nq trading

http://www.sierrachart.com/image.php?l=1388663387417.png

goal:

refine, standardize drill nq market annotation
to facilitate effective and efficient
+]entry of a position
+] dynamic protection of a position

i use 5tick highlow reversal bars

horizontal lines;
-local context value range (brown line) set premarket.
-premarket session (thin green line) [0:000,9:30)
-regularhours session (thicker green) (9:30, 16;00]
-current price line (pink line)

diangonal lines
drawn in real time in line with confirmation or faillure of pertinent swing structure

 

http://www.sierrachart.com/image.php?l=1388665733604.png

long entry=NQ BOT 3575.50 07:14:37
initial stop=3573.25

 

http://www.sierrachart.com/image.php?l=1388666722169.png

waiting for a new brake above 3576.25 to begin to trail stop.
initial stop hit=NQ SLD 3573.00 07:53:07

result=-2.5tic-4.04

flat

 

Why are you going long at all?

 

after overnnight supply was temporarily halted
the microtrendstructure was up
and after a pullback, i took the long
in hindsight, i would have been far better to wait for a brake of the small dayrange of 10.7 points up or down

thanks db
======================================
so now im waiting for
long bias =after penetration of dayhigh 3579
short bias=after penetration of daylow 3568.3

http://www.sierrachart.com/image.php?l=138866870322.png

 

I understand. And if you're scalping, the microtrend may be the way to go. However, the NQ double-topped on both the daily and the hourly, then dropped to make a lower swing low at 0600. This created one of those gaps which occur only when the market is closed. Since we've had lower highs since then, the last being at 0815, the strength on the demand side is questionable. On the other hand, we've also had higher lows, hence chop.

All charts are at bottom tick charts, and all turns take place on a tick. Therefore, I suggest that you think about who's in charge rather than focus on bars and lines rather than how you're choosing to illustrate these movements. Right now, no one is in charge. Everyone is just milling around. But the open may be dramatic.

Just suggestions. You may also be interested in a thread I opened up yesterday, esp the 2nd post: http://www.elitetrader.com/vb/showthread.php?s=&threadid=280889

Incidentally, I agree about waiting for them to show their hands.

 

thanks for the suggestions, have included an hourly chart for more context, thanks

 

And speaking of showing their hands . . .

 

waiting for break of 3565 to go long
http://www.sierrachart.com/image.php?l=1388677550632.png

 

after some toughtexpriments about the contextchart i replaced the hourlybar with a 8000 contract volume


http://www.sierrachart.com/image.php?l=1388679028589.png