UPDATE 1043 The position is now closed out at 1620.

UPDATE 1038. Stops now at 1616.5 target 1620 limit to take profit.

20090904 1014. Short taken at 1606.75 made no headway, stopped at 1610 on the equal and opposite candle. Entry long at 1610.5, now in play.

NQ daily chart

20090904 0956 ET. 4th candle is a hammer candle on NQ futures. We will short on break of the low of this candle or go long on a close above the midpoint of the opening 15 min range.

NQ daily chart

UPDATE 1007 ET. NQ futures hits low of 1587.25.

UPDATE 0954. Price action not conducive. Looks like if 1594.5 trades we might have to cut and turn short there.

20090903 0949 ET. Today's long on NQ futures would be on break of high of 3rd bar, at 1598, let's see how it pans out.

NQ daily chart

UPDATE 1044 ET. Well, nq futures could only get to 1589 before turning up off the midpoint of the opening 15 min range.

20090902 1030 ET. The short came on the break of the support from the cluster of the 9th 10th and 11th candles. We'll have to see if we can get to the lower bounds of the first 15 min range, which is the target.

NQ daily chart

20090901 0955 ET. Today's long trade at 1636 break of the 3 up candles (forms the first 15 min resistance/support) A relatively straight forward trade to the fib extension.

NQ daily chart

UPDATE 1003. NQ futures puts in a low of 1616.

50 ET.20090831 0950 ET. The short was taken at 1625.75, somewhere in the 3rd 5 min candle, jumped the gun a little, but pays off in the end for the trade on the NQ futures today.

NQ daily chart