ES & YM closing in on Previous Top but NQ

F

Flashboy

is far from its previous top..

Prev. top on ES is 1155.00
on Ym is 10,690 area..

NQ is 1556.00 area..

ES & YM are just a few points away from these areas but NQ is very far behind..

If looking to get short would you choose the NQ which seems to be a weaker market or the ES or Ym since they are at their Previous tops..

that is if you were to get a short signal??
 
A survey probably won't do you much good. If you review old charts, you'll find many situations similar, if not identical, to this one. Study what happened and when and how, then develop a set of criteria which would have put you on the right side of the trade. Then test those criteria.

But you know all this. You're left to do it.
 
It all depends on what you anticipate will happen. If you think that YM/ES are overextended or if NQ is lagging, the best play would probably be to put on a spread. Short ES long NQ, but just an example.
 
Quote from dbphoenix:

A survey probably won't do you much good. If you review old charts, you'll find many situations similar, if not identical, to this one. Study what happened and when and how, then develop a set of criteria which would have put you on the right side of the trade. Then test those criteria.

But you know all this. You're left to do it.
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Hey db,

I'm not looking for a survey.. in a situation like this just looking for input from others on how they approach these type situations..

I have my way of dealing with this type situation meaning the signals I look for.... just looking for outside suggestions on things I may not notice when these situations occur.. like yesterday your post about looking for divergences when price is nearing a R/S level.. now I will look for divergences and test them accordingly with my risk tolerance..
 
Quote from dbphoenix:

So what has your testing shown you? What do you look for?
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I believe in keeping it simple..

I just wait for price to approach the resistance area.. and then it becomes a little subjective..

I wait for a reversal signal and then enter.. as long as price is at a resistance point and is overextened..
 
Quote from Flashboy:

I believe in keeping it simple..

I just wait for price to approach the resistance area.. and then it becomes a little subjective..

I wait for a reversal signal and then enter.. as long as price is at a resistance point and is overextened..
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The "little subjective" part seems to be giving you trouble. What do you consider a reversal signal? Do you consider how long it took for price to reach resistance?
 
Quote from dbphoenix:

The "little subjective" part seems to be giving you trouble. What do you consider a reversal signal? Do you consider how long it took for price to reach resistance?
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Candlestick reversals mainly.. shooting star, dark cloud cover.. inside bar ...

usually do consider how long it took .. if the market bounced off of a bottom only 15 - 20 minutes prior I usually don't take the trade..
 
Quote from Flashboy:


usually do consider how long it took .. if the market bounced off of a bottom only 15 - 20 minutes prior I usually don't take the trade..
More...
I have to admit that in the past I wouldn't take this into consideration.. if I would see a reversal bar I'd jump all over it.. but experience has taught me its best to wait.
 
Left out one other item.

I am more likely to take the signal if it happens near 14:00, 14:30 or 15:00.. If not near these time intervals it has to be a strong signal..
 
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