Nova Volume Trading System | Page 34 | Crypto Craft

Options

Go to
Permalinks
Print Thread

Related Instruments

Gold/USD

Similar Threads

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 182 replies

HYBRID: trading system within a trading system 31 replies

Trapping System: Way to Fully-Automated Trading System 47 replies

Indicators:SuperNova !!! and Nova! 2 replies

Terra Nova Trading ECN 1 reply

Attachments: Nova Volume Trading System
Exit Attachments

Nova Volume Trading System

  • #661
  • Nov 28, 2024 7:39am Nov 28, 2024 7:39am
Quoting TableTop
{quote} Sounds interesting. I've done something similar: use the H/L/C of the previous week and month as targets. So if I'm coming off of one of these levels and the higher timeframe trend supports it, I'll leave some of my position on (about a 1/2 to 1/3 sometime less), and target a bigger move. Locking in some of a position is psychologically good (for me at least), I'll then move the stops to break even. One challenge is that the higher timeframes also go through periods of chop, so you can get a whole weeks and months of ranging and hitting...
I use IC Markets raw spread account so it is perfect but yes 100% good idea to take some off and let it run.

There are loads of early nova entries that end up hitting a pivot level so can work well.
You can lead a horse to water, but you can't make it drink
  • #662
  • Nov 28, 2024 7:41am Nov 28, 2024 7:41am
When price looks like this DO NOT trade it.

Just mark your highs and lows and wait for a break... but yeah I am staying out today for sure.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 42 KB


But below you can see that if you managed to get an entry from the central daily pivot it would have been the best entry and you wouldn't have to endure this choppiness.


Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 51 KB
You can lead a horse to water, but you can't make it drink
  • #663
  • Nov 28, 2024 9:19am Nov 28, 2024 9:19am
I've only been using this for a short time but it seems very helpful (with the caveat that you still need to know the basics of PA and market structure). Looking back over the week so far I've managed to grab a couple of decent trades each day on the M1 using Nova as an indicator that the move should have some weight behind it. I've closed a few more out early with at breakeven or with a small profit or loss. Some of these would have gone on to hit the 1:2 target but some wouldn't and I will close out positions if they don't move or start to come back with pace (I like to preserve my capital).

I'm looking for constant improvement and do a weekly review of trades taken. Monday was a fantastic opportunity on gold.

Coming into Monday, Gold was in a solid trend (5 days long).
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 53 KB


The H1 is useful for clearly seeing significant highs and lows. As you can see last week Gold was in a solid trend, with the only significant pullback coming on Wednesday. There is another pullback on Friday, before the uptrend continues. Monday morning sees a (brutal) sell off taking out Friday's longs and we get a break in structure. This is followed by a pullback to the breakout level, taking the stops of breakout traders. In the NY session we get leg 2 of the sell off (these tend to come in 3's).

Dropping down to the M1 for entry (there were longs on the counter for London traders). Coming into the NYO the EMAs compress, and we get a triple top back into the breakout traders from the Asian session. The red vertical is 2pm UK (0900 US) and the market took off. Those 3 peaks would be drawing in more longs and at 0900 US the market took them out, then went on to take out Thursday's longs and Wednesday's longs. Nova gave short signals for a while, as the EMA's rolled over and we had a breakout short on the hour rotation.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 69 KB


When the market takes off like this, it can go without stopping for 45 minutes to an hour. In this case, trailing the highs of the minute could have captured a 1:12 in about 20 minutes. Alternatively (and I've only just started to look at this and some testing is needed) use the Nova pullbacks as a place to move stops. With some sensible trade management, some of the initial position could be left to take out the stops of Wednesday's long traders. This is easy with hindsight, and you can never be sure how a trade will play out, but once the price started to break down in the NY session, it was likely to start taking out stops from long traders.
  • #664
  • Nov 28, 2024 9:57am Nov 28, 2024 9:57am
Quoting TableTop
I've only been using this for a short time but it seems very helpful (with the caveat that you still need to know the basics of PA and market structure). Looking back over the week so far I've managed to grab a couple of decent trades each day on the M1 using Nova as an indicator that the move should have some weight behind it. I've closed a few more out early with at breakeven or with a small profit or loss. Some of these would have gone on to hit the 1:2 target but some wouldn't and I will close out positions if they don't move or start to come...
If I could have liked this twice I would have. Very informative and helpful so thank you for doing that as it will help people here.

There is a nice little nova trend on the M1 right now with the break and retest of the consolidation low but I missed it as I was doing school run
You can lead a horse to water, but you can't make it drink
  • #665
  • Nov 28, 2024 10:18am Nov 28, 2024 10:18am
decided to enter gold today on bounce after turning down the ema, first trade lost 1.3R due to bad entry, second still running
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 131 KB
  • #666
  • Edited 10:44am Nov 28, 2024 10:24am | Edited 10:44am
Second trade hit stop loss, done with trading today, -2.3R
  • #667
  • Nov 28, 2024 10:33am Nov 28, 2024 10:33am
Quoting Ju4ara
Second trade hit stop loss, done for trading today, -2.3R
Unfortunate

I've not taken anything today but break and retest of your blue line was the most suitable entry.

US bank holiday so it's just not nice to trade even if nice trades show up in hindsight.
You can lead a horse to water, but you can't make it drink
  • #668
  • Nov 28, 2024 10:42am Nov 28, 2024 10:42am
Quoting xkwisit2001
{quote} Unfortunate I've not taken anything today but break and retest of your blue line was the most suitable entry. US bank holiday so it's just not nice to trade even if nice trades show up in hindsight.
I was late on trade after breaking support (blue line). Whatever, it’s not about always winning, that’s why risk management is important. Hope monday will be great trading environment
  • #669
  • Nov 28, 2024 10:48am Nov 28, 2024 10:48am
Quoting Ju4ara
{quote} I was late on trade after breaking support (blue line). Whatever, it’s not about always winning, that’s why risk management is important. Hope monday will be great trading environment
That's right, I actually like to lose sometimes just so I don't ruin my psychology.

But I know what I will get from my system so the losses will come whether I like it or not.

Imagine winning 5 in a row and then doubling up on the next trade because of sheer greed. Just not worth it.

Wishing you better success next week.
You can lead a horse to water, but you can't make it drink
  • #670
  • Nov 28, 2024 12:24pm Nov 28, 2024 12:24pm
Quoting xkwisit2001
{quote} That's right, I actually like to lose sometimes just so I don't ruin my psychology. But I know what I will get from my system so the losses will come whether I like it or not. Imagine winning 5 in a row and then doubling up on the next trade because of sheer greed. Just not worth it. Wishing you better success next week.
I would like to lose less but it's only matter of time, I am on it. Going to spend next few days thinking and analysing about proper way to implement Pivot points into this strategy. I will share updates as soon as I find out something.
  • #671
  • Nov 28, 2024 1:51pm Nov 28, 2024 1:51pm
Quoting Ju4ara
{quote} I would like to lose less but it's only matter of time, I am on it. Going to spend next few days thinking and analysing about proper way to implement Pivot points into this strategy. I will share updates as soon as I find out something.
If you need to read a pivot point bible check out davits thread.

One of the best threads on here!
You can lead a horse to water, but you can't make it drink
  • #672
  • Edited 8:48am Nov 29, 2024 4:25am | Edited 8:48am
Thin market so smaller positions but looks like a good session setup on gold for a scalp. 3 small positions. 1 at 1.5 RR, the second at 1:2 and 3rd just below the high of day.

Yesterday was an inside day (EDIT: no it wasn't!!), and in the AO both yesterday's high and Wednesday's highs have been hit. There was a short (possibly 2) setups but nothing 'clean' where I could place a stop nearby. Around 9 (UK) we get some chop after price comes back into highs from Wednesday and sweeps a significant low from the AO, and a triple bottom is formed, with a break in structure. The pullbacks give another diagonal (not sure how else to describe it) triple bottom, an engulfing candle. The pullback with a pinbar, 2 or 3 solid green bars from Nova, and entry as the next bar opens.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 70 KB



Note: First 2 TPs hit, and the 3rd hit at around 1:1.5 after adjusting the stop.
  • #673
  • Nov 29, 2024 8:08am Nov 29, 2024 8:08am
0800 NY - NAS falling away...textbook entry...almost no DD

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 38 KB
  • #674
  • Nov 29, 2024 8:54am Nov 29, 2024 8:54am
Can you confirm just by looking at the Nova indicator if I have it correct?
Attached Image (click to enlarge)
Click to Enlarge Name: 2222.png Size: 11 KB

So if the background turns red and with the first red bar the yellow line has crossed 0 line then we have a possibility of a sell trade?
Anything above the line is an uptrend, below the line is a downtrend.
  • #675
  • Nov 29, 2024 9:26am Nov 29, 2024 9:26am
Quoting TableTop
0800 NY - NAS falling away...textbook entry...almost no DD {image}
I took the exact same trade!
  • #676
  • Nov 29, 2024 1:14pm Nov 29, 2024 1:14pm
Hello.
Please explain what moves the price chart during the US session if today is a holiday?
  • #677
  • Nov 30, 2024 3:17pm Nov 30, 2024 3:17pm
Quoting taksistalo
Before and after. I think all speaks for itself. I identify levels by myself and love to see volume spike into them. Usually nice bounce follows. However, this one was just regular, trend change/break out following trade. {image} {image} Example of what I mean a spike into the zone. GBP/JPY 5 min chart today. (almost 5 to 1: 19pip stop and 98pip profit) {image}
Where are you getting those rectangles that you use as an entry and tp from, I dont see any connection with the trend or the market structure,so where do you get them from?
  • #678
  • Dec 1, 2024 3:17pm Dec 1, 2024 3:17pm
Quoting Magiruss
Hello. Please explain what moves the price chart during the US session if today is a holiday?
US exchanges opened for 1/2 day Friday (closing early around 1300 NY)
  • #679
  • Dec 2, 2024 3:36am Dec 2, 2024 3:36am
Gold long.
Price has broken out of Friday's range, and looks to be trading back up. It could be a failed breakout (in which case we could see price go a lot higher), or a retest of the low (and a continuation short).

Nice setup in terms of PA and EMA's but due to the proximity of Friday's low, I used smaller sizing. The Neckline refers to the reverse head and shoulders, and it is the breakout of this, with the stong green nova bars which act as the trigger.

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 41 KB
  • #680
  • Dec 2, 2024 8:13am Dec 2, 2024 8:13am
2 trades, +4.5R so far
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 108 KB
12 traders viewing now