T-DOGG, you are up past your bedtime! My excuse is that I am testing out a new code in sloooooow-mo. I am wondering what the guy on the NQ desk is doing. Studying remedial English? Working on his night-school law degree? Attempting to seduce pre-teen girls on the Web? I was just about to enter a trade based on a two-hour glacial move on the tick chart (amazing how well that channels) when the night clerk woke up and noticed price was drifting higher and killed my move.
To keep it technical, attached is the trade I was about to take. Been watching it develop for two hours, finally made up my mind. Drat!
I looked at the NQ today nearly all day, I liked it much, {No SEC fees! great!} ended up grossing $-20 after 57 trades... Im gonna keep looking at it for some time, when I get +$100 for 3 days on sim mode then I´ll try it out live.
I daytrade NQ when it looks like it will be a trend day. Today was one of those days. I have traded ES and ER2, in addition to NQ, and I would say that the best trends are in the NQ. ES is too choppy; and ER2 has its share of air pockets in which it can go half a point in a second. If you like trading breakouts, I'd suggest NQ. If you like trading support and resistance (buying on weakness, selling on strength), then I'd suggest ES. For opening range breakout, NQ is the best stock index market I have tested.
Yeah I noticed that while trading QQQ, you can trade the range for the first hour get 2-3 nice trades in, then take a loser as the range gets broken just to switch to the other side and enjoy the ride...
Eusdaiki, trading 57 times is overdoing it a bit. 5-10, maybe, if you are sure you understand what is going on. You want to catch at least the 5 point moves, trying for any thing else is a losing proposition.
Smiling, beware changes in behavior. For whatever reason, right now the mornings are directional and most breakouts work throughout the day. That hasn't always been the case in NQ. It can go congested on you and take your money faster than you made it. It is good that you test. My experience here is that most of ET doesn't.
Well I´ve always traded in high frecuency / short time frame... I usually aim for around 100-200 trades per day... Today I tried getting on the large moves and I just got killed repeatedly... I had to gain my ground back on small 1 - 2 $ moves.
Are you serious? There aren't that many obvious trades a day in NQ. For example, if you were an absolute genius at divining tops and bottoms, by my count there were only 47 possible trades today.
If you're interested in larger moves, you may want to look at a thread which dbphoenix began at t2w: http://www.trade2win.com/boards/showthread.php?t=20336