[thalestrader]

Originally Posted by forrestang »

Gameplan for NQ tommorrow.

Today price closed at the 1447 area. And I just noticed (after doing a screen capture) that after hours has brought a move up to 1475.

The areas of consolidation are clear.

PLAN OF ACTION TOMMORROW:
If price holds above the 1465 level, look for a retest of 1465 to get long. It seems it would be reasonable to expect the possibility of a trend day after today's range with good targets up to the top of the range tommorrow.

A plan ...

Originally Posted by forrestang »

Final update on NQ trade:

As mentioned last night, if price held above the 1465 area, we would look for a breakout to get long, which is exactly what happened this morning.

We got long @ 1476.50 and adjusted stop accordingly....
So first target yielded a total of 7.75 NQ points.

The second half yielded a profit of 15.25 NQ points.

... well executed ...

Originally Posted by forrestang »

This is a total of 23 NQ points! I still think this was pure luck that it worked out this way

...is anything but luck.

Well done! Congratulations, you should be proud.

Best Wishes,

Thales

[thalestrader]

Originally Posted by forrestang »

Gameplan for NQ tommorrow ...

Hi Forrest,

I was out most of today and will be gone tomorrow as well, so not much from me by way of contributions this week.

Please keep up what you are doing, as you are doing very well. Mistakes will no doubt be made along the way, but, as your aproach is solid and also you're a smart fellow, any mistakes will not prove fatal.

Great job today, and thank you for sharing your efforts with us.

Best Wishes,

Thales

[forrestang]

NQ observations for Thursday, 16July09.

Well, I think the observations for me are a bit tricky here. I think mainly because we had a mega-trend day up. Price opened way higher above resistance, tested then blasted off.

Seems like strong moves often lead to consolidation, or areas of indecision or chop. Vice-versa for price being trapped in consolidation and leading to strong moves. It appears to be easier to recognize a zone of consolidation, as you know where your limits are?

Price closed today @ 1497.50. As of right now, price is at 1490.00.

IF IN BETWEEN 1484 - 1500:
No trades. Price will need to take out previous high and last major swing low.

ABOVE 1500:
If price breaks above this level and holds, potential targets would be 1511 and 1516, potentially with a tight stop on 2nd half.

BELOW 1484:
I would not expect a freefall. Each zone represents areas where price might stop and vacilate, so will place trades accordingly.

PLAN FOR TRADING:
As stated above, expect conditions to not be the clearest. If we remain in the zone, no trading will take place. Even when and if a breakout occurs, I would want to see volume confirming the breakout.

The clearest opportunity would be a break above 1500. 1484-1467 also may be a decent trade.... but I expect potential for a indicisive trading day.

[Shamal]

forrestang,
Notice you have used 10000vol and 5tic charts similar to Dbphoenix on Nasdaq.

Think Db though employs 5sec charts, have you noticed much difference between 5sec and 5tic and any particular reason for using 5tic charts as compared to say 1min chart.

[forrestang]

Originally Posted by Shamal »

forrestang,
Notice you have used 10000vol and 5tic charts similar to Dbphoenix on Nasdaq.

Think Db though employs 5sec charts, have you noticed much difference between 5sec and 5tic and any particular reason for using 5tic charts as compared to say 1min chart.

Shamal,
I'm using the 5 tick 'breakout' chart as the chart I have been mainly trading off of lately (not to be confused with the standard 5 tic charts where each bar represents 5 trades). U'll notice a lot of gaps in the bars with this type of chart(brekaout chart). I haven't used any intervals smaller than 5min in a while.

I can't say which is better, when I was setting up my charts, I pretty much just 'eyeballed' it until I found something I liked. Would up using 10K CVB and the 5 tick 'breakout' chart for NQ. On ES I like the 100KCVB and 3tick breakout chart.

I might wind up changing it, but for now I like it?


------On Current Price----------
NQ is now at 1491.50, 5 min before the open.

Last night, NQ found resistance at yesterday high at about 1500, it retested twice in AH, so that seems prettey significant.

Seems the 1492 area is also significant support. I'm not sure how this will play out, so I'll be waiting for clarity.

[rigel]

Interesting way of looking at markets forrestang, what exactly is a "5tic Breakout chart" and how does it differ from a 5tic chart.

Secondly, do you get much slippage on NQ compared to ES and which trading platform yu employ to trade NQ?

[thalestrader]

Originally Posted by forrestang »

The clearest opportunity would be a break above 1500

Hi Forrest,


So ... how did you do today?

Best Wishes,

Thales

[forrestang]

Originally Posted by thalestrader »

Hi Forrest,


So ... how did you do today?

Best Wishes,

Thales

Thales,

Thanks for asking! Didn't enter into anything today, but maybe posting what I was thinking might do some good.

No positions today. What was planned the night before, and what was executed unfortunately were not in sync for me today.

Resistance was clearly at 1500. There was a breakout that occured right below it, after one would have entered, the logical first stop is circled. This probably would have been a breakeven trade. If that second entry was taken after missing the first, maybe minus 2 points or so.

Then price seemed to be coiling, and finally broke out. Right after there was a volume surge that may have been confiming the breakout. The two targets above at 1510 and 1516 would still have been good targets as well.

Ok plan I suppose, but poor execution....and faked out by the subtlety the market provided today.

Forrest