I'm no expert on NQ, but it seems like it routinely will go down to a range low and appear like it's going to break (no doubt luring in a few late shorts) and then snap back up. Maybe even more so than ES. Or generally appearing weak - just when it's about to reverse. I may be about to take a small loss on my position here. Still bullish as ever on this day, but can't risk sitting through a deeper pullback and potentially an actual reversal.
stopped for another BE trade on NQ obviously. The weak one today so far Will leave it alone today and stick with ES Ideal plan is still wait for a dip after teh open to by for me, I think
For example. See prior green candle. That bar must have looked really scary at one point. Based on RTH charts - I think NQ may have found some support here. I re-entered long on ES (29.50), but won't bother to update the trade here. Same game plan in effect targeting 50 on the day, although I see us going even higher.
M view is that one should never look at their entry time frame candle until just before it closes. For example, if trading the 5 min chart, I would not look until 30 seconds prior to the bar closing. For 15 minute chart, I would not look until 1 minute prior. For the 60 minute chart, I would not look until 2 minutes prior and so forth.
Sage advice. I haven't been quite sure when it relates to larger time frames, though. Generally, I'm more concerned with levels than actual bars. Here's how that NQ bar turned out. A strong reversal bar / false breakout. I was suspecting it...
So, is anyone greedy today? 4150 seems like the safe target. If I wasn't putting money behind this I would probably be shooting for 60 or 75. But I think I will be taking 50 if I get it and be happy with that.
Flat here on a trailing stop. Pulled the limit and decided to trail aggressively in case we broke through. Sometimes it works. Other times it doesn't. Seems like the easy money is gone for the day, so calling it a day. If I were to guess - we'll continue higher, but it's definitely not certain. I have a hunch we're coming into an area which could trigger a larger reversal down.