NQ moves so quickly, so I figured you'd have some fixed targets in place. Your system must be very objective, then.
I see this as a pretty big long trap up here on NQ (it's at 13460 now). I am expecting at least 14284.25-14294.25 and than potentially 14248.25 as minimal expectation. Wouldn't be surprised if we see lower though. Been shorting for a while, covering rinse/repeating. Just have a runner on now. If we take out highs by a lot may take a loss on runner, but I am up decently right now and still will have pretty decent profit, even if my runner doesn't pan out and take a loss on it.
If you really go deep into this setup, we had a very nice short setup with high probability. However, the market was slow and the trade got over crowded. I was seeing this as well, it was more worth it for them to apply some capital to the long side to force out some shorts, prior to completing the short setup. I was going to stop out as we broke the highs, but putting all the pieces together I used that as an opportunity to add to my short (since I was in good profit and only had 1 runner on).
Last week's low here @ 93. Rangebound day so far. The bears didn't get the follow-through they anticipated today. Will they get it by the Close? Not so sure, but definitely possible. Holding long still.
Stopped out of that long for a 10 point loss just now. Incredibly, after banking + 25 and having a 60 point unrealized profit this morning today ended up as a losing day. Got hot headed and over confident after 7 winning days in a row, so took on a bit too much size this morning. If we drop from here I'm not participating. Done for the day.
There's not a lot of help on larger time frames unfortunately. Only really one chart in a buy position, this is going to have very tough time to recover.
Agreed. I entered this week with a good short bias and had an almost perfect short entry this morning, but traded it poorly. With NQ holding up well and ES initially rallying above last week's low I was blinded by that strength and was simply HODLING. I saw the same play @Spooz Top 2 is describing, but in my mind at that point I figured it was only setting up a retrace before the next leg higher...