We finally came out of the sleeper today but didn't hit the technical target I was hoping for. NQ didn't even make it up to the 1391 level.
NQ Daily
Today was my first day trading NQ and I traded it aggressively. I enter the market around 11AM on the push up @ 1367.50, and got some more a few ticks higher. It looked like it was going to be an easy day to trade from the long side, so I didn't care too much about entry. That kind of thinking made me take some heat. I ended up having to hold my trade 5 min after the close to exit with profit @ 1381.00. Good day for most, but I was unhappy too have to sit on my hands all day and watch the markets trade lower and coil, and bounce all around.
NQ 3 MIN
I had to honor my trade plan and hold for the TA target or somewhere close to it. I set my stops at the low for the day and was thinking of carrying this one into the next session if I had too. The carry trade would happen only if the market closed close to where I entered, otherwise all bets were off and I would need to exit.
I got really frustrated when ES took out the highs several times in the noon session and NQ didn't even trade to it high where I got into the trade. It was getting late and I knew I had to adjust my exit.
Most likely Obama will win tonight and we will know tomorrow what the markets think? I am sure the market has already discounted Obama's as the winner, so if he wins we could start to see some selling pressure back down to check the mid-line of the 2 trading channels. If however he loses, I am certain there will be extreme Panic selling in the Globex session with new lows for the next day!
I for one will not be trading the Wed session and most likely this week. I will sit back to see how the markets digests the Presidential winner!
Looking Forward
Taking a look at the NQ Daily and adding a 20 day moving average, we can see that price has been trading in the bullish zone for the last 4 sessions. A retest of the daily 20 MA should be expected which seems right now along the center trend line. We need to form another swing low pivot before we can draw a bullish trend line and start to monitor and trade aggressively on the long side. Support zone seems to be in the area of 1306 to 1264. These are the levels to watch Traders!
NQ Daily
Profit
Posts
