Or perhaps I should just trade the NQ EOD as well. But I think that would require that I have a separate futures account for thos trades in order to maintain those positions while I am day trading the same instrument. One contract is only $20 per point, and with the futures, I'd have access to a market more or less round the clock if I needed a stop loss to get filled.
Agree. Besides the leverage is free of cost. Still far away from having to deal with those sort of problems, but one has to be ready.
Here's my trade for today: 1) SL broke near open, DL formed after 2) Long 1640 3) Price reacted 2 times to secondary SL 4) Broke pattern DL 5) Out +/- breakeven This is what I saw in real time, and I did trade one contract. I have noticed on good trades, the original SL/DL that is created where I take my trade will not be broken.
I wanted to clarify that I am not into shorting GOOG even though it's weak. A friend held a reasonable quantity of it and I wanted to have my thoughts cleared and to alert this friend to not become complacent. Gringo
By the time you get to "3", the "supply line" is old news. Price is more likely reacting to the previous swing high. This is certainly the case when price tries to rally again seven bars later to the swing high at 3. There was no particular reason to stay in after this failed rally attempt, particularly since the demand line was by then broken. Otherwise, congratulations. You stepped up to the plate and took the trade. And you didn't lose anything. You really ought to get rid of the MA, though. It isn't telling you anything you don't already know.
Thanks, I agree horizontal S/D lines are equally as important as diagonal S/D lines. I don't use that EMA for anything btw, it's just there so I can actually click on something to edit my "open/close" text if needed (otherwise there is nothing I can click on on the chart to edit the text indicator). I took another trade mentally, but exited quickly again. I'm done for the day. Price is stuck ranging.
Keep in mind that they track two different things. Horizontal lines and zones track support and resistance. Diagonal lines only track trend, i.e., they do not provide support or resistance. I suggest also that you find something other than ES to trade, if you want to make money. No offense, but if you're a retail trader trading your own money, you're out of your league.
Depends on what you mean by "ok" since you would have made only a point at best. A far better trade was the short at 0950EST since this was a test of the 0800 swing high. That would have yielded 12-14.
Something like this, you mean? My trade for the day. I was not intending to trade today, as I had the day off and had a mid-morning tee time, but I saw this and before I knew it, I was in. Did the best I could to manage the trade using TWS mobile on my phone, and took the ride for 14.25. Technology is a wonderful thing!