NQ has been gyrating up and down but without any solid commitment. For shorter term traders there seem to be opportunities. For me the movement is indicating indecision and as per protocol I am waiting for price to reach either a TC or TR extreme. 4450 and 4600 are where my attention is. Gringo
There's a daily trend channel here within the weekly. We've been riding the median since the middle of May.
I am a part-time trader. I don't have the need to mess with market when it's not behaving as per my plan. I can see for intra-day traders these movements are quite lucrative but my preference isn't to become a day trader. Based on my personality the relaxed and deliberate way is more suitable. I am also not trading NQ futures directly and instead use options for QQQ which have higher commissions, and necessitate engaging the market less frequently. Quite a few entries on NQ happen at hours when the market is closed and by the time it opens the risk is beyond my tolerance levels as the price isn't at optimal locations. Yes, it would be better to move to NQ but I have my reasons to not doing so at this time. In a few years I do see myself tiptoeing into the futures markets but not yet. Gringo
The kind of retracements I use for entry are occurring in the off hours. I'll be waiting for price to drop and get closer to 4400 before any longs can be initiated. The 50% mark around 4460/70 is where I am waiting to see if price weakens. So far the strength in demand is evident. It also means that the ship may have already sailed. Gringo
Yea. The same old ghost. It's good to have days and moves like these to keep one's mind in shape. Thankfully I am not shorting this up move. I did see the strong rebound when price regained 4400 yesterday. There was this frisky behavior so prevalent with solid moves, and the newer TC was there, but my plan doesn't have these kinds of entries. Something to think about. RULE #5 Sometimes others get to play and you don't... But the most important thing is this: you must be comfortable with this - welcome it. Make peace with this idea. Cross your arms and sit back. -- Zen and the Art of Poker Gringo
It's common for new PATs to distrust tests that make a lower low. Perhaps the best way to get past it is to determine just what it is that one has to lose then either accept that or do nothing.