N.Q. Enqueue's Joe Doaks Futures Trading Journal

[N.Q. Enqueue]

In which we hope to do for NQ what Spydertrader did for ES, but comprehensi(ve)bly. Do not bother to read this journal unless you crave rules, hard numbers, disambiguation and a satyrical attitude toward trading. I have no dillusions about readership. Casual causal surveys of ET over the years reveal that no more than five prople at any one time trade NQ, and they cycle through so quickly as to be virtually evanescent, or evanescently virtual, as the case may be. However, collectively we five do account for most of the 200K+ cars traded daily. Our motto is "Live large, trade large!"

So here is our sillibus:

Day One: the basics

Day Two: we make it up as we go.

Day Three: the thread won't survive that long.

And here is the commitment we require of you:

Trade!

With real money!

And no whining!

We shall employ the Socratic method, aided, one hopes, by Socrates himself.

Let us begin, then. According to the Socratic method, I cannot teach you something you don't already know. Hence the question: "What constitutes intraday S/R for NQ?" (Noooooo, I'M not going to answer the question, YOU are.)

 

[N.Q. Enqueue]

A little dense, are we? Well here's a hint. Do de words "round numbah" ring a bell, Sapphire?

 

[Cocaine]

Im excited for day 3

 

[N.Q. Enqueue]

Cokie, are you stalking me? I forgot a rule, which I formally promulgate now: no ES traders allowed. We don't want them improving their trading and mistakenly crediting it to SCT. But since you posted, what are the round numbers for NQ? A hint, they are round, not square. (The square numbers have no S/R validity.)

 

[Cocaine]

Oh, sorry Hypo, did not know this was another handle of yours. I guess I should have assumed

Quote from N.Q. Enqueue:

Cokie, are you stalking me? I forgot a rule, which I formally promulgate now: no ES traders allowed. We don't want them improving their trading and mistakenly crediting it to SCT. But since you posted, what are the round numbers for NQ? A hint, they are round, not square. (The square numbers have no S/R validity.)

 

[N.Q. Enqueue]

If all ES traders are as dense as Cokie, no wonder Spydertrader's sillibus takes a year!

Lordy are NQ traders slow. OK, the answer is, repetez apres moi: "NQ round numbers are integral multiples of five."

You dunces will no doubt ask: "Tics or points?"

I'll let you guess.

 

[Cocaine]

Instead of running a journal, why dont you focus your time on sacking up and trading 2 lots!

Honestly, who wants to learn from someone who trades the bare minimum?

Quote from N.Q. Enqueue:

If all ES traders are as dense as Cokie, no wonder Spydertrader's sillibus takes a year!

Lordy are NQ traders slow. OK, the answer is, repetez apres moi: "NQ round numbers are integral multiples of five."

You dunces will no doubt ask: "Tics or points?"

I'll let you guess.

 

[N.Q. Enqueue]

My dear Cokie, one car is one more than Spydertrader's stoonts trade.

Having absorbed that lesson, you cretinous NQ traders, tell me what is the next most important S/R for NQ.

 

[no. 22]

S/R on EnQueue?
Get a two day chart up with the overnight.
See where it's flat? See the highs and lows?
Is that helpful?

 

[N.Q. Enqueue]

Squirrel Killer, are you suggesting that the overnight session has anything to do with the day session? Heresy! (Or was that Hereshy?)

Con-vince me.

Anyway, attached is the canonical chart format. (I am beginning to doubt that Doaks is the draw I thought he would be. Should I have cited John Merchant?)

You will see that the chart is scaled vertically to show the round numbers clearly, and to suppress the square numbers. It is important that you use EasySignal as your charting service. QueerCharts or TradeElation simply will not do. SCT traders typically prefer QueerCharts because it is cheap, or TradeElation because they are stupid.

We set our time zone to Pacific to get a leg up on the East Coast traders. Three hours should be enough lead for even the dumbest failed Jacker to figure out the price action.

It is very important that you use modern chart notation. Old-fashioned bars simply will not do, although Jack says "If it was good enough for Charlie Dow it is good enough for me!" As an afficionado of sushi (a sushianado?), I swear by, and at, Seiki Shimizu's candledick charts. The coloring is extremely important. Principles of Feng Sui (you know, the asian Feng Sui Index that is always fucking up our otherwise tranquil overnight sessions?) require that up bars be precisely colored "lime" and down bars "red". Unchanged bars are problematical, but we shall handle that in our codes.

We do not outline our bars, and we use thin wicks. Aesthetics are as important as analytics in trading NQ.

And if one of you dickheads will kindly tell me the next most important NQ S/R, we can proceed to add the next element to the chart. Ideally before magnanimous Magna runs out of patience. I'll bet he has already broken at least one tooth.