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NQ for 6/27/2012
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Created: by sdonahue Attachments:1

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NQ for 6/27/2012

  #1 (permalink)
Camas, WA
Trading Experience: Advanced
Platform: MultiCharts, TradeStation
Broker/Data: Interactive Brokers, TradeStation, thinkorswim/TDA, IQFeed
Favorite Futures: Futures, Futures Options, Index Options
Posts: 33 since Sep 2009
Thanks: 6 given, 74 received

NQ for 6/27/2012

Today was a quieter day for me on the NQ overall. On the one hand, there was continued strength at the open as the market rallied to new highs early, but on the other hand, the 15m appeared to be suggesting that the markets may be approaching resistance on the current impulse move, and hence, they may potentially run out of steam and correct.

Since you can never truly predict when a move will end, it's hard to say no to a long opportunity when it sets up on a day like today, but after entering the trade, the market merely unfolded in an ABC correction coincident with the potential end of the "Wave 3"-type swing observed on the 15m charts, giving me enough evidence to support moving the stop to breakeven to avoid a -1R loss.

In hindsight, there was even enough evidence to potentially justify the stop and reverse, but then again, in hindsight, who wouldn't!

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