Your thoughts? No. I trade off context. That's why I start with the weekly, then daily, then hourly. I don't want to trade in the middle of nowhere. If you can do it, tho, more power to you.
NQ - Supply & Demand
- Thread starter eminiman414
- Start date
Your thoughts? No. I trade off context. That's why I start with the weekly, then daily, then hourly. I don't want to trade in the middle of nowhere. If you can do it, tho, more power to you.
Gotcha. I just meant in terms of how I was seeing the movement of price not so much about making trades.
Didn't take 3615. Tired from my day today and started the replay late. Turns out....
Not to hijack eminiman's journal or to sound completely dense, but how does one effectively manage a trade in the hourly? Just watch price as it forms an hourly bar rather than a 1-min? Or look for a RET, set your stop for entry, set a stop for a certain allowable loss and walk away?
Hijack away the more questions the better......
Lab session 1 for today. Can only do one more today unless I am ambitious when I get home. Final Four, have to get out and socialize a little lol.
My process is I do replays from the past as "lab" work with price movement alone during the weekend and then I apply what I learn during the current days which I replay when I get home from work Mon.-Fri. It has been going great.
All the illustrations in the SLA section of the pdf use hourly charts.
Last one for now. Been working on holding on today turned out to be good practice in trend days although the first exit shouldn't have happened if the goal is to hold on. More to come this weekend. For now some relaxation since Michigan St. killed my bracket haha. Didn't use any lines just draw the one in for illustration purposes.
Apologies regarding the 'dense' factor, but does one enter and walk away setting stops for if price retraces past a certain level? Presumably the idea of using a 60-min bar interval would be for flexibility to not be watching price constantly or am I missing the point entirely?
You're not missing the point at all. If you can watch price constantly, may as well trade the 1m. However, I get a lot of people who work and students, neither of whom has any business trading something they can't watch.
Risk management is stressed in the SLA but there are no prescriptions other than the entry, and even that is entirely up to the individual, the reason being that the risk tolerance of each individual is, as you might guess, an individual matter, which, at the beginning and perhaps for quite some time after, are a function of his fear rather than the characteristics of the market he's trading. Fear makes seeing very difficult. It clouds the mind. Like Lamont Cranston.
If one is paralyzed by the prospect of the potential adverse incursions in the NQ, there is always the QQQ. But then you've got gaps and spikes and bad entries to deal with. The best option, as always, is to understand your market -- which means understanding the traders who trade it -- then trading accordingly. Doing an analysis of the maximum adverse incursion and the probability of its occurrence will help.
3 more replays for the day. Only got in 5 this weekend but learning a lot. Excited for the week. Next weekend I should be able to get in a lot more screen time.