I saw an opportunity for quick scalp. That was not a dummy trade, and that was why I left it out. After opened with a gap down, NQ gathered strength again. I was watching it closely when It closed above OR(opening range) and Fib extension. This shows some positive signs to me. Possible entry would be above the high of 8th narrow range candle.
- Long above high of 8th candle
- Exit at Fib extension 161.8%
- Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
- Where would you get long/short this futures contract ? Above high of 8th bar which is a narrow range bar and above Fib extension
- Where would you put the initial protective stop? Below 8th bar low
- When would you stop trading for the day? After position is established or 1pm NY time
- Where would you exit the position? Fib extension level 161.8%