The Sept11 NQ E-Mini Nasdaq futures contract achieved the 2300 target I set in the last post. We’re looking at four days up here, without a lower low daily candlestick, so caution for a pullback is warranted. This has been an excellent example of trading with the trend. The goal isn’t to pick the top or bottom, but to hop on the bandwagon when the party is going, and hop off before it becomes crowded. Love the Master Day Trader book for that example.
My last look at the NQ contract Daily Chart was for the June11 contract. We’ve rolled over to trading the NQ Sept11 futures contract.
There’s a pretty steep trendline down on the dayly. The NQ has retested the bottom, and should now head up to retrace 50% of the move I’d guess. Monday 062711 put in a nice long power bar to the upside, which should follow through up to 2300. My bias is long for now. It’s got to continue with higher low candles at least a couple days.