Stock, Option and Futures Trading
NQ Scalper + More
Overall we were looking for support today and then the NQ to climb up to the 2238 which we did not hit today. The 2238 and 2360 are still in play for this week because they were not hit today.
At the top 2212 top we had a pattern that we call the “turn pattern”. This is a pattern we look for at possible highs and lows. We do not try to pick the top or the bottom it is safer to wait for the turn pattern to complete which it did at 2200
The last leg up today we had multiple scalper long signals today starting at the 2190 area up to the 2230 area. We did have a nice short but since we are sitting at 60 min support those were more aggressive. From our short entry at 2200 the wave was 25 points down (Max move). The short was +15 to our trail stop.
Knowing we were sitting in 60 min support from last week the better trades were the long signals. On the last leg up we got our first long signal at 2190 and the NQ made a move to the 2230 for a 40 point wave. We had multiple entries inside of the same wave.
We noted a few posts ago that we were looking for the DOW to bounce back from the lows to 11,000 OR 11,200 was more like it. Post is here: https://wwweminischool.wordpress.com/2011/09/25/watch-this-support-level/
Knowing the bigger pattern gives us confidence to take the scalper trades.
I have been trading for over 17 years and talk to traders everyday. The one thing that is common with every losing trader is they are not seeing the bigger pattern. It is not just seeing the pattern it is you understanding what pattern we are in and what comes after the current pattern and what to look for to tell you when one pattern is starting to flow into the next pattern.
Maybe it is time to stop looking for smaller stops and starting learning how to catch bigger moves??
PS. We will post our next timing window soon. The last timing posts nailed the price/time squares on IWM and Q’s