The Nasdaq 100 E-mini Futures is making higher highs and higher lows. The market is moving from a high price towards a low price heading towards the up trend line. I am going to look for a potential bullish bounce near the up trend line towards the new future resistance level about +412 Ticks away. At an e-mini contract that is about $2,060.00 of potential return!
Hey Josh... Thanks for the info. I have charted it as well on the 1hr and I can come up with the same idea. Although the NQ on the 1 hr has come down to the blue trend line in your example, Looking left, there is support also at the 7971 level. What are your thoughts on that? Either way, it looks like there is a potential profit of between $1345 to $2060... give or take.
I see the support you are talking about. If the market gets very aggressive it could bounce at that area. May be a good idea to split up the entry and have one order ready to buy at 7971 and then the second buy near the up trend line. This way if the market pushes early, there is a chance to get some of the movement and if the market dips are able to get the full position in.
stratacall1213
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@JoshuaMartinez, Thanks for the reply. I was thinking along the same lines.
I am not a newbie trader (Mostly Forex), so I already knew how to draw trend lines, counter-trend lines, Fib levels, etc... so I "Got it" pretty fast.
Also, what are your thoughts on the TT swing trading method? The reason I ask is that my wife is disabled, and It is my honor to be her full-time caregiver. That said, I may not always be able to sit in front of the computer to trade/scalp the 5 min chart with TT, and that is Ok.
I have charted the TT swing trading method, and it is pretty darn good for the most part... of course, considering overall analysis has been properly done, as one should do anyway.
I would still have to watch the market close, but not quite as bad as with TT Strategy 1. I thought to swing trade a longer time frame, but sometimes the stops can be further away, and position size will be much smaller due to risk, with fewer trades.
JoshuaMartinez
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@stratacall1213, In my opinion and what we teach in the class. If you are going to trade using the swing method, you will need to make sure you are trading in the direction of the longer term push. So you will want to use your technical skills to find the larger time frame direction and trade that direction.
Also. Futures has a daily gap throughout the week, usually you will want to lower your contract size for swing trading just in case you have to hold onto the position overnight. You do not want to get caught up in a big gap with a big position. You will also need to take into consideration the margin change when the market closes and opens. It can be very profitable, but it does require a lower contract size and a larger trading account then if you were to day trade.
Hope this helps!
stratacall1213
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@JoshuaMartinez, Thanks for the reply Josh and info on the swing trading strategy idea.
However, I have decided despite my situation and time challenges, I am going to make myself available as much as possible so I can day trade and be in the Edge trade room with your leadership.
I believe this will give me the best / optimal opportunity to be successful. And... I connect with your style, way of thinking / approaching the market, and personality.
Even though I do have past experience as a trader in other markets, and have knowledge of trend lines, fibs, and reading the footprint/condition of certain markets, I have been out of the game for a while, and I do not have the level of experience I would like to have in the futures market.
That said, I am really looking forward to what the potential is going forward while using the skills I have, and expanding my learning from you... especially in a live trading environment.
Thanks again!
JoshuaMartinez
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@stratacall1213, Thank you for the opportunity to earn your trust!
Michael Day