The Trouble With Scribbles

Here is the NQ 60 min. chart---this is our longer view chart as we take entries on the 5 minute. The hourly is in uptrend and so a long is not a bad idea if just looking at the hourly, but the stop would need to be much lower--just below 4500.
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Here's our intermediate chart, the 15. Notice how it has overbought and short term reversal written all over it. Reminder-- it's best to trade when your 3 time frames agree. Again, stop would need to be below 4500 if taking a long here.
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And finally, the 5 minute entry chart. The key here is that we are way overbought and there are reversal signals. One would need to wait for this entry/exit chart to resolve itself to oversold or midline RSI with fresh upside momentum to be able to place a trade with confidence.
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You really only have two choices when you are buying an instrument that is already overbought. You either place a stop so close it will probably be taken out or you place a stop based upon the longer view chart. Many times, I will place my stop based upon the longer view chart, but in this case it was based in between and that generally makes it ripe for being taken out and then reverse back in the direction of the initial trade. There is no in between in trading, just close and far.
 
marketsurfer said:
Dude, the Scribbler was outed and left the building for greener pastures of noobs and dreamers. Why do you keep posting the same stuff?
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Funny. The only "outing" I see happening over the last few weeks is you and your $250/month trade alert service.

And I would encourage Buy1Sell2 to keep posting. His work here speaks volumes as to the dubious quality of his critique of the scribbles traders, and serves to raise serious doubts as to his qualifications to be the judge of anyone else's trading method, given how poorly his own has performed.
 
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