I’ve been trading on Nadex for awhile but recently discovered the scanner and it has greatly enhanced my trading. I found that there is a feature that I think would be a great enhancement for trading in general. Let me give you some basics about my trading which is heavily rules based.
- I trade strictly on price action (no charts since charts cause me to be too reactionary)
- I look for trades at certain proximity
- I trade with certain amount of time left
- I have a certain reward amount I shoot for
- I trade certain forex pairs
- a few other rules
When a trade presents itself, I have to make a very quick decision based on my rules being met and the one thing that would help me with my trading is to add something that gives me the last 10 ticks price action. My thought would be a row of ten little boxes that are green for upticks and red for downticks based strictly on price action and not related to strike or indicative price (proximity gives me the info I need in relation to strike price).
The way I would use the boxes is to validate if I should jump into the trade. Say I get a buy opportunity, I would look at the boxes and for example if the 10 boxes were red, I would avoid the trade since this would tell me the price is running towards my strike price. I would prefer to see the last few boxes to be green to know the price is running away safely from strike price or better yet, I would love to see a mix of red and green to know that the price is hovering around my proximity spot. I know I could look at charts for this but as I noted I would prefer to not use charts and would rather see the price action in the ten boxes.
Hopefully I was able to be clear about my request. Again, I absolutely love the scanner and it think the last 10 price action boxes could really enhance my trading and the others who use the scanner.
Thanks…Bill