anek both lines represent a lower high of the down trend from 2000/2001 to 2003 are u saying that since we closed above the last lower high from 2001 we are on our way up? EDIT or maybe the triangle being broken and next ressitance is at second line of 2371.25 so easy to get up there?
Bugs, Once the market decides when it's ready to choose it's next direction, should or when it's up these are my targets. Reversal formation, swing high was developed. In case there are any doubts, the Nasdaq is our leader in the market right now. My personal targets 2300 - 2400 (possible aggressive pullback around this area) then 2500 - 2650+. Forget the fundamentals, the news, the fears, the crappy stuff you read on ET, CNBC, Bloomberg or that pay newsletter you love so much. This is AHG on the weekly chart and the Nasdaq is looking more bullish than Ron Jeremy on Viagra while on his prime. Time the entry, start very slow, add on confirmation and never ever average down. If I don't reach most of my targets within a reasonable time I will close the journal. Anek
anek would u be so kind to explain what reversal formation u are seeing ? is it on the weekly chart ? can u please explain is the swing high on the weekly as well thxs in advance
Bugs, Believe it or not, the reversal formation was the multi year low on the weekly chart years ago. Clear W formation whose mid swing was taken out by a closing bar at the absolute lows. Now a major swing high has been accomplished, we need resistance to become support, this has yet to happen. The near term signal will be a breakout to the upside outside the current triangle on the multi day charts. I started way early based on an inverse head and shoulder on the daily charts (sadly not as early as that W shows) and have been adding ever since, kids future if you will. Anek
dang bugs! you figured that out quick. I was feeling very clever when I switched the @NQ chart to weekly and, bingo... but you had already posted.
Jaxon, Good job figuring it out on your own. The point of the exercise is that we must be aware of the big picture in the instrument we trade and that does not just mean the daily chart. Yes, even as an intraday scalper. Always refer to the weekly, daily and multi day charts when doing your homework. Anek
What do you mean by a multi day chart? I've got daily, weekly and monthly buttons. That weekly chart does make it look like the NQ had a long way to go. 38.2% is "only" 2689.50 BTW, here is an ultra scalper +> http://www.brooklynvegan.com/img/music/scalper.jpg
Jaxon, Thank you for all your kind words. Anek, If you are ever in the LA area, PM me and we are going to Yummi! And for the rest of you , a simple TS indicator which displayes timer countdown, LOD,HOD , current and last bars HL & close. enjoy bugs
Hi Bugsbunny, Thanks for the indicator. Can you please attach a chart showing what this indicator plots and how you use it, so that for those of us who are on Ninja can try to convert it to Ninja. Thanks DisciplineTrader
Jaxon, Here is an example of what I refer to as a Multi Day Chart. Notice the current wick high on that last bar which is why I decided to take profits around that area. It has "yet" to break out/down. Interesting thing is that I think the key to the market (all e-minis) lies on this chart right here. The 2205 and 2160 areas are extremely important in the next development phase. Learn to recognize the bearish hemisphere from the bullish one and what's the line in the sand. Remember, the Nasdaq is leading. It is extremely important, always, at all times, be aware of the big picture, without it, you would not know how far your good trades can go. Good luck tomorrow, off to bed. Anek PS: Little divergence sample on the chart for the divergence fans. Don't ask, I'm not one of them