For me they was clear as the previous resistance at 50ish (which was an "old" pivot) became support. That is one of the signals that I use the most. Called LOTM. Exact entry signal has been for me 3br or matching low/high (as used by SusanaDT), but in this market that means close to zero fills when i combine it with max 2.5 stops. Look through some of my other posts and you'll see I've missed VERY many lucrative trades because of this. As a result I have started to look at a 5sec chart to get into more trades, then when the market calmes down I can evaluate if it's smart to go back to 3br and matching high low only.
The conservative entry is on the pullback to the previous resistance. In NQ a W formed, and the conservative entry was on the pullback to the apex. Check out my chart from friday to see how I see those.
Gotcha. Did some reading after I posted that and looks like another entry would be as soon as a bar closes above that apex rather than waiting for a pullback? would that just be a more aggressive entry?
Yup... But notice that on even that extremely strong move on friday it did pullback. You have to decide if you go with the aggressive approach or the conservative. I think nobody can give a clear answer if you should wait for the pullback. Pullback gives probably higher winning percentage, but fewer trades possibly.
1 trade: - 2.5 Traded from 1:45 to close. Replayed morning Missed some great trades today being not at the top of the game and doing some other stuff.
I am finding the NQ insanely choppy lately. Movement is smooth only for a brief moment. I need to work on how to identify chop so I can stay out.
Very hard to find places to enter, retraces have been short and we moved sideways throughout lunch and in the first hour with many false BOs
7 trades today... 2 winners - 4th & 5th... horrible exit on the 5th 3 losers - 1st, 3rd & the 7th. 2 BE - 2 & 6