NQ, A lot of room to short.
Here is a good NQ short setup
- upward wedge
- good defense with 2 strong resistance areas. One of which is neckline (very strong)
- sandwiched between 2 resistance zones is good supply zone.
- intersection of up wedge is around the resistances and supply zone
- 3 strong downtrend lines in yellow.
- this is with trend trade which has higher percent success.
- Enter trade on break of support or if cautious retest of what will then be resistance.
- take full profit or partial profit at demand zone.
Easy Peasy! Not really. Trading always hard and never depend on profit no matter how good set up.
- upward wedge
- good defense with 2 strong resistance areas. One of which is neckline (very strong)
- sandwiched between 2 resistance zones is good supply zone.
- intersection of up wedge is around the resistances and supply zone
- 3 strong downtrend lines in yellow.
- this is with trend trade which has higher percent success.
- Enter trade on break of support or if cautious retest of what will then be resistance.
- take full profit or partial profit at demand zone.
Easy Peasy! Not really. Trading always hard and never depend on profit no matter how good set up.
Trade active:
A couple extra things to say-
- RBI’s idea highlights that a supply and/or demand zone does not necessarily equal a support and/or resistance area.
- a wedge may have price action that wanders outside the boundaries of the wedge.as long as the trendlines go though the wicks on the vast majority of candle sticks
- when price action is within the wedge the RSI (or your indicator of choice) should not wander into oversold or overbought territory. A wedge is generally consolidation after all.
- when price approaches the intersection of a wedge the volatility of price action should start to increase.
- you can feel more confident that a true breakout has occurred if high volume occurs with this. However my trading strategies do not usually look at volume.
- a trendline, support or resistance can often be found at oversold and overbought areas. Conversely the more time a trendline, support and resistance are test the closer to overbought or oversold it should be.
- look for wedges, triangles, pennants, that intersect at supply demand zones. This is confluence.
That’s it for now. I hope this helps these are things I look for, things I have noticed and things that my trading mentor has taught me over the years.
I am using Grammerly more so hopefully I am easier to understand.
Thanks,
Ms. Bunny.
- RBI’s idea highlights that a supply and/or demand zone does not necessarily equal a support and/or resistance area.
- a wedge may have price action that wanders outside the boundaries of the wedge.as long as the trendlines go though the wicks on the vast majority of candle sticks
- when price action is within the wedge the RSI (or your indicator of choice) should not wander into oversold or overbought territory. A wedge is generally consolidation after all.
- when price approaches the intersection of a wedge the volatility of price action should start to increase.
- you can feel more confident that a true breakout has occurred if high volume occurs with this. However my trading strategies do not usually look at volume.
- a trendline, support or resistance can often be found at oversold and overbought areas. Conversely the more time a trendline, support and resistance are test the closer to overbought or oversold it should be.
- look for wedges, triangles, pennants, that intersect at supply demand zones. This is confluence.
That’s it for now. I hope this helps these are things I look for, things I have noticed and things that my trading mentor has taught me over the years.
I am using Grammerly more so hopefully I am easier to understand.
Thanks,
Ms. Bunny.
Comment:
I have entered trade on reversal to supply zone rather than waiting for entry on break of support. So far so good. If support breaks and becomes resistance then today could get ugly again.
Comment:
See above statement
See above statement
Comment:
So I had a short entry 12599 and take profit at 12300.25
= 1195 tick profit. It was a fast trade. I saw some changes In the lower tf candle patterns that showed a likely reversal. So I took profit and ran. I’m looking for another short entry today because there might be one more dump before close. I do not think I will hold over the weekend.
Written with assistance of Grammerly software
= 1195 tick profit. It was a fast trade. I saw some changes In the lower tf candle patterns that showed a likely reversal. So I took profit and ran. I’m looking for another short entry today because there might be one more dump before close. I do not think I will hold over the weekend.
Written with assistance of Grammerly software
Comment:
After I exit at the right time per above for a 1195 tick profit I did a scalp for an additional 101 ticks. Total tick profit today = 1296 ticks.
I am not holding any positions over the weekend. Nothing says a short position on NQ isn’t still valid. So in all likelihood I will look for another short entry on open. I will give further updates.
Ms. Bunny.
Written with assistance of Grammerly software
I am not holding any positions over the weekend. Nothing says a short position on NQ isn’t still valid. So in all likelihood I will look for another short entry on open. I will give further updates.
Ms. Bunny.
Written with assistance of Grammerly software
Comment:
Re-entered at 12563.75 short.
Comment:
I close trade at 12477.25 = 86 .5O points profit
It seem I make a lot of quick trades recently. Normally hold for few days. But volatility makes for take profit fast.
It seem I make a lot of quick trades recently. Normally hold for few days. But volatility makes for take profit fast.
Comment:
so I have sold this again. I sold at 12578 and hopefully take profit at my initial goal set on the first chart.
