I wonder who is the great genius behind the acronym "BTFD." The progenitor of this idea must be a trader of profound genius deserved of his own trading hall of fame. Surely a trader of no equals, a giant among pikers.
I will be nibbling/covering at these levels... YM... 14763 NQ... 2907 Trade On! Good for the day only.
This is sad but I directly attribute BTFD to Broccoli Man Superhero. Because it is so easy to make money in this market if you follow its advice.
Covered and reversed (now long) NQ @ 2907, initial risk $300 per Covered YM @ 14805. Now flat. For the day only. Trade On!
The trade was a wash. NQ and TF are much weaker than the rest of the market. Just for the record, within the first 20m or so it became clear that a temp bottom was in. I moved the stop from a pure money stop ($300 initially) to a structure stop ($95). Once the trade went 7.5 points in my favor my stop went break-even+2 tics, 2907.5. That was where I was stopped. I've been doing this "new" thing lately... that is playing the correlations between indexes. The plan is to choose an index to hold for an intraday swing, leaving all the other indexes to be traded for scalps or whatever. In this case, the index I chose, NQ, to hold was too weak. YM, ES, and even TF have not broken the intraday swing up, at least not yet. All's good tho. Trade On!