Son of If You Can Draw a Straight Line . . .
- Thread starter dbphoenix
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Today I paper-traded NQ on how to use DL/SL for helping me exit better and faster in a trading range market since i often very slow in exiting a loser. The DL/SL is very helpful although i may not do it correctly. I need to practise it more in order to be able to do it consistently. Chat in CST.
DB: That will be a very good exercise for me. Thank you.
DB: That will be a very good exercise for me. Thank you.
A few dozen? I have trouble believing that. As for the longer term, it seems I am the only one looking at it. When I post something there are hardly 5-10 views and half of them might be me just visiting my own wonderful post!
. Maybe I am losing my story telling skills. The better I understand the movement the more obvious the conclusions look and less words to explain it. Demand stronger than supply or supply stronger than demand, or a stalemate. There isn't much more to it. So you've been long since April in the Q's? Next time let me know and I'll join the surf. Although I wasn't paying much attention in April. I have periodic need to disengage. This intra-day tires me out, just watching it. The longer term trading is like the good old days, when it took time to court a lady, and one wasn't sure of the outcome until later in the game. Intra-day...well, the name explains it better.
Gringo
NQ daily: http://i.imgur.com/IDdL8Ch.jpg
Please feel free to point out if i draw lines incorrectly. Thank you.
Please feel free to point out if i draw lines incorrectly. Thank you.
Hi everybody,
I just recently found the new thread and try to catch up a bit.
In general I'm working on refining my plan and doing the necessary backtesting.
One of the most vital aspects obviously is to stay out of the chop (aka a trading range too narrow to trade). In terms of trading ranges it would be great if DB could (maybe again, sorry) expand a bit on that issue.
How do these trading ranges "materialize" and where are they most likely to expect.
Taking yesterdays example together with the general doctrine, we have overlapping swings, without clear retracements within the moves, so the 50% is violated again and again. This means, we are in a TR, ok.
Where did it form? At the lower channel line, a point of decision - which leaded to indecision first. There was another TR forming after lunch, when price was hovering above the hinge top.
Are those the areas where TRs are too expect? And the areas where price congested before? Contrary to areas what you call an "air pocket"?
In terms of what you mentioned to the downmove after breaking out of the TR on the 22nd, testing the premarket high and then taking a "nosedive" I would like to ask: After the strong reaction (failure) at the top, was it "a safe bet" that price would come back in the area of the previous trading range, testing at least the midpoint. I mean, this is a bit academic in hindsight. I took the trade, but have to say that I did not take this into account.
I just recently found the new thread and try to catch up a bit.
In general I'm working on refining my plan and doing the necessary backtesting.
One of the most vital aspects obviously is to stay out of the chop (aka a trading range too narrow to trade). In terms of trading ranges it would be great if DB could (maybe again, sorry) expand a bit on that issue.
How do these trading ranges "materialize" and where are they most likely to expect.
Taking yesterdays example together with the general doctrine, we have overlapping swings, without clear retracements within the moves, so the 50% is violated again and again. This means, we are in a TR, ok.
Where did it form? At the lower channel line, a point of decision - which leaded to indecision first. There was another TR forming after lunch, when price was hovering above the hinge top.
Are those the areas where TRs are too expect? And the areas where price congested before? Contrary to areas what you call an "air pocket"?
In terms of what you mentioned to the downmove after breaking out of the TR on the 22nd, testing the premarket high and then taking a "nosedive" I would like to ask: After the strong reaction (failure) at the top, was it "a safe bet" that price would come back in the area of the previous trading range, testing at least the midpoint. I mean, this is a bit academic in hindsight. I took the trade, but have to say that I did not take this into account.
So, the DAX made a new alltime high - maybe there were at least some usefull information "they" took from the german chancelors mobile phone...
As for today trading the NQ, here is my perspective - and I would be more than happy about opinions, corrections or comments in general.
We are still slightly above the top of the daily channel - even if the major one shows a top @ around 3500.
So if we don't go straight up, there are some levels on the way down which could be from importance.
Apart from the premarket H/L, there is the 50% of the last upmove around 67 and even more important the midpoint of yesterdays afternoon range around 55 - which is also the midpoint of what could become the range on the daily.
Hope this makes any sense...
As for today trading the NQ, here is my perspective - and I would be more than happy about opinions, corrections or comments in general.
We are still slightly above the top of the daily channel - even if the major one shows a top @ around 3500.
So if we don't go straight up, there are some levels on the way down which could be from importance.
Apart from the premarket H/L, there is the 50% of the last upmove around 67 and even more important the midpoint of yesterdays afternoon range around 55 - which is also the midpoint of what could become the range on the daily.
Hope this makes any sense...
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