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before it breaks through yesterday's high and the neckline of this huge IHS it has been forming since 02/20.

Nice entry. Where is your initial stop?

on its way

Out 56.25 could go higher though

Long 52 stop 50 for a quick scalp

Bernanke and home resales at 10 ET. I want to see a bad number and a bullish market's reaction to confirm yesterday's bounce. Will see.

short covering

Porge... just because you have not been profitable playing reversals or haven't found an edge in this type of trading doens't mean nobody has. Absolute statements - like the ones you make - and trading don't fit well in general. As you seem to be a profitable trader, I'm sure you know...

I respectfully disagree. :)

to illustrate my point there is the chart of daily NQ with the daily up channel and 1151.75 support.

Back from a long weekend, position was closed on Friday's close at BE as there was no strength for a move up into the close. I'm still flat. From a swing/position timeframe perspective, I'm contemplating taking a small long - probably on the NQ - for the following reasons : - Possible W...

AMT, what are these sources? Any link? Thanks...

Glad I didn't close the position on this last down leg to 52.5. Raising stop to LOD, 52.25. Target is still above 800. Position average price 769. Depending on the last hour price action, I'll decide to keep it over the weekend, lighten it or close whatever the pnl shows. Like...

New intraday lows on ES and YM, retail shorting this level for ES below 840 and faked early/weak hands long with stop below opening range. NQ looking strong - possible cup&handle forming. Time for a move up now. Bears, you've been warned.

The scenario is still valid... the market will decide if it breaks below for a panic sell off or if it bounces back up from here.

And for the NQ lovers.... 1160 area to watch.

You might well be right and the bounce - if it ever happens - could be just another bull trap. That being said it is my job to follow the signals and make sure I exit at the best price if there is no follow through. Once in a while it catches a nice move and it pays for the loosers and the BE...

ES 240 MN shows strong support in the 772-766 area. Objective is to go long this zone for a bounce back up above 800. Stop below 60...

760 could be reached but I expect some significant bounce in the 772-766 area. I'll try to post a chart of what I'm looking at.

I like the reaction. Long 77.75 stop 75