,2,3" but t all boils down to making a low(1), move up(2)(ultimately trendline drawn to this), testing the low(3), then breakout bar and seeking quick retracement to retest the trendline. And this are not only done on one minute bars but I also been doing them on monthly bars, very robust. As far as targets, since getting in a start of Elliots wave 3 most of the time if wave 5 which is near end of swing, both can offer much longer targets. Even though I generally take off 90% of contracts at smaller targets, 1-2 times a week I will get much larger profits on sustained trend swings.
1st trade lower high short at 3594.25 stop 3598 target last swing low of 3584. 2.lower high short at 3574.25 stop 3577.25 target breach of down move trend line. 3. Lower high short at 3564.50 stop 3568.25 target breach of dmtl. 4.another lower high short at 3556.50 stop 3558.75 target breach of dmtl. 5. Higher low long after a retest of low 3546 stop 3543.50 target 3558. Last swing high. 6.another higher low long 3555.75 stop 3551.50 target 3566 last swing low. Looking back my target on the 2nd short should have let it go until 3550 the next support area.
Overall Comments
I do not see your stop/ target (red/ green) lines â consistency my friend⦠it all about being consistent
From ~ 9:00 on â price in a range â a tradable range no doubt⦠but a range nonetheless â did you pick up on that??
In factâ¦, today there were several ranges â within the bigger range
1st trade
lower high short at 3594.25
stop 3598
target last swing low of 3584.
Comment
Entry â If you look closer â I think that Lower High â is actually a Higher high â either
that or the circle is in the wrong place (see red circle???)
Stop â Good
Target â Good but a tad conservative â there is downward momentum & price respecting the DMTL
Trade 2.
lower high short at 3574.25
stop 3577.25
target breach of down move trend line.
Comment
Entry â Sweet
Stop â Sweet
Target â and Sweet
Trade 3.
Lower high short at 3564.50
stop 3568.25
target breach of dmtl.
Comment
Entry â Good
Stop â Good
Target â Breach of which DMTL (see my note)
Trade 4.
lower high short at 3556.50
stop 3558.75
target breach of dmtl.
Comment
Entry â Good
Stop â Good
Target â Good (but see how price ranged when it hit the bottom of the range) â Purple circle
Trade 5.
Higher low long after a retest of low 3546
stop 3543.50
target 3558. Last swing high.
Comment
This one is problematic to me
Entry â Going long as price was approaching the bottom of the range (in green) - Hmmmm
Stop â Good
Target â Little optimistic given the range (even breached the UMTL before it reached 3558)
Trade 6.
higher low long 3555.75
stop 3551.50
target 3566 last swing low.
Looking back my target on the 2nd short should have let it go until 3550 the next support area.
Comment
Middle of a range entry â you know what I think of those â BUTâ¦., there was another range (in pink) that price BOU
Soâ¦..
Entry â Good
Stop â Good
Target â based on the yellow range â a little too optimistic (aim for 3564.75) â also see how price started ranging there
TLs look good
RN
I do not see your stop/ target (red/ green) lines â consistency my friend⦠it all about being consistent
From ~ 9:00 on â price in a range â a tradable range no doubt⦠but a range nonetheless â did you pick up on that??
In factâ¦, today there were several ranges â within the bigger range
1st trade
lower high short at 3594.25
stop 3598
target last swing low of 3584.
Comment
Entry â If you look closer â I think that Lower High â is actually a Higher high â either
that or the circle is in the wrong place (see red circle???)
Stop â Good
Target â Good but a tad conservative â there is downward momentum & price respecting the DMTL
Trade 2.
lower high short at 3574.25
stop 3577.25
target breach of down move trend line.
Comment
Entry â Sweet
Stop â Sweet
Target â and Sweet
Trade 3.
Lower high short at 3564.50
stop 3568.25
target breach of dmtl.
Comment
Entry â Good
Stop â Good
Target â Breach of which DMTL (see my note)
Trade 4.
lower high short at 3556.50
stop 3558.75
target breach of dmtl.
Comment
Entry â Good
Stop â Good
Target â Good (but see how price ranged when it hit the bottom of the range) â Purple circle
Trade 5.
Higher low long after a retest of low 3546
stop 3543.50
target 3558. Last swing high.
Comment
This one is problematic to me
Entry â Going long as price was approaching the bottom of the range (in green) - Hmmmm
Stop â Good
Target â Little optimistic given the range (even breached the UMTL before it reached 3558)
Trade 6.
higher low long 3555.75
stop 3551.50
target 3566 last swing low.
Looking back my target on the 2nd short should have let it go until 3550 the next support area.
Comment
Middle of a range entry â you know what I think of those â BUTâ¦., there was another range (in pink) that price BOU
Soâ¦..
Entry â Good
Stop â Good
Target â based on the yellow range â a little too optimistic (aim for 3564.75) â also see how price started ranging there
TLs look good
RN
The first short lower high was based on pre market swing high that you can't see on my chartOverall Comments
I do not see your stop/ target (red/ green) lines â consistency my friend⦠it all about being consistent
From ~ 9:00 on â price in a range â a tradable range no doubt⦠but a range nonetheless â did you pick up on that??
In factâ¦, today there were several ranges â within the bigger range
1st trade
lower high short at 3594.25
stop 3598
target last swing low of 3584.
Comment
Entry â If you look closer â I think that Lower High â is actually a Higher high â either
that or the circle is in the wrong place (see red circle???)
Stop â Good
Target â Good but a tad conservative â there is downward momentum & price respecting the DMTL
Trade 2.
lower high short at 3574.25
stop 3577.25
target breach of down move trend line.
Comment
Entry â Sweet
Stop â Sweet
Target â and Sweet
Trade 3.
Lower high short at 3564.50
stop 3568.25
target breach of dmtl.
Comment
Entry â Good
Stop â Good
Target â Breach of which DMTL (see my note)
Trade 4.
lower high short at 3556.50
stop 3558.75
target breach of dmtl.
Comment
Entry â Good
Stop â Good
Target â Good (but see how price ranged when it hit the bottom of the range) â Purple circle
Trade 5.
Higher low long after a retest of low 3546
stop 3543.50
target 3558. Last swing high.
Comment
This one is problematic to me
Entry â Going long as price was approaching the bottom of the range (in green) - Hmmmm
Stop â Good
Target â Little optimistic given the range (even breached the UMTL before it reached 3558)
Trade 6.
higher low long 3555.75
stop 3551.50
target 3566 last swing low.
Looking back my target on the 2nd short should have let it go until 3550 the next support area.
Comment
Middle of a range entry â you know what I think of those â BUTâ¦., there was another range (in pink) that price BOU
Soâ¦..
Entry â Good
Stop â Good
Target â based on the yellow range â a little too optimistic (aim for 3564.75) â also see how price started ranging there
TLs look good
RN
Friday 500 tick chart trades. 1. short on a lower high at 3563.75 stop breach of dmtl aprox. 3565 target 3551 last swing low. 2. short on a failure at the last swing high 3563 stop 3567.25 or breach of dmtl target last swing low of 3549. 3.the nq broke out of congestion and tested the mid point and made a higher low so the long was at3553.75 stop of 35551 and target last swing high of 66. last trade was a higher low at 33569 stop at 3566.25 target breach of up move trend line.