My nq price action method

Redneck said:
I'll assume you're thinking out loud here... and will reserve comment unless you ask for it...

Or/ And... I can also be a sounding board if you like

RN
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Just thinking out loud I know every trade is unique! Sometimes I wonder if my lines are hugging price too tightly!
 
Being over simplistic.., but accurate

When trading price - price determines everything..., we base everything on price

Including line placement / whether we're correct with our line placement

RN
 
Redneck said:


last trade

target I set at 8 points the same distance most of the other trades moved before breaking the trend line.

Comment

Target – I do not like the way you set this target – by using hindsight bias – please don’t do that going forward
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Slugar

I was sure you were going to take me to task on this one Sir....


Isn't the method you described in setting your target - also considered a measured move???

And using a measured move is pretty standard / well known practice

So why did I reject that approach... Hmmmm


Never just take my say so on stuff - pick it apart - please


RN
 
I was actually going to bring up the measured move but didn't . any ways todays trades.1.double bottom long at 3607.50 stop 3604 target last awing high of 3619..2. double bottom long at 3611.25 stop 3607 target last swing high of 3622.3. higher low long at 3618.50 stop of 3615.50 target 3622. 4. lower high short at 3621 stop at 3623 target last swing low of 3615. over all a very choppy day and a good day to sit on your hands.
 
slugar said:
Today was a very strong up trend from the open. I only marked 4 trades today all longs.

Days like today make me wonder if my system needs to be tweaked to catch more of the up move.
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slugar said:
over all a very choppy day and a good day to sit on your hands.
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Trading is a balance – between a strong offense… and a strong defense

Trend days we can be more offensive

Range / chop days we must be more defensive

Focus on one..., at the peril of the other

We must diligently maintain both - and be prepared to bring to bear - the one PA dictates - when PA dictates

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I agree – choppy PA today

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Aside;

Mkt is funny this way - ask a question - it will answer.... we need only be receptive to what it is saying


Back in a bit

RN
 
General comments

See the green UMTLs (3 in all) - just something to note

The UMTL I crossed out (in red); What is that one based on (iow why draw it)?

I highlighted 3 zones..., the upper and lower are straight forward..., the middle one is harder to see (visualize)


trades.1.
double bottom long at 3607.50
stop 3604
target last awing high of 3619..

Comment

Entry – Can’t see the DB – Entry Good

Stop – Good

Target – Beautiful – but what about that decent size PB – how did you manage through that???



Trade 2.
double bottom long at 3611.25
stop 3607
target last swing high of 3622.3.

Comment

Entry – and a TB(circled in pink) – Good

Stop – Good

Target – Good – but what about the hesitation around 3618.00 – how did you manage through that – it did break the UMTL



Trade 3 ??
higher low long at 3618.50
stop of 3615.50
target 3622.

Comment

Solid trade

Entry – Good

Stop – Good

Target – Good



Trade 4.
lower high short at 3621
stop at 3623
target last swing low of 3615.

Comment

Another solid trade

Entry – Good

Stop – Good

Target – Good

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Good job in a rather challenging environment today (way to play "D")

RN
 
slugar said:
If the umtl is broken my method says I must sell.that was what I was talking about when I said it may need to be tweaked
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And days like today are going to tax it to death....



This is going to take some analysis to get a suitable solution....

Just throwing it out there - allow 1 fan - as long as price resumes before exceeding the last SH / SL?? - then a breach of that the exit - for choppy days



If you consider this - first determine if it is even feasible


RN
 
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