Week in Review: DIA and NQ
ES and DIA: Hit all time and flying - I wouldn't chase, and eventually there will be a sharp pullback but the DOW 30 is flying since the election in anticipation of less regulation and lower business taxes with a Trump administration.
NQ: Trend up and at the top of its channel. To make a guess is that it bounces off resistance and pullback before at some point going to new highs. Again don't fight the trend.
In my business plan I focus on 30 minute candles for two setups that are for newer traders. Easy and simple time frame to trade and for my next post, I will touch more on the simplicity of this time frame, my everyday watch list and how to pass time between each candle to prevent over trading.
* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money. Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.