My nq price action method

While I'm writing commentary on your plans.., take a look see

It not completely straight... but close enough

I'll be basing my comments off it


RN
 
My initial thought; your TLs look a lot cleaner / precise/ and similar in approach / methodology creating them

Sweet :)

======================

After the 1st trade which in looking back I shouldn't have taken because it was in chop

Careful with the hindsight analysis…, rather learn from it and move on

=========================

I had a hard time reading price action.

It happens to us all – sit on yer hands until price’s intentions become clear(er)

==============================

Trade 1.

DB long / 3550
Stop; 3546
target; last swing high of 3558.

Comments;

I don’t see a DB
I see a BO
I see HLs
But no DB


I also don’t see the 3558 swing high target


The Stop;

Yes price is in a range… of which you entered when price was at the top of that range – risky

Your stop is at the bottom of the range – maximum loss

This is one of trades – that it is either going to work... or not

Tighten your stop to just beneath the – well really there is no good place other than the bottom of the range

Ugly PA that’s hard to create a clear trade plan for


Trade 2.

double bottom long at 3542
stop of 3538.50
target swing high at 3558.
this was the only decent trade I took.


Comments;

Only comment here – you entered lower than on trade 1 – yet your target stayed the same

That has the “appearance” you are calling (expecting) a bottom / turn.., or a big ass range

When entry is lower (than the previous trade) – so too should the target (for longs)…

Same as when entry is higher (than the previous trade)…, target should also be higher (for shorts)


Make sense??



last trade
short at double top 3568.25
stop 3570 target
last swing low of 3555. which we did not reach.

Couple of comments

When entry higher(than previous trade) …, target should also be higher (for shorts)

That yellow highlighted range was in play for the target – as it was for the majority of the day

Top of this range made for a good target for this trade didn't it... (being the hindsight bastard I am :D )

================================

I am still working on using support and resistance zones


You posted earlier in the day – (paraphrasing)

”You need to learn to trust your lines”


Realize our aim is not to draw your lines.. or my lines (and the truth of the matter is.., I don’t trust my line either)

We must draw price’s lines

We must trust price’s lines

Then we can trade / press against those lines all day long

That is what trading PA is all about - PA

===============================


I was trying to capture every move and did not practice the discipline needed to be successful.


Please address this in your journal – talk open and honestly with yourself

RN
 
By trying to capture every move I didn't follow my method paid no attention to where we were at in the overall trend and didn't pay attention to where we had been
 
slugar said:
By trying to capture every move I didn't follow my method paid no attention to where we were at in the overall trend and didn't pay attention to where we had been
More...

Sorry - I meant in your personal journal.., not this journal

Have an intimate conservation with yourself and try explaining why


RN
 
That has the “appearance” you are calling (expecting) a bottom / turn.., or a big ass range
When entry is lower (than the previous trade) – so too should the target (for longs)…
Same as when entry is higher (than the previous trade)…, target should also be higher (for shorts)
Make sense??

RN: May you please help to elaborate why you think a lower[higher] long [short] entry than previous trade the target should be lower [higher]? I guess you are talking about fixed profit target set in advance.

Please help to comment whether the following makes sense: suppose no fixed profit target and only use trailing stops to manage the trades. For the 2nd long, 3 good size green bars bo and close above yellow zone top, prob more up to use a higher PT; For the short, in reality long bottom tail bar touching yellow zone top prob showing more up so exit around its close ; but suppose if a strong bear bar close inside yellow zone with no bottom tail then prob showing more down to use a lower PT. Thank you very much.
 
Huyang

I'll respond to your entire post this evening Sir

In the meantime - and to you last point/ suggestion..., my most important and over riding directive is this


slugar said:
in the long run it has to be my system )
More...


Slugar could give a shit how I trade..., he could care less what I woulda.., coulda... shoulda

And I respect that completely..

I'm commenting on what he did... not what I would have done.. or not done - and that is the way it needs to be



RN
 
Slugar

Absolutely no pressure today - whether you trade or don't

Observe.., fiddle around with creating context....

If a juicy signal comes along - so be it... and if not - so be it


RN
 
Redneck said:
Huyang
In the meantime - and to you last point/ suggestion..., my most important and over riding directive is this

Slugar could give a shit how I trade..., he could care less what I woulda.., coulda... shoulda
And I respect that completely..
I'm commenting on what he did... not what I would have done.. or not done - and that is the way it needs to be
RN
More...

RN: thanks a lot for your quick response for the last part. I was trying to ask you whether what i wrote/thought does make sense. I had no intention to suggest anything. Why did i ask you the question? i found out it is challenging how to exit (much more challenging than entry). For entry, we have much more time to decide whether it is the signal we are looking for and we have the freedom to choose not to take if not sure; but for exit, we have to make decision in real time while PA could be totally different from what we see in the past and sometimes we have to act very fast if not using prefixed PT.
 
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