Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I was shown a way to use a 55 EMA 10 SMA crossover that held a theory the price should come back to the 55 EMA when it stretches away from the 55 EMA .
It was too slow for defining trend so I cut the 55 in half . I definitely dont use the MA to enter , its just there for reference .
This template was set up by me to research divergences . So far its working OK but not as well as trading without the indicators .
1038 resistance and 1027 support . Next support 1016 . What I do see here is that the uptrendline that has held well for about 2 weeks is being violated at sundays open . I've attached the closer look at this trendline violation . What convinces me the bears are serious is that the 1st trendline break that closed below the trendline never traded below that candle . This break is different in that price is clearly trading below the second candle that closed below the uptrendline .
I wasnt going to trade today but decided I would try the PM session . I got 2 break evens , actually I netted $15 so I can have Mcdonalds tonite . What happened again today was a no fill on a nice continuation . 4 bars closed in 1 minute when price broke the resistance level at 1040.25 . I am considering applying a stop or stop limit order where I am anticipating an entry .
What was more encouraging was my indicator based method produced nicely , I was watching it but not trading . I always use a 12 ticks up or 12 ticks down and shut it down rule to keep me out of the days I am up and wind up losing or a downward spiral day wishing I left with ONLY a 12 tick loss . Using that rule , last week this method could have profited a total of 12 ES ticks on a 610 tick in 18 trades .That was the lowest timeframe that works well with it . Today it could have produced the 12 ticks up on the 1st 3 trades ( 4 tick target ) and done for the day at 1045 .
I got lazy with journalling . I vow to record what I'm doing due to the fact that I have a hard time getting sidetracked when I journal (focussing on what I already know hasnt worked for me in the past) if I journal my market activities .
On the NQ I see 1731,1706,1689 as resistance and areas to sell . I see 1650 as suppor and an area to buy . The daily is in an uptrend and showing a minor downtrend within .
I was ready to go short a close below 1689 but price rocketed past it and forget shorting . I got a short signal at 1306 and went short on a 2b that produced nicely . I exited the 1st contract at the 50 % level and held the 2nd contract to test the support at 1689 but closed it out shortly thereafter for a gain of 20.75 points .
Yesterday was OK , today not so much . I saw 1706 as resistance and an area to sell and got a signal to short , I reversed on the next bar ( it closed above the prior bars high ABOVE 1706 ) with a small loss on the short and price drifted like a liferaft 300 miles from shore . Result was -27 NQ points The details and plan are on the screenshot . No problem , there are plenty of days like today - I'll deal with them and learn .
