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I'll be damned. Just looked at the NQ and saw two ABC pullbacks back to back. On the left side of the screen they look like the start of reversals. Especially back to back. NQ 06-21
Can you help answer these questions from other members on NexusFi?
Since it just happened tonight I may as well post the second point to be reminded of. We speak of the ES and NQ as Correlated Markets. Correlated does NOT mean equal. In the Image, lines are drawn on a 1 minute chart for comparison. The ES made a series of Lower Highs off the High while the NQ made Higher Highs. Correlated does not mean Equal. ES 06-21 (1 min)
The second example was off the Open. It's kind of hard to tell from the image but the ES is moving down while the NQ is trading mostly sideways. Lastly, when the ES is putting in it's Low of the Session the NQ has already traded significantly higher. Again, just another variation of Correlated does not mean equal. ES 06-21 (1 min) 2
Since they're happening a lot tonight I may as well post them.
These are the actual lines I had on my ES chart.
The first is nothing new. Support, when broken, becomes Resistance and Resistance, when broken, becomes Support.
The next is lines have to be considered as areas. This sucks actually. In cases like the NQ, the market can trade several points above or several points below a level. That puts a lot of pressure on Patience, Price Action, Volume and other timing factors. S/R->R/S
Zones ES 06-21
Reject Highs/Lows= Sell Resistance/Buy Support Divergences= Don't give up
Be opportunistic Don't be a strategist
Spend time formulating scenarios Start with 4.
ABC
Un-Correlated S/R->R/S
Zones HOD/LOD
Reject Highs/Lows= Sell Resistance/Buy Support Divergences= Don't give up
Be opportunistic Don't be a strategist
Spend time formulating scenarios Start with 4.
