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I'm done. Pace is terrible.

With a tight stop, yes, if the consolidation is hard, i.e., well-defined.

When you have a consolidation that's hugging the S/R level you're working with, do you trade the break out of that consolidation or wait for the test of the next higher/lower S/R?

FWIW, I don't like to enter pre-mkt unless there is a very clear-cut S/R level and price tears through it, usually on news. Price broke thru 91.75 on the NQ just fine, but I didn't have the confidence in the R level to take the trade. After that, it's a matter of watching and "listening"...

Yes, but it's your journal :) And as you say, this isn't the only strategy. There's swing trading, for example. But swing trading the eminis is beyond the financial reach of most. So one might do this while swing trading the Qs. But that's another journal.

The advantage in a strategy like yours is that it doesn't make the slightest difference which way the market goes. All you have to do is listen and let it tell you what to do.

I suppose it depends on your datafeed. But if new lows are reportedly three times what they were yesterday, I'd at least check.

I believe he's referring to new lows on the Nasdaq and NYSE, what I was referring in my earlier post (yesterday?) along with volume of advancers and decliners.

I understand your reasoning, but 65 and 54 might also be candidates if the pace is right. But given that the ranges the last two days have been so wide and that we're so close to the holiday weekend, there may not be enough players to get you what you want.

Actually, lows are about the same, and the volume of decliners is increasingly less. In any case, there are multiple levels of S and R, so for "we are at resistance" to mean something, one would have to know resistance in what, where, in what timeframe, in what interval.

Staring at charts too much makes me logy. Which makes me stupid. If for some reason I want to know how the day unfolds, I'll replay it later at 5x or 10x, which enables me to review the day in less than an hour. I love replay.

No need to, which is why I made the post. It's possible, of course, to have great afternoon action for all sorts of reasons, but there are also conditions which increase the probability of profitable afternoon trades, such as yesterday's long and tight range. If I try to trade the afternoons...

Maybe I should also point out for posterity that yesterday afternoon's trade was what it was largely because it had been preceded by a more-than-five-hour tight trading range, and there was nothing underneath it but air. In contrast, today's is an arc, coming up from the low of the open to the...

I know what you mean about clearing congestion. And there seems to be more of that in the ES than the NQ, which is what I trade. And since I trade the NQ, I didn't take that trade since I was already in with an NQ trade. As to methods, ours seem to be very nearly alike in terms of locating...

For future reference, given the tests of 1258 both post-market yesterday and pre-market today, along with the early strength of the NQ, one could also argue for entry at 1258.50-1259, esp since this was tested on the pullback after "61.50" was triggered.

We'll have to agree to disagree on that aspect of it :)

I see what you mean. Which helps explain why the swing high and previous swing low (@1548) occurred where they did.

Just above the swing high made at 1557 EST. At least that's where I'm getting it.

I agree about the long (NQ 77.5). But I'm hesitant about the short since I'm leery of price action after the close. If price tests a certain level on the downside several times, I'm more likely to go with that, even though it may be above the "low" of the day.

4re, Have you re-assessed your long and short triggers based on the overnight and where we are now?