Trading the NQ

dbphoenix

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FWIW, I take a broader view, off the daily, beginning with the first decline after the break of the stride, followed by the first rally, i.e., 4625 to 4892. This provides the frame for everything that occurs thereafter. I want to focus on what The Money looks at, so I'm not overly concerned with what goes on in the big middle. That thrust on Oct 25, for example, resulted in a nice decline.
 

Gring0

Well-known member
263 127
FWIW, I take a broader view, off the daily, beginning with the first decline after the break of the stride, followed by the first rally, i.e., 4625 to 4892. This provides the frame for everything that occurs thereafter. I want to focus on what The Money looks at, so I'm not overly concerned with what goes on in the big middle. That thrust on Oct 25, for example, resulted in a nice decline.
Is that what you are talking about?
 

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dbphoenix

Legendary member
6,927 1,233
No. For that particular period, that range is useful, but for the present, I was referring to the low on 9/12 and the high on 9/22.
 

dbphoenix

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Yes. You will have noticed, I'm sure, that the market has been news-driven ever since Brexit. This is challenging. However, it should be obvious even to those who don't trade price that we've been ranging ever since, and the principles of trading price still apply. It should also be obvious that the "reasons" the trade press -- and trading forums -- gives for all this movement is mostly imaginary, e.g., the "Trump rally". Rather it's just the same old ranging trending ranging trending.
 
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Kleft

Member
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Where are we?

I'm trying to figure out what is most relevant in regards to the NQ moving forward, weekly and daily charts attached.

Price had largely moved sideways from July 2015 until August 2016 when it eventually pushed higher but this BO didn't get far and price ranged again. The daily shows the most recent range and the new uptrend from the breakout.

Ranges can be used as a reset to track new demand supply balances, but, I wonder if its a mistake to overlook everything that led up to July 2015.
 

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Gring0

Well-known member
263 127
I'm trying to figure out what is most relevant in regards to the NQ moving forward, weekly and daily charts attached.

Price had largely moved sideways from July 2015 until August 2016 when it eventually pushed higher but this BO didn't get far and price ranged again. The daily shows the most recent range and the new uptrend from the breakout.

Ranges can be used as a reset to track new demand supply balances, but, I wonder if its a mistake to overlook everything that led up to July 2015.
Learn from the past but don't get married to it.
 
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Gring0

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263 127
The trend still seems up but is going quite parabolically. To expect some kind of a pull back is to be expected. Considering there are no previous S/R levels there is no way for a human to identify a turning point. ;)
 
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dbphoenix

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The trend still seems up but is going quite parabolically. To expect some kind of a pull back is to be expected. Considering there are no previous S/R levels there is no way for a human to identify a turning point. ;)
A potential turning point is provided by the UL of the weekly trend channel, as noted last week. A second is the test, which occurred last night and this morning. Price will break the DL at 4325. The LSL is 5299. "Resistance" is provided by the failure of sellers to find buyers.
 
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dbphoenix

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Price makes a HH to a higher UL of the TC, stopping out the short trade off the short-term DL break. The short-term DL is now fanned.