I'll leave it to DbPhoenix to comment and give suggestions, but I would have a difficult time trading off either of those charts if my decisions were to be based on what I am seeing. I don't feel either of those show price in a way that would make it easy to catch the swings and turns and feel the pace of the buying and selling waves. But that is me, and maybe these suit you.
My nq price action method
- Thread starter slugar
- Start date
I'll leave it to DbPhoenix to comment and give suggestions, but I would have a difficult time trading off either of those charts if my decisions were to be based on what I am seeing. I don't feel either of those show price in a way that would make it easy to catch the swings and turns and feel the pace of the buying and selling waves. But that is me, and maybe these suit you.
Nothing wrong with you asking questions, but then a few come to mind.
Ultimately it doesn't matter what anybody else thinks about how you are drawing your lines (using indicators, bar intervals, or a partridge in a pear tree...) now if you are not sure and haven't study your setups six ways from Sunday then definitely do not trade with real money.
How do you know you are ready to trade with real money? When you stop asking questions like "...are you saying they are cluttered?"
You need to have conviction in your trading, if you are in the asking for advise stage, I wouldn't be trading live.
If I have misread your post please accept my apologies.
I agree wholeheartedly with tonka. You are soliciting advice from a variety of people who hold widely differing views not only on the content of your efforts but on the process. You can create a debate among them on who's right and who's wrong, but, as tonka says, it doesn't matter what anybody else thinks. At this stage you should be researching and testing, not looking for trades. Once you have journeyed through that stage, you won't need to be asking for advice on trading opportunities: they will be obvious.
If you're starting out looking for trades, with real money or sim, then you're starting out on the wrong foot. You aren't going to learn much if anything about this approach if you plan to make a bunch of trades and hope that at least some of them work out rather than seek to understand what are the goals of buyers and sellers. Currently there are only two levels of support and resistance you need concern yourself with, not 6 or 8 or 10. If you don't know why there are only two, much less what they are, then you haven't done the work and you aren't ready to begin trading.
I suggest you spend your first day/week/month just observing -- and making notes on, which is what the journal is for at the beginning -- what price does and why and where and when and for how long. If you find this unimaginably boring, then this approach is not for you. You may, however, find it more interesting if you use an aspect ratio of no more than 1.5:1. If price movement is so strung out that it resembles a bad road, you will have unnecessary difficultities seeing what it's doing, and if you can't see what it's doing, you can't make any suppositions on why it's doing it.
That is all I was saying, but I did not know how to say it.
It would help if you were to go through the process from the beginning, explaining what kind of trader you are, what your goals are, why you chose daytrading, why you chose the NQ, etc. Otherwise, whatever comments and suggestions you receive will more likely be based on the poster's own goals and choices rather than on whatever it is you want to achieve.
For those who are unfamiliar with the process, it is, again, here: http://www.traderslaboratory.com/forums/wyckoff-forum/15535-developing-plan-trading-journal.html. While I'm sure you have gone through all these steps, your journal skips the first and second and most of the third. Those who follow this journal would likely be interested in knowing what it is you're trying to accomplish.
