Price Action - NQ II

Ok Db thank you, now the message is clear to me.


BTW: Here is where I live

Colombia_globe.png


COLOMBIA ;)
 
Last edited:
So far, and taking into account the results given by the Backtesting, I will pass to start the forwardtesting process ... perhaps I will start other thread in order to have an organization in my trading process
 
lajax said:
So far, and taking into account the results given by the Backtesting, I will pass to start the forwardtesting process ... perhaps I will start other thread in order to have an organization in my trading process
More...
But you started this in mid March. You're already onto forward testing? I mean...what...hmm... just four weeks and back testing done! Huh! What! ... Liar... :)
 
dbphoenix said:
Something else about the above post with regard to the number of "bars" in a RET and the amount of time it takes to resume its stride. Some gurus say that the RET shouldn't be more than three bars, but of course this depends entirely on the bar interval: three minutes? three hours?

The message to be taken away, tho, is that the RET shouldn't be too deep and it shouldn't take too long. Why? Because of what a RET represents. And if it's too deep and/or it takes too long, perhaps buyers are thinking that perhaps this wasn't such a good idea after all and they really don't want anything to do with it.

And if they don't, why should you?

BTW, in what country do you reside? Or do I already know that?
More...
First off, I rather just sit there for 75 minutes then go back to sleep than be in the market at all. It is safe to be out of the market-no risk, my style of day trading is like this, if I am not going to be profitable pretty quick after I get in, I want to be out. I generally have use 3 to 3.35 bars up to dailies where that changes, but think it just a matter of one's back testing and having enough occurrences and different market volatility, like 2008 is way different than right now as far as structure and yet would not change 3 bar time rule cause I looked at past several years before to find out when a trade should falter. I prefer to trade when market is more controlled by the big boys and they don't trade when bars get real big, so I like controlled chaos. You can't get out well on huge ranging one minute bars, like twenty point one minute bar.

But where most will cheat themselves out of small gains cause of the rule is when price starts to show in my case, patterns of either support/resistance telling me the percentages are there to take what money in the trade or end up with one tick or much worse. Say the bar I entry long near bottom shoots up three points in NQ, next bar also has equal highs as entry bar, 3rd bar has exact same high. If you stick to exactly three bar rule, price can come down violently as it showed it's hand of forming for me an exit pattern of getting 2.00 points, but others will stay in the trade cause third bar didn't complete and possible of getting a total loss. Another one is where enter nicely and on same bar price gets to a down sloping trendline of four points, I just take that and am out in less than three bars, and yet see so many hang on to it and end up taking $100 loss cause there was two more bars left in the rule.

Trading Plans I think needs "what if" within them, not to break a rule, but to add to the rule.
 
I agree. This has been my experience as well. And I've said repeatedly that one must be very specific and very thorough in his criteria for managing his trades. But to do all of this for somebody gets into Al Brooks territory. At some point, preferably an early one, the trader has to do it for himself. Otherwise he's following a manual instead of following the market.

The retracement thing, for example. I like to see a nice, pretty retracement. If it's forming just like it's supposed to then makes a lower low, where some would see this as an opportunity to get in at a cheaper price, I back away. That's not how enthusiastic buyers behave. i want to see them pull themselves together and launch a genuine rally effort. I'll most likely alter my entry criteria as well to something a little farther away so that they have to make a real effort to trigger my order. And I won't be running off to make a sandwich while the trade resolves itself, either. It's up to them to show me something. If they don't or won't or can't, the hell with it.
 
By the way, this whole "tell me what to do" thing has dredged up an old memory, and I wonder if anybody remembers when ballroom dancing was so popular and the old Arthur Murray dance studios had footprints painted on the floor to show students where they were supposed to put their feet.

Or those colored strips that one placed behind the keys on the piano which corresponded with the colored notes on the music and one "played" by matching colors.

And of course the good ol' Paint By Number.
 
You must log in or register to reply here.
Back
Top