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NQ Paper Trade Journal
- Thread starter A2x2
- Start date
Funny, I was just going to suggest moving your stop and let your position run.Profit-Take moved to 4744.50
Stop-Loss moved to 4729.75
Not sure what type of charts you have up, but I like the old fashioned bar charts. I like looking at the strong or weak closes for possible follow thru. Longer bar has stronger probability of follow thru.
I utilize the candlestick charts across a number of time frames.. 10 mins, 5 mins, and 2 mins. I also watch the ES 10 mins charts because I notice the charts tend to follow one another and it provides some insight into systematic movements.
With the large sell off now.. do you see this as a short play for the rest of the afternoon?
If the charts follow each other than don't waste your time with the other. I use Bars because there is a further learning curve with sticks. The daily and the 30 are your friends, don't ignore your friends. This selloff we just had is just a reaction to bad news. With no follow thru, it was just a tool to wash out the longs. There is no way to predict afternoon direction, just react to what you see.I utilize the candlestick charts across a number of time frames.. 10 mins, 5 mins, and 2 mins. I also watch the ES 10 mins charts because I notice the charts tend to follow one another and it provides some insight into systematic movements.
With the large sell off now.. do you see this as a short play for the rest of the afternoon?
2016-09-12 Summary
Daily P&L: +7.25 (2 trades, 1 loser, 1 winner)
Trade Summary
Trade 1: Underestimated the strength of this rally. My stop-loss should have been tighter.. closer to the intraday high, and I should have had a stop-limit order close by to flip long as well to capture the uptrend.
Trade 2: Waited for the lunch hour reversal for the market to sell off slightly. Once the market was range bound I waited for it to break out to go long.
Daily P&L: +7.25 (2 trades, 1 loser, 1 winner)
Trade Summary
Trade 1: Underestimated the strength of this rally. My stop-loss should have been tighter.. closer to the intraday high, and I should have had a stop-limit order close by to flip long as well to capture the uptrend.
Trade 2: Waited for the lunch hour reversal for the market to sell off slightly. Once the market was range bound I waited for it to break out to go long.
If the charts follow each other than don't waste your time with the other. I use Bars because there is a further learning curve with sticks. The daily and the 30 are your friends, don't ignore your friends. This selloff we just had is just a reaction to bad news. With no follow thru, it was just a tool to wash out the longs. There is no way to predict afternoon direction, just react to what you see.
Thank you for your insight and tips! I will try out the bar charts myself!