As I get my feet wet in the index market I have chosen to focus on the E-mini Nasdaq. So, I am looking for traders to discuss strategies and share information on wins and losses so we can all benefit.
Right now I am using Firetip platform and within that using a 450 tick chart with a 50 day am along with a slow stochastic and the MACD as my primary chart. Also, I have a 1 & 3 minute chart open with a slow stochastic and the MACD, I use these as my early indicators.
I'm looking for 3-5 good trades a day and I have my stop @ 2 and my limit @ 2.25.
So there you have it. Tell what you think about my setup good or bad and feel free to make suggestions. Or, just tell me about your NQ experiences, the floor is yours.
When I was trading NQ it was definitely something to keep an eye on but didn't always seem to have a huge effect on the index. Some days it would be a nearly 1-to-1 peg and other days they'd go in opposite directions. If it seemed to be a big correlation day I always made sure to keep an eye on AAPL.
The following user says Thank You to drw112 for this post:
I trade the NQs and i have AAPL on a 5 minute chart and keep track of it at all times. Usually impulsive moves on AAPL appear on NQ. I also like to use TICK.Q and advance/decline ratios, and check how many of the underlying stocks are up or down for the day. I usually get on average 2-3 trades a day on the NQs alone. I like to use the ES as my 'index benchmark' so when both ES and NQ are in an uptrend then if ES impulse moves up NQ is probably going to impulse move up. Same relationship with AAPL. If the ES is heading down it makes the NQ move like its in quicksand to the upside. usually they get back in sync later in the day. Like today TF was out of whack for like 3 hours then into the close rallied hard and basically caught up with the other 3.
The following 2 users say Thank You to treydog999 for this post: