My nq price action method

[Huyang]

Order types / what to use (the 64 thousand dollar question)
How will one manage trades – actively / passively
How volatile
How much size
These are but some of the considerations… all of which are very personal and need to be customized to the trader/ environment & instrument being traded
No one size fits all
My only feedback – strive to simplify everything you can with regard to trading (what I deem simple - you may not..., and visa verse)
RN

RN: Reading your comment of lower long entry requesting a lower target which I finally understood your thinking and recalling sometimes my 5+ps winning trade becoming a 1ps profit or even a 5+Ps loser and Handle123's sharing day trading using a profit target, it is all about balancing catching the potential profit, probability of unexpected abrupt PA, and individual traits on decisiveness and thinking speed and acting fast capability. What I learned is the following: No profit taking strategy is perfect; just need to choose one strategy and stick to it.

As what you have said, having a plan to guide the trading is the key. I totally agree with you about simplicity; just simplified the trading plan because easier to follow in real time and a complicated plan may not improve performance much but with the difficulty of not remembering certain details when trading. Moreover, you talked about the need of trusting ourselves in NoDoJi's journal; a simple trading plan will make us feel easier to trust we will follow the plan in real time and to be in a detached mode.

I have finished reading Slugar'sjournal, seeing you have been carefully guiding Slugar's moving in the right direction in his rhythm and interest and Slugar's posts have clearly shown much improvement. My only question: I wonder whether you are willing to disclose your plan or vision how you will be helping Slugar's trading from now to May of next year? I understand the process is dynamic; so your sharing doesnot have to give much details.

The purpose of this quest: knowing your vision will definitely help traders who are self-coaching and at different stages to stay on the right path. I know trading is personal , but I also believe other's journey or vision can be insightful. Probably my question is not suitable, then please feel free to ignore my question.

Thank you very much!

 

[Redneck]

RN: Reading your comment of lower long entry requesting a lower target which I finally understood your thinking and recalling sometimes my 5+ps winning trade becoming a 1ps profit or even a 5+Ps loser and Handle123's sharing day trading using a profit target, it is all about balancing catching the potential profit, probability of unexpected abrupt PA, and individual traits on decisiveness and thinking speed and acting fast capability. What I learned is the following: No profit taking strategy is perfect; just need to choose one strategy and stick to it.

Absolutely agree… and I would add…, never change strategies in mid trade - yet remain adaptable to unfolding PA

As what you have said, having a plan to guide the trading is the key. I totally agree with you about simplicity; just simplified the trading plan because easier to follow in real time and a complicated plan may not improve performance much but with the difficulty of not remembering certain details when trading. Moreover, you talked about the need of trusting ourselves in NoDoJi's journal; a simple trading plan will make us feel easier to trust we will follow the plan in real time and to be in a detached mode.

Very well…, and eloquently stated Sir

My only question: I wonder whether you are willing to disclose your plan or vision how you will be helping Slugar's trading from now to May of next year?

There are more ways to trade successfully than I care to count

Trading success.., ultimately…, comes from within

I believe these statements with every fiber of my being

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


Having said that – I have no real plan – other than to hang out with Slugar for as long as he is willing to put up with me – be that however long

My plan;

I can take what he posts and provide feedback / options/ possibly another way of looking at it / or thinking about it

When he comes across stuff he’s unsure about.., or wants to explore – we can talk it through.., then he'll make up his mind

To let him know – all the bullshit / doubts/ frustration / uncertainty/ fears - he goes through – been there to – and it’s okay

He’s reach out to others and got told – essentially – do it my way – which is bullshit… and I’m not here for that

I do want him to seek out other traders – and learn from them (every trader I know.., including me.., has piecemealed together their system/ methodology / approach – by taking bits and pieces from several others)


Slugar knows – beyond any doubt – ultimately – it’ll be on him to succeed – that it must come from within – that ultimately It’ll come down to this

Enter every time a signal materializes
Trade works – hold… exit for a profit
Trade fails – exit for a BE/ small loss
On to the next one – no matter what
We never know

I know this.., because I’ve told him

This journey is tough – at times lonely – and filled with a lot of crap – that few appreciate - let alone understand

My vision…, is to be a sounding board… a shoulder… a colleague…. And when necessary – a royal pain in his ass

I’m doing the same for jas_in_hbca as well

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

The next logical question would be; why would I do this / what’s my angle

That is my business…, and it holds for these two…, as it did for NOD (though I think she is beyond help at this point – – hope she reads this)


At this point in my life I could care less about saving the world – but I’ll stick by these 3 come hell or high water...

Soooo.., let’s just say I’m following my gut

Probably my question is not suitable, then please feel free to ignore my question.

Thank you very much!

Your question is perfectly legit - NEVER be hesitant to question every thing.., and every one - in this business - ever


You are Very Welcome Sir

RN

 

[slugar]

I'm going to post my chart on Saturday I worked 12 hours today and coached my daughters softball team for 2 more I'm beat and going to bed. Thanks for your support RN

 

[slugar]

1st trade short on a failure at3601.50 stop 3604 target 3589. 2.long on higher low 3586.25 stop 3582 target swing high 3597. 3.short on a lower high 3593.50 stop 3596.75 target swing low 3578.4 long at 3578.75 stop 3571.25 target break of up move trend line. 5.long on lower high 3578.25 stop 3576 target 3586 swing low from 919. 6. double top short 3590.50 stop breach of double top target swing low 3576. last trade

 

[slugar]

RN's comment about seeking help from other traders is spot on . Handle 123 and ammo have been exceptional with contributing to my method.

 

[Redneck]

I'm going to post my chart on Saturday I worked 12 hours today and coached my daughters softball team for 2 more I'm beat and going to bed. Thanks for your support RN

Enjoy every moment – it passes all too quickly

Just dropped my youngest off…, first day.., at his first PT job – bittersweet…, Yes Sir..., very bittersweet that is


Back in a moment

RN

 

[Redneck]

1st trade
short on a failure at 3601.50
stop 3604
target 3589.

Comments

There are 3 bars making LHs – (butt up against the DMTL – and also respecting the DMTL (my green circle)

Make that the Stop Loss – and reduce your risk by 6+ points

If it had failed – get out… go searching for the next entry


Aside;

Think how much work it is to regain a loss… think the toll it takes emotionally – the toll it takes sitting through it

I am not saying enter / exit / enter / exit – like a spastic monkey – but clearly if price had breached that DMTL – then something has/ or is about to – change sediment wise

Sitting in a losing trade - to me - is like having an anchor attached to your ass and it dragging you down to the deep 6 (mentally speaking)

Exiting said losing trade frees you up (mentally / and capital wise) to reengage

We are traders – it ain’t workin – get out

Trade is solid – but again – manage risk first




Trade 2.
long on higher low 3586.25
stop 3582
target swing high 3597.

Comments

Enter long…, on a lower high - why?????

Stop is way…, way too liberal


There is an UMTL established (green circles)

There is a range – highlighted in yellow

There is a false BOD – circled in red

Btw that wick.., circled in red - also reflects strength (price didn't want to be down there so it shot up fast / buying said we got this)


A BOU / with a retest – circled in light blue

Then off to the races price shoots

Price is saying it wants to go up

You entered correctly – but for the wrong reason – and…, had the SL set way too liberally

Target = good

Nuff said??


Trade 3.
short on a lower high 3593.50
stop 3596.75
target swing low 3578.

Comments

By highlighting the ranges – I suspect you see this trade completely differently now

Short – yes

Stop – too tight (should be breach of the range / DT)

Target – beautiful – though when price started ranging – I would have likely exited (eta - looking at this range again - it is a range PB to the DMTL - likely I would not have exited unless price breached the DMTL - my mistake)


Trade 4

long at 3578.75
stop 3571.25
target break of up move trend line.

Comments

SL is way the hell too liberal – make it the break of the UMTL

Entry and target - Great


Trade 5.
long on lower high 3578.25
stop 3576
target 3586 swing low from 919.

Comments

Again a long on a lower high – please explain this to me

Looking to go long on higher lows – yes

Looking to short on lower highs – yes

I never look to go long on lower highs


Stop – ummm to liberal

Target - perfect


Trade 6.
double top short 3590.50
stop breach of double top
target swing low 3576. last trade

Comments

Entry and stop – perfect

Target – too optimistic (see the range I identify via red rectangle)… and price had been moving up

Adjust your expectation (and target) accordingly


RN

 

[Redneck]

Staying on my soap box a bit longer

Losses are a normal part of trading - and are to be expected / exited easily



But allowing a loss to increase more than is necessary (holding after a trade has been deemed failed - the signal invalidated..., OR..., setting it way past where a signal fails)

Creates unnecessary work & stress - which screws up our ability to perform

Not potentially screws it up... flat out does (I know this from experience)


Can't count the number of times I've sat there thinking.., damn if i have only exited when the loss was still small

Then after I finally got out - me trading to make up the loss... (which is the same as trading my PnL) - very.., very bad


Please learn from my mistakes...

Manage risk first
Set the SL where the signal fails (in actuality - just past)
Always exit once the signal fails..., & the loss still BE.., or small

Makes trading exponentially less stressful..., I - gaaar -un - damn - tee - it

RN

 

[Huyang]

Trading success.., ultimately…, comes from within

My plan;
I can take what he posts and provide feedback / options/ possibly another way of looking at it / or thinking about it
I do want him to seek out other traders – and learn from them (every trader I know.., including me.., has piecemealed together their system/ methodology / approach – by taking bits and pieces from several others)

Enter every time a signal materializes
Trade works – hold… exit for a profit
Trade fails – exit for a BE/ small loss
On to the next one – no matter what
We never know

My vision…, is to be a sounding board… a shoulder… a colleague…. And when necessary – a royal pain in his ass
I’m doing the same for jas_in_hbca as well
Soooo.., let’s just say I’m following my gut
RN

RN:
That is very kind of you to do all of this. Lots of insight exits in the above and in the below. Then our mission becomes how to learn from your sharing and how to make it our own (within). Thank you very much for your sharing.

Losses are a normal part of trading - and are to be expected / exited easily
But allowing a loss to increase more than is necessary (holding after a trade has been deemed failed - the signal invalidated..., OR..., setting it way past where a signal fails)
Creates unnecessary work & stress - which screws up our ability to perform

Can't count the number of times I've sat there thinking.., damn if i have only exited when the loss was still small
Then after I finally got out - me trading to make up the loss... (which is the same as trading my PnL) - very.., very bad

Please learn from my mistakes...

Manage risk first
Set the SL where the signal fails (in actuality - just past)
Always exit once the signal fails..., & the loss still BE.., or small
Makes trading exponentially less stressful..., I - gaaar -un - damn - tee - it

 

[Redneck]

RN:
That is very kind of you to do all of this. Lots of insight exits in the above and in the below. Then our mission becomes how to learn from your sharing and how to make it our own (within). Thank you very much for your sharing.

Quite astute Huyang

You captured not only the essence…, but also the salient points

You are Very Welcome Sir

RN