NQ... My Bias is still short

J

John9999

I created this chart today... I like to look at a longer term picture over the weekends, even though I day trade off 5 minute chart. I have circled the Highs and Lows over the last 8 weeks,,, still looks like lower lows and lower highs... the red lines below are what I believe is support S1, S2, S3.... I will still trade what my strategy says, and if that is long than great.

opinions?

daily with swlo swhi.PNG
 
I agree. Current direction is down on higher timeframes. That does not exclude up days or retracements. We're also closing in on levels below which might cause a reversal of direction.
 
Laissez Faire said:
I agree. Current direction is down on higher timeframes. That does not exclude up days or retracements. We're also closing in on levels below which might cause a reversal of direction.
More...
And that’s the part I gotta pay attention to. Week before last I had 26 short trades out of 29 trades. Last week was closer to 70% short trades. I gotta be careful I don’t get stuck in only looking for shorts.
 
strange seeing a downard bias when something is up 1.5%. just joking. In fact we could have seen the bottom in NQ but several stocks need to go down more before that's a fact. It's a mixed picture. I would not stay shortn NQ for more than 3 more days at most. AMZN is a buy while FB needs to fall another 10 USD-ish
 
agree with you guys... just took a long off 6601 and made $$. I have such a slant towards the short side, I just trust short trades more and always have. This is definitely an error in my thinking that I want to work on. Eventually NQ goes long, it always does in the long term.
 
qlai said:
Emotions obey no lines. Buy-the-deepers/swing traders are trapped. Waiting for them to throw in the towel before moving higher. :)
More...
%% NOT the cash buyers; they get dividends while they can afford to wait.LOL Having said that, so much tek is below 200dma; its a bear market+ bear move.AS far as futures or cash, when an up gap cant hold, bearish again.About the only bullish uptrends are off 52 week lows-not a good uptrend.
barchart.com is 88% sell on QQQ ; 88% sell on SP500 emini,80% sell on SPY...... NOt a prediction:D:D:cool::cool::cool:
 
You must log in or register to reply here.
Back
Top