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Follow trend or look for reversal?
- Thread starter jonbig04
- Start date
Quote from jonbig04:
I realize they're is not RIGHT answer per se to this question, but im just wondering what is more typical...or even what you do personally.
Do you try to find evidence that a trend is strong and trade into it? Or do you wait for evidence of a reversal and try to catch the swing?
Why limit yourself to just one unless you know for fact via your own statistics that one causes losses while the other causes profits for you.
I do both and on some trading days when there's a strong trend...
There has been a few reversal signals into (within) the direction of an identified strong trend.
Mark
I see. Thanks for the advice. I'm just now getting into TA. Since...well yesterday, but i read the entire book since then and im watching the ticker right now. lame as it sounds its so much fun...well it would be if this chart would actually work. Is there any free or free trial sites where i can see a chart of the nq mini? this one is jacked.
Quote from jonbig04:
I see. Thanks for the advice. I'm just now getting into TA. Since...well yesterday, but i read the entire book since then and im watching the ticker right now. lame as it sounds its so much fun...well it would be if this chart would actually work. Is there any free or free trial sites where i can see a chart of the nq mini? this one is jacked.
are you looking for a daily chart or a minichart? daily chart, you can just pull up the NDX since the NQ rolls forward every 3 months. It's easier to base it on the NDX.
http://stockcharts.com/h-sc/ui?c=$ndx,uu[h,a]daclyiay[dc][pb50!b200][vc60][iub14!lh14,3]
If you're looking for a minute/hourly chart, I don't know any that is free. If your broker supports futures trading, then you should have it NQU8 for September expiration.
Quote from polpolik:
are you looking for a daily chart or a minichart? daily chart, you can just pull up the NDX since the NQ rolls forward every 3 months. It's easier to base it on the NDX.
http://stockcharts.com/h-sc/ui?c=$ndx,uu[h,a]daclyiay[dc][pb50!b200][vc60][iub14!lh14,3]
If you're looking for a minute/hourly chart, I don't know any that is free. If your broker supports futures trading, then you should have it NQU8 for September expiration.
I was looking at a mini chart from quote.com it was delayed but it would plot by minutes...kind of. Do you mean that you base your TA on the NDX instead of the actual NQU8? I never even though to do that...ive only been thinking about it for the last 24 hours though haha. Does the ndx trade at night?
off topic but i was wondering, since the NQ is traded at night as well, what happens in the moring when the nasdaq opens and it maybe it jumps up, does the NQ jump to match it? in which case the mornings could be typically volatile? Stupid question i know but i couldnt find the answer via google.
No, you can't trade the NDX - it's just an index, I use the NDX for charting purposes and to see what the major trends and reversals are. Since i'm mostly a daytrader in futures, what matters most to me is a 5/15 minute chart. But, the NDX I use to plot out pivots and major support resistance levels.
The NQ trades virtually 24 hours a day. When you see the NDX gap up when market opens, it's because the NQ has already traded above where the NDX closed yesterday.
Suppose NQ is up +100 points right this moment, you'll see NDX jump almost as much points to match NQ (I'm oversimplifying things).
QUOTE]Quote from jonbig04:
I was looking at a mini chart from quote.com it was delayed but it would plot by minutes...kind of. Do you mean that you base your TA on the NDX instead of the actual NQU8? I never even though to do that...ive only been thinking about it for the last 24 hours though haha. Does the ndx trade at night?
off topic but i was wondering, since the NQ is traded at night as well, what happens in the moring when the nasdaq opens and it maybe it jumps up, does the NQ jump to match it? in which case the mornings could be typically volatile? Stupid question i know but i couldnt find the answer via google. [/QUOTE]
The NQ trades virtually 24 hours a day. When you see the NDX gap up when market opens, it's because the NQ has already traded above where the NDX closed yesterday.
Suppose NQ is up +100 points right this moment, you'll see NDX jump almost as much points to match NQ (I'm oversimplifying things).
QUOTE]Quote from jonbig04:
I was looking at a mini chart from quote.com it was delayed but it would plot by minutes...kind of. Do you mean that you base your TA on the NDX instead of the actual NQU8? I never even though to do that...ive only been thinking about it for the last 24 hours though haha. Does the ndx trade at night?
off topic but i was wondering, since the NQ is traded at night as well, what happens in the moring when the nasdaq opens and it maybe it jumps up, does the NQ jump to match it? in which case the mornings could be typically volatile? Stupid question i know but i couldnt find the answer via google. [/QUOTE]
Best to go with the trend as a beginner. I know from experience.