Fantastic scalping opportunity on Nasdaq (emini NQ) this morning. Both the 12 and 45 minute average true range stops aligned (ATRs) with the Stochastics indicating hidden divergence and a reversal bar to boot.
Fantastic Scalping Opportunity on Nasdaq
As shown on the chart below, the 12-minute ATR was below price and then the 45 minute ATR flipped to below price. Price then retraced back to the 12 minute ATR. On the retracement, price made higher lows but the Stochastics did the opposite (lower lows). Then a reversal bar formed and an entry was generated. I was late to the trade but was able to get in at 6328.50. I exited the trade at 6347.75 (almost a 20 point gain).
In addition to the scalping opportunity on Nasdaq, I also went long on the Nasdaq 2-hour binaries and the US 500 2-hour binaries. Risk on the US Tech 100 (NQ is the underlying) was $26.25 per contract. The risk on the US 500 (ES is the underlying was $30.50 per contract. I set profit targets on both at $85 and both targets were filled.
While I have advised everyone of using a multiple timeframe approach for many years, the ATR Support and Resistance now makes it easier to implement a multiple timeframe approach to any market for all traders. A multiple timeframe approach, in my opinion, increases your probabilities of a winning trade.
Additionally, I have just re-released the Diamond Package for those wanting scalping opportunity on Nasdaq but instead of a seminar, clients that purchase this package get 10 hours of personal 1-on-1 mentoring to get started. This way I can work with individual traders based on their strengths and weakness, as well as their current trading knowledge. Plus, the Diamond Package includes all the indicators, workspaces (or templates), installation, documentation, online video library, and access to our Skype room. The Diamond Package is on special but the special will not last long!