'til tomorrow
time to do up some blackened talapia for dinner with the missus.
time to do up some blackened talapia for dinner with the missus.
Grow $10k account to...
- Thread starter Phil-n-Texas
- Start date
it appears that MES found some support at short term 61.8 fib.
exit is dynamic but a close above the magenta EMA(8) would be nice.
exit is dynamic but a close above the magenta EMA(8) would be nice.
daily chart showing stop in place 1 tick below yesterday low on MES trade. risk is about $110 with commishes
MES trade within 10 pts of filling gap @ 3293.50. my target though is dynamic and would require a close at or above 3320ish. not likely to reach that today but it will decrease in value tomorrow so we'll see.
Asia session before dinner, took this setup on NQ for 1 contract after the big 5m bar cleared the ema20. got in @ 9120.75 and out at the gap close minus a tick @ 9144.25. the MES micro trade (3 contracts) is still in play with stop loss is at break even and price is hovering around 3290 as i type.
been waiting a long time for this pull-back, no way i'm going to miss this
been waiting a long time for this pull-back, no way i'm going to miss this
while i'm waiting for MES trade to play out i saw a setup this morning on MNQ. note the ascending channels. a channel within a channel and fib tool with extension.
i was able to get 3 contracts on and am managing accordingly. imo there's a confluence of 1) the larger channel mid-line and 2) the smaller channel upper line and 3) 38.2 fib range extention.
i have the target set at 87.5% extension in case we get a runner.
once new swing high is made i will move stop up to nearest swing low but am giving it room for now.
meanwhile back at the ranch. if my MES trade holds up today, i'll be looking for a close above 3300 for exit at close or anything really close to that level.
i was able to get 3 contracts on and am managing accordingly. imo there's a confluence of 1) the larger channel mid-line and 2) the smaller channel upper line and 3) 38.2 fib range extention.
i have the target set at 87.5% extension in case we get a runner.
once new swing high is made i will move stop up to nearest swing low but am giving it room for now.
meanwhile back at the ranch. if my MES trade holds up today, i'll be looking for a close above 3300 for exit at close or anything really close to that level.
channel boundries tagged. now we wait to see reaction. stop moved up. 87.5% extension = 7/8's of consolidation wedge range which if hit would be a satisfactory and expected range move.
Very instructive -- thank you!
after posting this we got inside bar doji that just broke to upside.channel boundries tagged. now we wait to see reaction. stop moved up. 87.5% extension = 7/8's of consolidation wedge range which if hit would be a satisfactory and expected range move.
playing it close...
some weakness showing up with longer wicks on sticks and inability to close above channel boundary line. it may be time to lock in profit. if price reaches 61.8 extension, well that me be a good level too but a close on one of these sticks below 9150 will be my clue to take what i got. hey, $60 will buy a few 12-pks!