POST Some CHART Images in THUMBNAIL Format Right Here, Baby.
- Thread starter easymon1
- Start date
When there's action, seems like several setups work.
From the 'More than one way to skin a cat dept'...
'Trading the T-line', Stephen Bigalow
https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-15#post-5162295
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Sharing one of the patterns I use for NQ.
I call this NLR + Next Bar (NLR stands for New Level Reversal)
This pattern works well right after NQ makes a new price level.
This pattern consist of two 30 minute Bars.
1st Bar is called NLR (Price makes new level then reverses)
2nd Bar is the Next Bar
Whenever price makes a new level up or down.
I wait to see if price on the 30 minute Bar will reverse
For example, If price is going down, and it starts to reverse,
I'll watch to see if price crosses the 50% level on the 30 minute Bar.
If it crosses the 50% level, I need price to CLOSE on the
other side of the 50% level.
If it closes on the other side of the 50% level,
I will BUY the opening of the next Bar.
(IF the first Bar was going long, I'd sell the 2nd Bar)
For a weak market I target 30 tick profit.
For a strong market I target 50 tick profit.
Stoploss is placed on the other end of the 1st Bar
as depicted in the diagram.
Look closely, and you can see there are two of
these patterns on the chart.
NQ does this type of pattern almost every day.
To your trading success.
I call this NLR + Next Bar (NLR stands for New Level Reversal)
This pattern works well right after NQ makes a new price level.
This pattern consist of two 30 minute Bars.
1st Bar is called NLR (Price makes new level then reverses)
2nd Bar is the Next Bar
Whenever price makes a new level up or down.
I wait to see if price on the 30 minute Bar will reverse
For example, If price is going down, and it starts to reverse,
I'll watch to see if price crosses the 50% level on the 30 minute Bar.
If it crosses the 50% level, I need price to CLOSE on the
other side of the 50% level.
If it closes on the other side of the 50% level,
I will BUY the opening of the next Bar.
(IF the first Bar was going long, I'd sell the 2nd Bar)
For a weak market I target 30 tick profit.
For a strong market I target 50 tick profit.
Stoploss is placed on the other end of the 1st Bar
as depicted in the diagram.
Look closely, and you can see there are two of
these patterns on the chart.
NQ does this type of pattern almost every day.
To your trading success.
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right. the range was huge; the range in the green box was 1%.
DO not that the chart I posted was very ugly.
hmmm. different people viewed the chart differently.
NQ movement was rather choppy.
Luckily I shorted Russell 2000 yesterday Thurs when the US market opened.
"I'm trying to find an entry where I know exactly what I have to risk. When I go into that thing 'how much do I have to risk to see if I'm going to be right or not'. Larry Pesavento on risk
LP - on risk -
Hey BooHoo, per your content free response below... Who asked ya. Post a chart or piss off, lol.
LP - on risk -
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I have no idea who Larry Pesavento is, but that guy looks stressed, dejected, and beaten down by the market, a problemtic gambler,
He doesn't glow and shine, and look healthy, calm, and confident like someone who is a master of his craft, a market millionaire,
That guy looks one bad trade away from a stroke, or heart attack,
I'm imagining him slumped over his keyboard on a bad, tanking, market day or vice versa, on a very good, rare, day,
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