My nq price action method
- Thread starter slugar
- Start date
i just marked the best trades i saw, as far as the long goes if i were to take a long there which i wouldn't in most cases because of the strong move down i would have after the small double bottom because i would draw a steeper down move trend line which would have been broken. the short would have been fine and on both trades you would have been stopped out for a small loss or broke even
When I day traded IBM for years, I would wait for close beyond trendline providing the close was above previous bars' high, and get in on the trendline retracement bounce, and if no retracement, first lower high, I'd buy 2 cent BO.
I found too often there are BO on trendlines but caused by drift, price just going sideways, but by putting in rule that close has to be beyond previous bars extreme made huge difference. There was one year, I only took sells, had the uptick rule and of the five years I day traded IBM, that was my best year. Just too boring for me to watch all day long, do the morning and maybe the afternoon, this old man needs naps now. ROFL.