This journal aims to share my intraday targets on NQ. I've spent the better part of 9 months trying to nail entries and in the process completely overlooked that targets (exits) are as important, if not more important. So I'm changing my style by focusing on these intraday targets and entering on "areas" of support/resistance. I will not focus on entry "areas" because I think it's immaterial provided you have a wide stop.
I'm doing this because exiting too early after nailing an entry erodes long-term profitability. It's my weakness, so in this journal I'll share my targets with the hope that they'll keep me in trades longer. I'm also sharing these targets because I found that often I'll second-guess my initial analysis to my detriment. By posting these targets I'm committing to my initial analysis and opening myself to scrutiny (which is tough).
As with most things in trading, there is a degree of subjectivity and I can not profess to get it right all the time. The intention is to achieve an acceptable margin of error and allow the market to validate these targets.
This is what I look at each day. It's a 8 tick Range chart, static DOM, and aggregated T&S filtering by trade size.
I've experimented with time-based charts and they just don't work for me. I've evaluated a plethora of indicators and none work for me. The targets I share are based on my analysis of the "raw" data presented on the chart, the DOM, and the aggregated T&S.
I created a Twitter account and I'm posting the targets as the trading day unfolds. Twitter is a great tool for traders! I'll use it for the one line updates as I trade and my nexusfi.com (formerly BMT) journal to reflect on the "thought stream" posted on Twitter.