In a market full of intraday noise, I figured my best play is to go for swings - 1 contract at a time on my favorite 30min chart.
Trade #1:
Went short pre-market (at 4:50am) when NQ was coming down after hitting resistance at 1303. No profit target was set. Hammer prompted exit at 6am.
Trade #2:
Entered long on the 10am candle after NQ bounced off support and when DOW was rising from -500 to -300. Profit target was set at fib retracement of 38.2%, but slowing momentum prompted my intervention before NQ hit that level. Meant to sell at market, but hit "ASK" instead and ended up with 2 long contracts! Sold both immediately and was relieved that NQ was still going up, and I got out at my initial target!
For now:
Exiting EMD at 543...I think...
FX: $717 (Positions are still open)
GBP/USD (on 60min chart) looking really good for shorting now:
2 comments:
I love the 15 and 30 min bars for the stock indexes. My favorite is 15 min bars on the ES (I know not your favorite market) :)
I find this timeframe provides lots of reliable patterns that allow me enough setups to be profitable but not so many that I get confused.
LT
Not my favorite market? That's a gross understatement, LT! LOL!!
ES haunts me! And I'm still clueless as to why I simply can't get it right with the darn thing :-)
I personally really like the 30min for both ER2 and NQ. The good setups for entries are few and far between though. I use it mainly to look for support and resistance when I scalp off the 5 min chart. I also like to switch to 30min when the shorter timeframe charts get too chaotic.
I know of others that use the 3min and 10min for scalping stock indices. When I scalp, I actually prefer the 3min, but the chart I use has faulty 3min charts and I have since stopped using them.
3min charts are nice to use for daytrading the ER2 [add EMA7, SS (8,3) and RSI (4)] - I used to find a few daytrading setups a week. I haven't checked out YM, ES and NQ on 3min though.
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