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All indexes clear breaks of Loooong declining TL's. NQ "should" run into temporary trouble at upper TL. I remember ammo's 1777 price level also. Start of new uptrend so there should be plenty ahead to allow patience to wait for proper pullback and entry even if I have to wait till tomorrow/Monday.

Drug dealer pleaded at last minute so off duty.. Looks like a very nice break of TL I wish I was here to take.. watching now.. a long signal around 58 would be nice..

Not selected but spent half the day there. On deck again for selection process tomorrow. Perhaps Friday before any trading resumes.. Looks like it was an easy 25 plus point day..short at open, reverse at 37, reverse again at 56 and cover 46.. precisely what I would have done...

Schaefer, Thanks for lipsticking the pig....:p Is that the shortest time frame you trade and do you go to shorter ones to fine tune your entries? I am on for Jury Duty tomorrow so most likely I will not be trading..

A day I will love to restart.. Hope I am on for Jury Duty tomorrow.. Must analyze and figure out what happened.. Not just a Moment of Madness, but a full day of madness.. By the location of the trades I clearly had a long bias and mostly at resistance areas 55's and mid 65's.. areas I had...

Morning Prep.. Markets fool most people most of the time.. Gaps opposing very extreme closes almost always press against those in pain.. for today shorts from yesterday and if they don't get "bailed out" early could be serious strength over 1755. 1764 here we come.. or not? Have to be ready...

That's a lot of shares to market out of a less than 1mil a day stock. What were the dynamics of the chart that put you in a situation where you had to get out so urgently rather when you could? Was it ever profitable from entry? In an ideal situation probably easier to get out when the thing...

Left 6 behind for no reason whatsoever.. grrrr..

Almost gave back the County's $30... Very sloppy action and should have stayed away BUT I think it is key to be able to watch such a day and keep your wits as sometimes the best moves can start from sloppy action. REALLY should have kept the last trade as I had no reason to close it.. other...

Excused for the day with $30! Told the Judge I had to trade...:D 1732 was key bounce area from Friday.. worked well. Hourly confluence declining TL and 1764-ish should be interesting. DOW 10k to 1040 proving to be a wall today. Hoping to get long but spectating now.

Jury Duty week. If selected, my upside limited to $150 for the week since I cannot trade from here. Downside zero though. If not selected, back later for more clicking.

Care to describe the Long NQ trade(s)...?

I am looking for a source of market statistics such as what percentage of the time does S & P have reversal days or how frequently it closes close to highs or lows.. thanks..

macattack, So many with this "problem". If you are doing more than one unit no reason not to keep a bit for the day with a Break-even stop.. I trade 1 NQ at this point and it complicates this system.. Take a look at NQ daily here.. How often does it show wicks?? Not often so fine a market...

Yes thinking the same here. A bit erratic also with big bars that are hard to protect... Happy I was quite relaxed today in spite of the jerky PA.. It's me, not the PA after all. Amazing how a market can travel 20 points up and down yet very hard (for me) to get anything. 1: 5... moved 1...

They say you must know your risk reward before entering a trade.. The risk part is relatively easy to figure out.. In this case anything outside the 1737 to 1744 box defines risk (of course with size factored in). Thinking long over 1745, what is the potential reward?? 1747 to 1750 "looks"...

Only a buy stop at 1728.5 would have caught that trade.. was looking for my long hat and missed it. talk about SQUEEEEEZE! Fastest NQ points I have seen in a while.. I know the feeling being on the wrong side of that.. Caught it Schaefer?

Morning Prep... Watching 1744.25 to 1750 for reversals back down.. and 1730 on the bottom.

http://www.marketwatch.com/story/our-debt-time-bomb-is-ready-to-go-ka-boom-2010-02-02?pagenumber=2 Interesting Times.... The only thing most of us can do is prepare for the worst. The only question is the timeline.

I second wolf's comments regarding ES. "Edges" are harder to find and still tougher to implement. The better behaved a market the better the odds your edge will survive. Why fight the hardest market when you simply don't have to. Mistakes in ES you lose an arm or leg. With others (NQ, YM...