Robin,
I have no secrets, as I am generally not very successful as a trader. But I am learning to pick my spots and be more patient. I am making more money the last few weeks by trading a whole heck of a lot less. Maybe only a couple trades a week.
Yesterday's early bounce into the 20 period moving averages on the NQ 15 minute chart looked like a good shorting opportunity, as it coincided with a retest of the important 1430 area that had broken the day before, and was also near the daily pivot. I got in at 1430 and it topped out at 1431. From there I just held until we hit support that came from the daily S2 support zone, and the bottom of the price channel that has formed over the last couple weeks, also coinciding with an important fib retracement point on the daily charts and a trendline on the weekly chart, as pointed out by Perry A (so support coinciding at the same price level from many different timeframes.)
When price support/resistance converges from multiple perspectives, these tend to be the low-risk, high profit opportunities.
Hope this helps.
Good trading,
Phoenix |
