My nq price action method
- Thread starter slugar
- Start date
So for the last 3 weeks I've been doing alot of back testing, and I am real close to my method being complete, it will include sla but also will include other ways of finding support and resistance along with a number of different trade set ups that will cover most of what the market delivers on a daily basis
Methodologies/ approaches;
There are many like it…. but this one is mine
Sweet!!!!!
Random thoughts;
One’s plan must absolutely be as simple as possible…, yet encompassing (when to get in.., more importantly when to get out / remain out)
BUT it must also never be debilitating
Mkt continually evolves - so must we
Purposefully sitting on hands – observing / waiting on a signal…, or allowing a trade to work – is NOT debilitating
======================
Also…, and imo – initially one’s methodology / approach should focus on a very few set ups (signals)
Then…, as one’s skills mature – allow these improving skills to ferret out additional set ups / signals
Btw
I’ll list the skills if you like… but I would include an understanding of mkt mechanics as one of them
============
We’ll get back to the rat killin whenever you say my friend
RN
There are many like it…. but this one is mine
Sweet!!!!!
Random thoughts;
One’s plan must absolutely be as simple as possible…, yet encompassing (when to get in.., more importantly when to get out / remain out)
BUT it must also never be debilitating
Mkt continually evolves - so must we
Purposefully sitting on hands – observing / waiting on a signal…, or allowing a trade to work – is NOT debilitating
======================
Also…, and imo – initially one’s methodology / approach should focus on a very few set ups (signals)
Then…, as one’s skills mature – allow these improving skills to ferret out additional set ups / signals
Btw
I’ll list the skills if you like… but I would include an understanding of mkt mechanics as one of them
============
We’ll get back to the rat killin whenever you say my friend
RN
Last edited:
sounds good redneck. any information you want to send me would be awesome. the method I've been using isn't broken it's just for me to follow something i need it written down and defined and I am having trouble with the written plan part because with price action trading there is so much discretion involve!Methodologies/ approaches;
There are many like it…. but this one is mine
Sweet!!!!!
Random thoughts;
One’s plan must absolutely be as simple as possible…, yet encompassing (when to get in.., more importantly when to get out / remain out)
BUT it must also never be debilitating
Mkt continually evolves - so must we
Purposefully sitting on hands – observing / waiting on a signal…, or allowing a trade to work – is NOT debilitating
======================
Also…, and imo – initially one’s methodology / approach should focus on a very few set ups (signals)
Then…, as one’s skills mature – allow these improving skills to ferret out additional set ups / signals
Btw
I’ll list the skills if you like… but I would include an understanding of mkt mechanics as one of them
============
We’ll get back to the rat killin whenever you say my friend
RN
"just for me to follow something i need it written down and defined"
iow – you need to own it – live it – trade it - and stand by it when the mkt is attempting to F with your head
==================
"I am having trouble with the written plan part because with price action trading there is so much (fill in the blank)"
As does everyone it seems
First let’s separate approach / methodology – from a trading plan
Trading plan is what I’ve been pressing you to use
1.) Signal / Entry
2.) Initial Stop loss signal / Stop loss price
3.) Target / Method of managing trade
Each trade must have one – each plan must be followed – and I’ve highlighted the most important aspects
=======================================
Methodology / Approach – requires detail on
The environment;
S/R zones
Up / Down / Sideways - and whether said environment is conducive to trading moves – a range – a swing
The signal(s) appropriate to use within this environment
The environment is established on a higher (or coupler of higher) TFs (higher than the one you trade)
Context;
The systematic / repeatable process used – in building the context defining the environment
The tools used - to build context defining environment
Trading criteria (examples only - as you need to fill this in);
Longs only – in an up environment - which are entered on PB's
Shorts only – in a down environment - which are entered on PB's
Sit on hands OR range trading only – in a ranging environment - short the R / buy the S
Signals(examples only - as you need to fill this in);
DT/DB
PB entries to LH / HL
BO entries
Trading is
Looking for valid signal - within the environment - that was established by the context - built via our tools and repeatable process
While knowing when / where - that signal would be invalidated - and the trade exited for a small loss
And..., while also having insight in which direction the trade stands a better change of moving (a long in a down environment - is a scalp at best... OR..., expecting a long or short - to have a extended move - while price in a range - is nuts )
=======================
Add anything else you deem required – but do not over complicate it
===================
I posted a straw man approach / methodology a few months ago – I think it was in Jas’ journal
RN
iow – you need to own it – live it – trade it - and stand by it when the mkt is attempting to F with your head
==================
"I am having trouble with the written plan part because with price action trading there is so much (fill in the blank)"
As does everyone it seems
First let’s separate approach / methodology – from a trading plan
Trading plan is what I’ve been pressing you to use
1.) Signal / Entry
2.) Initial Stop loss signal / Stop loss price
3.) Target / Method of managing trade
Each trade must have one – each plan must be followed – and I’ve highlighted the most important aspects
=======================================
Methodology / Approach – requires detail on
The environment;
S/R zones
Up / Down / Sideways - and whether said environment is conducive to trading moves – a range – a swing
The signal(s) appropriate to use within this environment
The environment is established on a higher (or coupler of higher) TFs (higher than the one you trade)
Context;
The systematic / repeatable process used – in building the context defining the environment
The tools used - to build context defining environment
Trading criteria (examples only - as you need to fill this in);
Longs only – in an up environment - which are entered on PB's
Shorts only – in a down environment - which are entered on PB's
Sit on hands OR range trading only – in a ranging environment - short the R / buy the S
Signals(examples only - as you need to fill this in);
DT/DB
PB entries to LH / HL
BO entries
Trading is
Looking for valid signal - within the environment - that was established by the context - built via our tools and repeatable process
While knowing when / where - that signal would be invalidated - and the trade exited for a small loss
And..., while also having insight in which direction the trade stands a better change of moving (a long in a down environment - is a scalp at best... OR..., expecting a long or short - to have a extended move - while price in a range - is nuts )
=======================
Add anything else you deem required – but do not over complicate it
===================
I posted a straw man approach / methodology a few months ago – I think it was in Jas’ journal
RN
Last edited: