The Trouble With Scribbles

[fortydraws]

Here is my analysis of the 15 min NQ chart frpm yesterday.

Yesterday? Dude ... it's today already!

 

[dbphoenix]

--04/13/15 RTH Short NQ Jun at 4411.50. Initial stop loss is 4455.00
--04/14/15 RTH Price is 4391.00 Staying short with same stop for now.

Again, one cannot be short and long in the same instrument at the same time.

 

[fortydraws]

Here is my analysis of the 15 min NQ chart frpm yesterday.

The troubles with scribbles is it is a trading in foresight method, not hindsight "here's what you should have done" stuff. Damn scribblers!

 

[romik]

Foresight would be as simple as this - I will go Long here and stop will be here and a foresight target would be here

 

[dbphoenix]

Foresight would be as simple as this - I will go Long here and stop will be here and a foresight target would be here

Scroll back.

 

[romik]

Scroll back.

Too much to go through, can't you guys be more concise? I did see a scale out I think, just as I assumed I would.

 

[dbphoenix]

Too much to go through, can't you guys be more concise? I did see a scale out I think, just as I assumed I would.

Yeah. Too much work.

 

[fortydraws]

Foresight would be as simple as this - I will go Long here and stop will be here and a foresight target would be here

I agree. And I've done that. Today.

And yet this you say nothing about.

Here is my analysis of the 15 min NQ chart from yesterday. First trade stopped out for a gain and second trade exited at closing for a gain. No shorts yesterday on the 15.

 

[dbphoenix]

There is also the matter of the RSI Grail having made only two points (as of 1047) over the past three days. Most would consider that to be somewhat inadequate.

Oops, sorry. The RSI Grail is in the hole again.

 

[dbphoenix]

This is an example of what I call the LITHA trade (Leave It The Hell Alone). It's the sort of thing that is attractive to those who trade while at work or in class or wherever.

Here one can see the pre-open range and the initial move up to 19 at the open. Price then drops to 4401. Given the pre-open range and the failure of price to drop below 01 on the test, making a double bottom instead, the trader, if he happens to be watching at the time, can enter at 02 or 03 or 04 (doesn't really matter) as a reversal then LITHA until it reaches 19 or thereabouts.

Are there any guarantees that it will reach 19 and not drop back to the entry price? Of course not. But this sort of "setup" is an option for those who want to participate in intraday trading but aren't in a position to track price continuously.

The sellstop or targetstop or whatever your platform calls it would be placed at 18 or 19, depending on how greedy you are.