TAking

One strategy when trading the emini S&P 500 involves playing the 15 minute range breakout. I was curious to know if this method is still common? I have not tested this yet but would like to know if anyone in this forum trades this strategy.

Anytime you have a breakout from consolidation and a new trend, you like to see volume and a nice green candlestick bar at the breakout. This indicates momentum and will push prices higher. However, one when a tall green candlestick bar appears at the end of a trend, this is usually a clue that a top is in place. You can then look for a reversal and a short opportunity. If you are in a position and see a 1-minute wonder (tall green bar) it is usually a good sign to take profits or tighten your stops. A method to determine if a retracement will fail or not is to look at range expansion in candlesticks as well. If the candlestick on a reversal shows range expansion, this is an early sign of a trend failure. There is momentum and panic in that red bar. Doji's are key candestick patterns that predict a turn of events. The market is undecided on which direction to go. Tony Crabel descibed the doji as a narrow day or a NR7. A NR7 is a day in which the range is narrower than the previous 6 days. Similar to the idea of contracting bollinger bands, you can expect prices to breakout in either direction.

As a full-time trader, what should I put on my business card? I definetely do not get a positive response when I tell people I am a speculator. Most people will relate trading to gambling. How does professional trader sound? What do you guys think?

Just out of curiousity, why trade the QQQQ? Why not trade futures instead when their is a bigger potential for profits?