It’s been a little over 3 months now since I first published the Nickajack SR methodology that has been the focus of this blog. One purpose of this blog was to force me to focus on a single methodology and prove to myself that it would work. For the most part, trading has been very successful.
I’ve also spent a lot of time trying to write software that could provide signals for the methodology. In that effort, I’ve hit roadblocks in trying to identify trends and divergences. I can recognize both rather quickly on a chart, but to code what I can visually see has been a coding task that seems to degenerate the more I work on it. My software identifies trade setups, but it’s based on simplistic trend determination. I need to analyze each trade setup to make sure the trend is clear enough to take the trade. For now I’ve given up on that effort.
Every trader needs a methodology that fits their personality. I like the methodology on this blog, but it’s tough for me to trade. I have a hard time waiting for 1 to 3 or 4 trade setups a day. Once I’m in a trade, I don’t have any problems letting them play out but the waiting for each setup is tough. I find myself drifting back towards faster timeframes where there are more trading opportunities. For the last week or so, I’ve been practicing ES scalping based on intraday support and resistance (i.e. swing highs and lows) with mixed results. It’s a whole different skill set and one that I want to conquer and become consistent.
My daily publishing of the Nickajack SR methodology has become repetitive and a daily burden to me. I think by now there are plenty of examples for both daily support and resistance areas and trade setups. I’ll still trade the methodology on 5 minute charts as I see the setups, but I’m changing my primary focus to smaller timeframe charts.
I have decided to stop publishing the daily trades and support and resistance levels and place the blog on a hiatus. If I decide to continue the blog with another phase of my trading growth development, I will contact you via email to let you know (if you have registered).
I thank all of you for all the great feedback and I hope everyone that has read the blog takes away something that makes them a better trader.
Regards,
David
