My nq price action method

[Handle123]

Quote from slugar:

Pretty easy to see on the hourly chart why the decline stopped where it did today!

I actually have this automated and works well enough on 18 markets. I have found through backtesting you have defined pivot strength, where to start trendline drawing to next defined pivot. Strength of pivot is how many lower highs to the left and right of highest high in so many months then finding where you can start to draw to as your second pivot, I tested for a defined number of bars before I can draw to second pivot, reason for this, too few would show too steep of a trendline and offered too many losses. I never draw trendlines thru bars, not saying shouldn't be done, but backtesting I wanted to have better defined rules.

Method does me well, and also on intraday methods great places to exit trend trades.

 

[slugar]

Volume seems to be lower on every retracement and the supply line is never broken on the 2 minute

 

[slugar]

Quote from dbphoenix:

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.

 

[slugar]

I believe there are only 2 areas to be concerned with are where the most trades have taken place. Is that correct db?

 

[dbphoenix]

Quote from slugar:

I believe there are only 2 areas to be concerned with are where the most trades have taken place. Is that correct db?

Depends on your objectives. Where do the largest number of trades take place?

 

[slugar]

on the ndx daily 2970-3000 and 3110-3146

 

[dbphoenix]

What I meant was where do the largest number of trades take place on any chart?

 

[slugar]

Quote from dbphoenix:

What I meant was where do the largest number of trades take place on any chart?

At support and resistance and since the bias has been up one can assume the big players were accumulating shares at these levels.

 

[dbphoenix]

If by "support and resistance" you mean the limits of a trading range, that is where the least number of shares are traded.

 

[slugar]

I was acually refering to the zones that I gave!