Nobody has a crystal ball, all we can do is have faith in whatever method and strategy being used. As far as I am concerned I think of my target as being a 'conservative' estimation, but to others it may appear to be either too optimistic or too close to entry, everyone's expectations of trades are different.
Nasdaq has topped
- Thread starter Master Pu
- Start date
Nobody has a crystal ball, all we can do is have faith in whatever method and strategy being used. As far as I am concerned I think of my target as being a 'conservative' estimation, but to others it may appear to be either too optimistic or too close to entry, everyone's expectations of trades are different.
I get the idea of an initial target, but it doesn't seem reasonable to give up 600 points of unrealized profits 60 points from target, so why not take what the market offers?
Of course - there's the possibillity you'll still get it.
From my POV - ES will trade back up to 4190 from here. What's less certain is if we'll see new highs from there, but this market IS bullish, so...
I get the idea of an initial target, but it doesn't seem reasonable to give up 600 points of unrealized profits 60 points from target, so why not take what the market offers?
Of course - there's the possibillity you'll still get it.
From my POV - ES will trade back up to 4190 from here. What's less certain is if we'll see new highs from there, but this market IS bullish, so...
I didn't take what 'market offers' because I'm trading a daily chart, I appreciate that in hindsight it's easy to see a reversal, but I don't see enough reasons to have pulled the trade, I still expect more downside. I don't settle for what market has to offer, if I'm right I'll get what I need to get, if I'm wrong I'll get stopped out
P.S. Weathering the storm aka price action oscillations is the necessary requirement to trade daily chart. I try not to watch intraday price action that much as I mostly find it to be a distraction. I can appreciate that some may look at time frames below daily and see multiple reversal setups, but I need to see this take place on the daily chart.
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I agree with Laissez Faire. But then again -MY- style of trade is directly based on, and attempts to be directly synced with what the market offers each day.
Some people use targets as a means of trade management. With that thinking, renetering a trade can also be a means of trade management. The problem I have with the former, and it is my problem, is twofold... 1) the concept of allowing a decent profit turn into nothing, or worse a loss is against the grain of trading. "Decent" is defined by the trader. and 2) It is the trader that gives lines, numbers, whatever, on a screen somewhere in the world, credence, weight and/or usefulness. But at the end of the day, the market is always correct!
It all applies in reverse as well... some people take the pain, take the pain, take the pain, even though they have a stop in place. Exiting before a stop is elected can also be used as trade management.
Carry On!
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That's fair enough.
If & when I see a long setup on daily I'll reverse or I will get stopped out to breakeven. That's how I trade
The thing is - 60 points from target on a 600 point trade should be accurate enough. Targets should be monitored as price is closing in on it.
If you have a target 600 points away, sure, sit on your hands while the trade is new and the market is far away. But as you're closing in on your target, it should be managed somehow.
IMHO - of course.
If you have a target 600 points away, sure, sit on your hands while the trade is new and the market is far away. But as you're closing in on your target, it should be managed somehow.
IMHO - of course.
The thing is - 60 points from target on a 600 point trade should be accurate enough. Targets should be monitored as price is closing in on it.
If you have a target 600 points away, sure, sit on your hands while the trade is new and the market is far away. But as you're closing in on your target, it should be managed somehow.
IMHO - of course.
I expect weak longs to be stopped out before NQ makes a move to ATH. THAT'S when I get my reward.
That's fair enough.
If & when I see a long setup on daily I'll reverse or I will get stopped out to breakeven. That's how I trade
It's all good!
Looking at the daily, NQ today is currently (subject to change) an inside day. By default, to me, that's a hold or sideline. However, yesterdays volume while good, was not outsized nor was it a break... It basically bounced and is continuing bounce off the lower trendline of an up-slope. If there is another downdraft on the daily, MORE volume is necessary for a break that could then be a temporary (meaning not a crash, but certainly worth participating
) change.It's all good!
Looking at the daily, NQ today is currently (subject to change) an inside day. By default, to me, that's a hold or sideline. However, yesterdays volume while good, was not outsized nor was it a break... It basically bounced and is continuing bounce off the lower trendline of an up-slope. If there is another downdraft on the daily, MORE volume is necessary for a break that could then be a temporary (meaning not a crash, but certainly worth participating
So far, it's a bullshit bounce, this sort of price action isn't what I'd call a reversal.
I'm thinking there's a chance we'll see 13750 by today's Close - but I'm no expert on NQ.
