SLAyers' Notes

[aka_ces]

I don't know what those lines are so I can't help you. At the least, the SLA is about simplicity. The attached, for example, is what I was looking at before yesterday's open.

Db, The question is of potential interest to anyone drawing a trendline, for SLA or any other purpose. If you look at the specific line described in my text, you'll see this, and may also find it perplexing. I"m just trying to find out if you might have seen something like this before.

 

[EminiTraderCBOT]

If you are working, how are you applying the SLA, or anything else, during RTH?

I'm on the west coast and work after the market closes.

 

[EminiTraderCBOT]

Your hourly chart is drawn correctly but would most likely be of little use in real time as the first TO doesn't appear until the 28th. After that the channel dissipates as short-term channels do.

Your 1m chart is correct from an observational standpoint, but you have not mentioned your risk tolerance and how that would affect your trade management. There is also the problem of practicality: if you have a job, intraday charts are off the table.

Would the 27th TO be worth taking? Or since the Trend is down that it would be a counter-trend trade and not be the right trade to make?

 

[Gring0]

Would the 27th TO be worth taking? Or since the Trend is down that it would be a counter-trend trade and not be the right trade to make?

What bar interval are you using to make entry/exit decisions? Your posted chart shows 30 min intervals.

Gringo

 

[dbphoenix]

Db, The question is of potential interest to anyone drawing a trendline, for SLA or any other purpose. If you look at the specific line described in my text, you'll see this, and may also find it perplexing. I"m just trying to find out if you might have seen something like this before.

It's of no concern to me, as I posted earlier (#719). Once I've determined the TC for the weekly, it's not necessary for me to keep redrawing it.

There is only one way of drawing a trendline per the SLA. One can of course draw a trendline any way he chooses, but it won't have anything to do with the SLA.

 

[dbphoenix]

Would the 27th TO be worth taking? Or since the Trend is down that it would be a counter-trend trade and not be the right trade to make?

There is no long op on the 27th as the trend channel does not then exist in real time. See again the instructions for drawing a trendline and trend channel in the SLA portion of the book. If they make no sense to you, study the examples in the book and in this thread.

 

[dbphoenix]

I'm on the west coast and work after the market closes.

I suggest then that you post the prep chart and real-time charts and real-time notes for one of your sessions.

 

[EminiTraderCBOT]

What bar interval are you using to make entry/exit decisions? Your posted chart shows 30 min intervals.

Gringo

I have been looking at the 1 minute chart for entry/exit decisions. As of right now I am learning SLA/AMT so I've been observing different bar intervals to find what works best.

Do we look at higher time frames to find the overall trend, find where we are in that trend and then utilize a low time frame chart such as a 1 minute chart for entry/exit at the levels that show signs of a REV, RET, Breakout or Breakdown?

Or do we just focus on the time frame we use to enter/exit a trade and utilize SLA/AMT on that chart?

I always had the issue of not understanding how to piece the higher time frame charts (D,W,H, etc) to make an intraday trade?

I post the higher time frame charts to see if I am applying SLA correctly and find where we are on those charts. If we are at a the Resistance area of a downtrend, I will be looking for a short entry on a 5 and/or 1 minute chart around the resistance area on a RET, if I miss it I will look for an entry on a lower high.

Am I on the right track here?

 

[EminiTraderCBOT]

There is no long op on the 27th as the trend channel does not then exist in real time. See again the instructions for drawing a trendline and trend channel in the SLA portion of the book. If they make no sense to you, study the examples in the book and in this thread.

Yes, I see what you mean. The trend channel began on the 22nd, made a LL on the 27th to give us our TC. On the top of the TC, it looks like it began on the 26th with a HH and a LH on the 28th to give us our TC.

Wouldn't the 28th be considered the same though to create the TC? So there would not be a TO on that day either as it wouldn't exist in real time?

 

[EminiTraderCBOT]

I suggest then that you post the prep chart and real-time charts and real-time notes for one of your sessions.

I posted a 1 min chart with notes and prep on there from one of my sessions to see if I was on the right track with SLA and my overall thinking on the day. I will do this all next week as well.

I need to study more tonight and over the weekend how to piece it all together.

 

[dbphoenix]

I posted a 1 min chart with notes and prep on there from one of my sessions to see if I was on the right track with SLA and my overall thinking on the day. I will do this all next week as well.

I need to study more tonight and over the weekend how to piece it all together.

If you're referring to post 708, there was no prep included.

 

[EminiTraderCBOT]

If you're referring to post 708, there was no prep included.

You're right. No prep, just some thoughts on the intraday.

I have a question regarding Session Template on NinjaTrader. When trading the NQ do you guys use 24/5, 24/7, or something else?

Someone once told me to split it in 3 sessions.

Any suggestions?

 

[EminiTraderCBOT]

If you're referring to post 708, there was no prep included.

Since I'm still learning and want to make sure I complete a full prep. What I typically do is find ONH,ONL,PDH,PDL.

Any other suggestions for a proper prep?

Thank you!

 

[manraygun]

...The occasional daytrader will not succeed. He needs instead to find an interval that enables him to focus on what he needs to do in order to succeed, most likely the daily.
Db

This describes me. Until I decide to quit my day job, I’ll focus on trading the daily. Given that, is my thinking here correct?

Daily: there was break of the SL on Friday afternoon. This means the trader looks for a long entry.

Zooming in via the 15 minute chart, the long could have been taken Friday at 1545 at around 4323.

If one wants to enter off the hourly, there’s a RET underway that's presently unconfirmed. If price continues upward, confirmation would come at 4337 making for a long entry at that point.

Weekly shows a possible bounce off the lower channel limit. Does this make the LOLR up or down? Does it impact taking the long on a break of the daily SL?

 

[dbphoenix]

Weekly shows a possible bounce off the lower channel limit. Does this make the LOLR up or down? Does it impact taking the long on a break of the daily SL?

If you don't define "bounce", then you won't know what to do with what appears to be a bounce. If this meets your criteria for a bounce, then the LOLR is of course up. Whether you buy the reversal or wait for a break of the SL and buy the retracement is up to you.

Daily: there was break of the SL on Friday afternoon. This means the trader looks for a long entry.

If the nature of the break was such that it prompted him to exit his short, then, yes, he would look for a long entry. That entry would depend on whether he prefers trading reversals or retracements. If the former, he must decide whether or not he's willing to risk the number of points between his entry and the danger point, in this case about 65pts. Unless and until these decisions are made, the hourly is irrelevant as there will be no context for the decision. The 15m has no bearing on these decisions as it isn't being traded.

If the extent of the break was insufficient to exit the short, then he'd still be short.

 

[dbphoenix]

If the former, he must decide whether or not he's willing to risk the number of points between his entry and the danger point, in this case about 65pts.

If he isn't, then the QQQ is an option. Friday's high on both the NQ and the Q was lower than Thursday's high. The current high on the NQ is now higher than Friday's high as it has been trading since yesterday evening. The Q will not be trading until 0930 NYT. Therefore, the trader has three hours to decide what to do. If he doesn't know what to do, then further study is required.

 

[dbphoenix]

If he isn't, then the QQQ is an option.

Incidentally, it's worth noting the volume over the last six sessions.

 

[Gring0]

NQ Weekly: Price at median (simplicity at its best).
NQ Daily: SL breach. (I have an extra bar due to investing.com automatically breaking data for weekend for some reason)

Gringo

 

[dbphoenix]

NQ Weekly: Price at median (simplicity at its best).

Gringo

Simple, yes. Easy, not so much. This morning the median of the weekly range, the lower limit of the weekly trend channel, and the daily supply line all intersected at the same point. One could expect chop, and so far that's exactly what we have.

Db

 

[EminiTraderCBOT]

Simple, yes. Easy, not so much. This morning the median of the weekly range, the lower limit of the weekly trend channel, and the daily supply line all intersected at the same point. One could expect chop, and so far that's exactly what we have.

Db

How do you have the Weekly and Daily TC drawn? I can see it being more of what Gringo has than forming a TC.

Today was definitely a choppy day.