I am trying to get a feel for NQ and am sim trading it for now. These are trade opportunities that I saw today. I'm still too aggressive with my entries especially at the open and need to learn to wait for confirmation. I really didn't feel comfortable shorting it after 12 est thinking that it would come back up after a test of the ORH/R1 but it turned out to be a nice H&S. I completely forgot about the 3600 as a good reference level and I thank DCtrade for reminding me of it in his post.
1. Short break of the London low, break of VAL stopped with a loss after it broke up past the open
2. Long failed to get past the VAL on second test, long on close above open exited when I saw volume drying up
3. Long continuation long looking at the R2 and weekly high as possible exits exit on failure to get past R2
Hey Babba, nice chart,not cluttered up with too many things!You mentioned the or for the nq.I know for the cl,alot of tradrers that followed mfs thread were using 8:30 to 9:15.I have the ib range up for the cl/nq and ym,which is the opening 1/2 hour of the rth session.What or are you using for the nq?
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For now, I'm using the first 20 min of the RTH for the NQ OR. My Cl OR is the same as MF's but NQ is still a work in progress for me and the OR for it may still be subject to change. The IB is also an OR that I might look at for myself.
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Overnight CL had worked well outside of previous day value. Price moved up nicely but during the Euro session price stalled out on the upside and started working back down to value prior to the RTH session. On the RTH open, price shot lower into previous day value and then worked lower throughout the session, recovering a bit near the close.
My trading plan did not offer a lot of trades today, first opportunity would have been to try and short off of the open but I never could find a place where I liked the risk so I took no action.
I marked an area prior to the news where I thought of a short entry but had to hold off until the news report came out.
Trade 1 short opportunity was after the news as price worked back up near the yPOC and overnight lows and rejected back lower. Price got back under yday value and when it retested back up and failed it offered a nice low risk short opportunity. Price retested yVAL one more time and then shot down lower to Friday low where we got a nice volume spike exit opportunity or you could have held on a bit to see if it would work on down lower.
Trade 2 long opportunity after the exhaustion volume spike around 12:45 my time. Price moved back above Friday close with momentum and volume supporting the move. Price worked higher until the RTH close which would have been a good exit area as price was hitting yVAL again.
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I have been following this journal and also the old mfb journal for a while. I have been trading exclusively CL for about 18 months and was trying to get a workspace setup for NQ. It doesn't seem like the default NT session templates really fit most markets. I was trying to make my own but I ended up a little confused after looking at the CME's site so thought I would ask the group.
Here's what I have so far:
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I was wondering if someone could post a capture of their NQ with RTH/EH/O-N template. Maybe Sunday through Wednesday so I can see the pattern? Thank you.
Last edited by calitrader; May 6th, 2014 at 04:31 AM.
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Tuesday special. For an instruement which mostly has ADR of 150 ticks, traders waste more time coming up with various scenarios than one care to count. Every time i think of SWING trading CL, i get reminded of double, triple
round trips of CL and i stick to day trading.
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CL spent the majority of the overnight session in y'day value. Overnight one attempt was made above value but it rejected and pushed back lower. Prior to the RTH open price moved back above yPOC and found some support at yPOC on the open. Price made a new high before pulling back one more time to the yPOC where it rotated higher again to a new high. Price moved up nicely until it failed out at y'day high and then sold off one more time back down to POC at the RTH close. Big rotational day with lots of range to trade within.
My trading ideas
Trade 1 idea long just after the open on yPOC support. Price moved up nicely until stalling out at the WORH/overnight high area with volume spike for exit cue
Trade 2 idea short when price worked lower back into y'day value area. Price moved down nicely from there but again stalled out at yPOC/OP giving a small win or a scratch on this trade idea at best.
Trade 3 idea long as price again moved out of y'day value. Price moved on up to make new highs reaching a point of exhaustion volume near y'day high
Trade 4 idea short after way too much standing around and OTF's started feeling bearish. 15m chart gave a nice LH/LL setup short and price traded lower until the RTH close.
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