Trading the NQ

This is a discussion on Trading the NQ within the Trading Journals forums, part of the Reception category; Don't place too much importance on "halting" at the DL, or any other line. Every service that provides charts compiles ...

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Old Mar 25, 2017, 12:36am   #49
 
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dbphoenix started this thread Don't place too much importance on "halting" at the DL, or any other line. Every service that provides charts compiles the data a bit differently, particularly when it comes to the adjustments required by rollovers. Some charts, therefore, will show your low nowhere near the DL. Others will show it bouncing off to the tick. But, in the end, nobody cares about the DL one has drawn. It's purpose is to show changes in demand and in the demand/supply balance. And that's all. Don't ask it to write checks it can't cash. What you've pointed out regarding the 50% level is probably more important than anything else going on at the moment.
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Old Mar 27, 2017, 2:10am   #50
 
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Demand's already slipping on Sunday. The ETF'ers will have to wait for the morning.
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Old Mar 27, 2017, 2:57am   #51
 
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It'll be interesting to see how this plays out, if the ret confirms one can draw a supply line to track the move. Depending on how one enters, the short would likely be triggered on the daily, the lower time frame has seen a breakout and retest of a level that has supported price over the last couple of trading sessions so might have given a more precise entry.

As Gring0 suggests, if one is not trading an instrument that is active at this time there is not a lot one can do except wait.
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Old Mar 27, 2017, 6:09pm   #52
 
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Pretty solid rebound. Price didn't budge much going upwards. The plot thickens.
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Old Apr 5, 2017, 3:55pm   #53
 
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The price was moving sideways for a bit. Demand has reasserted itself after that rest. On the weekly price is still around the overbought area (and can remain overbought as long as demand is there). Since the new high in place I have drawn a newer demand line that is more in tune with the stride of the price in my opinion (It may have been Db's opinion but it's getting harder to tell the difference anymore).

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Click the image to open in full size.

Gringo

Edit: The red weekly lines lines aren't porting over for some reason so I have just left them to our imagination to realize where price is in relation to the weekly channel.
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Old Apr 24, 2017, 3:17am   #54
 
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New highs. New DL on daily.
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Old May 19, 2017, 3:17pm   #55
 
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NQ Daily Ret

NQ Daily: DL break + RET


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Last edited by Gring0; May 19, 2017 at 3:23pm.
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Old May 22, 2017, 12:30am   #56
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Hello Gringo, I am also looking for this short NQ and was wondering how do you define a successful retracement? At what point do you consider price is giving you a heads up and you are good to enter your order?

My definition is on the hourly, I wait for a break of the DL/SL plus a LH/LL and then I enter a stop limit order below the most recent low, waiting for price to propel my entry in the right direction.

For instance, right now I am seeing a break of the hourly dl on the Nq and potentially a lower high so I will enter short if price makes a new low below the horizontal line on my chart.

Is this the sort of thing you look at? Some times I wonder whether this is a premature entry or I should add more variables to the setup.


Cheers!
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