If I were to take this trade this late in the game (hypothetically cause I would never take such trade) is if this an election trade...and again there are, in my opinion, better ways of playing it. I know you are a perma-bull, I agree most of the time, but taking 80pts risk for a re-re-test of 3500....I don't like it one bit.
They are running stops both ways at the moment in NQ. Past half hour had several 25 point moves in seconds time. Tried to short it a couple of times, but impossible. Out for now. No point in giving away the profits for the day.
Took two trades, got out of both breakeven. We were in a range during my hours (14:00-16:00) and I could've scored 4-5 points each and ended decently, but I was greedy and banking on a breakout. Entries were sensible though and I didn't finish red.
If it were any other time I'd say it is a good trade, since these 2 percent down days don't linger. But this is not a normal time. Next two weeks will be roughest. The R:R itself is great, like 1.2:1 reward over risk
Where will you take profits? My prediction for Tuesday is Up / Consolidation / Positive Net Change and a hold above Monday's Low @ 3356. I do think it's quite possible we'll see 3300/3290 by end of this week or early next week, though. Good luck.
Just grabbed 8 points on this move up. But PA looks weak. I'm thinking of initiating a short position for a move back down, but I'm gonna wait another hour to see if the weakness is still there. Waiting for 2 hour bar to close. 3370-3380 is gonna be retested i believe
Unless we have a very strong gap up by the Open - I agree on that. Ranging above Monday's Low is my expectation with a possible snap below and back up for a positive Close on the day. The less likely scenario is that we break Monday's Low and trade all the way down to 3300 as soon as today. Careful study of the price action below Monday's Low on such a break is needed to differentiate between a false and real break for trend continuation to the down. Good luck all.