My nq price action method

[pokito]

Quote from dbphoenix:

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.

3070 support and 3120 resistance, db?

 

[slugar]

Yes there are times during the day I can observe and I have Wednesdays off every week to observe also.

 

[dbphoenix]

Quote from slugar:

Yes there are times during the day I can observe and I have Wednesdays off every week to observe also.

And what are those times?

 

[slugar]

8:30-9am cst and 11:30 till 12m. plus I can replay the markets on my platform if I need to.

 

[dbphoenix]

Quote from slugar:

8:30-9am cst and 11:30 till 12m. plus I can replay the markets on my platform if I need to.

This won't work. The market can be unbelievably accommodating, but it's not likely to be accommodating enough to provide you with excellent trading opportunities in such tiny windows.

Therefore, all your research and testing will have to be done in replay. This should be done in 1x at the beginning so that you don't obtain an unrealistic view of time. This doesn't mean you have to go through an entire day in 1x, but you should at least replay two to three hours.

Yes, this will take time. But the point of it is to prepare you for real-time observation and, eventually, trading. If you breeze through it, there will be no benefit.

 

[deaddog]

Anything to be gained by watching the over night action?

 

[Tonkadad]

Quote from deaddog:

Anything to be gained by watching the over night action?

Better use of time would be to do playbacks of reg. hours.

If you are going to trade overnight then watch overnight.

If you are going to trade reg. hours then watch reg. hours.

 

[pokito]

Quote from pokito:

3070 support and 3120 resistance, db?

Doesn't look like DB wants to respond.
Sorry for butting in Slugar !. Good Luck to you

 

[Tonkadad]

Quote from pokito:

Doesn't look like DB wants to respond.

That or he has a life outside of ET.

 

[slugar]

So today I begin my observation stage of learning to read the tape, I will post how I saw todays market action afer I've had time to watch a couple of hours of market replay. Thanks to everyone who has lended a helping hand in my learning process.