My nq price action method

slugar said:
Would you mind looking at my 500 tick chart and see if you think I missed something. I'm trying to day trade but not over trade and am trying to limit my amount of trades. The question I have is when you have a method that's profitable Douglas says you must trade each valid setup so I guess I need work on the valid part
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My first questions

What is/ are your set up(s) - aka entry signals (be very specific for each please)

What are you looking for in terms of context (again be as specific as possible)


If the 500 tick is your trading TF - what is you lower TF..., and what is you interim (next higher) TF

Hard to tell if you're over trading until I figure out what you're looking for (context & entry wise... and how you derive each )


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Douglas - is gold in my book

RN
 
Slugar

Here is some of the soundest advice I can offer


Pick 1 set up - doesn't matter which one

PB / Range BO / DT / DB / LH / HL / something else


Take that 1 set up... get on sim - and trade it.., and only it - till you're blue in the face..., till you can trade it just about blind folded

Learn its strengths / weaknesses / when appropriate to use / when appropriate to sit on hands /

Learn to recognize it..., as it's forming

Get comfortable taking small losses

Then take it live


When ready..., add a 2nd set up.., then a 3rd.....

This way takes longer..., but is a solid approach to becoming consistent

RN
 
Couldn't trade until 10200 cst but here is the 1st trade of the day. A long off of the double bottom at 1024. I have my demand line drawn and will stay long until broken or fails at a swing high
 
slugar said:
Couldn't trade until 10200 cst but here is the 1st trade of the day. A long off of the double bottom at 1024. I have my demand line drawn and will stay long until broken or fails at a swing high
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Good Trading Slugar

Reason for entering – DB…… check

Way to manage this trade – draw an up TL – that a break of would trigger an exit… check


Now.., just one small (but MOST IMPORTANT) detail missing

What… oh what…. could that one missing detail be

The saying “never trade without one” comes to mind

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We don’t get paid for entering a winning trade…, we earn our money by managing all trades

:)

RN
 
In summary;

Trade 1;

Setup – potential DB – enter long
Target / way of managing – breach of up TL
Stop – 53.25


Trade 2;

Setup – potential LH – enter short
Target / way of managing – ???
Stop – 57.25 / later moved to 53 even

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Fill in the question mark – you have 2 well planned trades…,

and

2 trade plans.., each appropriate for the current PA conditions (current at that time)

(We use our methodology.., to identify an edge…, appropriate for the current PA conditions)

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Manage each trade per its plan …, on to the next one

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Tomorrow FB earnings after the close (important to know the times of such things)

Yippee ki yay

RN
 
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