My nq price action method
- Thread starter slugar
- Start date
You need charts else people have to work too hard to follow a newbie journal.
The best advice I can give you is to follow your own ideas. And keep refining them.
Thank you for the chart, but you need to make some adjustments.
1. Provide the date and the instrument.
2. Provide the bar interval.
3. Change the aspect ratio to no more than 1.5:1, i.e., the width should be no more than one-and-a-half times the height. That will take you from the open to lunch. If you want to post a second chart for the afternoon, that's up to you.
4. Provide the context, at least the daily and the hourly so that readers know where all of this fits into the greater scheme.
These are easy changes to make. More difficult is what you've learned from it.
Why does price repeatedly hit the 14 level for 45m, then drop to the pre-opening price, then rise again and repeatedly hit 14 again for another hour?
Why does price then drop all the way to 92, then rally to 3100? Why does it stop there? Why does it then drop to 90? Why then does it rally back to 93? Why, except for these brief rallies and reactions does it move sideways for over an hour? Why does it then drop below 90?
What are buyers and sellers trying to achieve during all of this? What's stopping them from achieving it?
When price stalls, why is it stalling? For how long does it stall? How much effort is being expended to push it up? Down?
When price reverses, where does it reverse? Why does it reverse there? How does it reverse? Does it reverse quickly and decidedly or does it resist the pressure to reverse? How? Why?
These are only a few of the questions that ought to be running through your mind when you're watching price. What is it doing? Why is it doing it? Why isn't it doing something else? Who's in charge? How in charge are they? And so on.
Granted this is a lot of work, but this is what those who succeed at this do. Otherwise, watching price move is about as exciting as watching paint dry. These observations will grease the skids when you begin forward-testing. Without them, your forward-testing will take many months, if not longer.
1. Provide the date and the instrument.
2. Provide the bar interval.
3. Change the aspect ratio to no more than 1.5:1, i.e., the width should be no more than one-and-a-half times the height. That will take you from the open to lunch. If you want to post a second chart for the afternoon, that's up to you.
4. Provide the context, at least the daily and the hourly so that readers know where all of this fits into the greater scheme.
These are easy changes to make. More difficult is what you've learned from it.
Why does price repeatedly hit the 14 level for 45m, then drop to the pre-opening price, then rise again and repeatedly hit 14 again for another hour?
Why does price then drop all the way to 92, then rally to 3100? Why does it stop there? Why does it then drop to 90? Why then does it rally back to 93? Why, except for these brief rallies and reactions does it move sideways for over an hour? Why does it then drop below 90?
What are buyers and sellers trying to achieve during all of this? What's stopping them from achieving it?
When price stalls, why is it stalling? For how long does it stall? How much effort is being expended to push it up? Down?
When price reverses, where does it reverse? Why does it reverse there? How does it reverse? Does it reverse quickly and decidedly or does it resist the pressure to reverse? How? Why?
These are only a few of the questions that ought to be running through your mind when you're watching price. What is it doing? Why is it doing it? Why isn't it doing something else? Who's in charge? How in charge are they? And so on.
Granted this is a lot of work, but this is what those who succeed at this do. Otherwise, watching price move is about as exciting as watching paint dry. These observations will grease the skids when you begin forward-testing. Without them, your forward-testing will take many months, if not longer.