Trading on "Instynct" (NQ)

[Instynct]

Quote from Rashid_G.:

Thinking of short here but it will probably chop it's was back to 50

Just look at the 60 min chart of both ES and NQ starting from october 4th. Then look at how price bounced off september 20th high. And to top it off, look at ES structure from yesterday until now, basically rally straight up and then consolidate. Does any of this look bearish too you?

Don't short this market.

Wait for sellers to do some serious technical damage. At the very least wait for ES to break 1215 (low of this range) and you might have some room for profit on the short side.

If you are a very short term scalper trading for a few ticks then omit what I just said.

 

[Rashid_G.]

Quote from Instynct:

Keep in mind that we are at the top of the range of the last couple months. Price does not go up forever, eventually sellers will step in and clash with those buyers, and they do so at what they percieve to be a good price to sell. Perhaps to lock in profits, or short term trade, or the start of a new leg down. No one knows what will happen, only time will tell. At some point, one side is wrong and will have to give up and start paying the other side. Don't miss out on it.

In the mean time don't lose sight of the intraday and 60 min price structure. Map out those pivot highs and lows on the 60 min using horizontal lines. The intraday structure will give you clues as to which 60 min lines price will want to test.

Mostly I watch a 15M during the day... Key disappointment is the Short I had to 2333.. was 5+ to the good and I thought at best we are in a range so 2330 "should" have been a given (we covered the full range yesterday)... But.. noooo. Until we close under 2344 15M no more shorts for me today.. Then again 2370 could happen and above.. Last few daily tops have been sold quickly.. this one suspiciously holding up here.

 

[Rashid_G.]

Quote from Instynct:

Does any of this look bearish too you?

Don't short this market.

Wait for sellers to do some serious technical damage.

Very correct.. My bias getting the better of me. Your explanation is the same I have tried to memorize forever... Before you take a side, make sure that side has CLEARLY broken the back of the other side.. The greed (or lack of confidence to properly get in) in tempts me to try to pick tops/bottoms.

 

[Instynct]

4 scalps so far, all longs.. -2, +3.5, +2, +3.5

This market is on a morphine drip, possibly due to the beige book at 11 pst.

 

[Rashid_G.]

markets do what they will on THEIR timetable.. not yours... All that fighting for 4 hours...!

 

[jas_in_hbca]

o k to take shorts on pullbacks ?

 

[Rashid_G.]

A mad man at work.. mentally wasted... Gained 25 points from the low..

-3 after comms to end day.. Pre-market trading got me.

 

[Rashid_G.]

All I had to do was trade every time the moving average turned.. The Holy Grail under mine eyes aaaalll this time....

 

[Instynct]

Some nasty action in the last hour. This is why I hate shorting in the back drop of the larger up trend. But once ES broke 1215 I certainly was not going to go long.

 

[Rashid_G.]

Quote from Rashid_G.:

Mostly I watch a 15M during the day... Key disappointment is the Short I had to 2333.. was 5+ to the good and I thought at best we are in a range so 2330 "should" have been a given (we covered the full range yesterday)... But.. noooo. Until we close under 2344 15M no more shorts for me today.. Then again 2370 could happen and above.. Last few daily tops have been sold quickly.. this one suspiciously holding up here.

Posted the wrong chart.... Range bound 2300 to 2370.. a bit of a downward lean.. like a bullish flag.. 2300 MUST hold