Jul 19, 2018 – Uneventful Battle

Premarket Insight

Honestly, finding it a bit challenging today to stay optimistic today, even though I clearly realize the reality of how solid my strategy is and how simple it is for me to get back in the green with discipline and consistency. It’s just the fact of how costly my mistakes from early in the week put me in the position of where I’m now fighting an uphill battle that was completely avoidable. Anyway, time to move on!

So far today, everything on my watchlist is playing bearish (NQ, CL, GC). CL and GC dropping hard in the Euro market hours. CL already down more than 80 ticks (1.20%).

My focus today will be on NQ since my current buying power will only allow me to take a play on NQ in my AMP account. Still have enough in my Generic Trade account to play CL and GC, but I really want to stay focused on one instrument for 100% accuracy and consistency.

On the calendar today, Philadelphia Fed Manufacturing Index at 08:30 EST. Not really expecting much volatility from that.

 

At the Bell

Didn’t take a single trade in the premarket, waiting for the open market volume. spent the whole-time back trading and realizing how I’ve been messing up by not sticking to trading my 5-minute timeframe. However, in the process I did improve my skill drastically than when I created my strategy.

Good thing I decided not to trade the premarket today, not a thing but a whole heap of choppiness. In the first 5 minutes after the bell NQ taking off pretty strong bullish. Waiting for a pullback to determine my entry. Need to take only the best entries with my account the way it is now.

 

COB Recap

Somewhat of an uneventful market this morning. Only took 2 trades on GC and NQ getting scalps off both for a very small but satisfying green day. Need to turn this around to where my green days are huge, and my red days are small. I’m doing it backwards right now. However, green is green so can’t complain. And what’s best is I know the problem is with me, not the market. Everyday remember to trade fearlessly with intelligence.

 

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Comment below with your opinions and questions.

 

Rob

Mv3 Trader

“Trade Consciously”

 

Jul 18, 2018 – Show Me the Volume

Premarket Insight

In my crisis yesterday, realized I’ve been doing myself a major disservice by stepping away from my primary strategy on NQ. Could have been crushing it this whole time had I just stuck with it, only adding the breakeven plan I have developed over time. Let that be a lesson to always stick with the strategy through thick and thin, only making minor adjustments (adding to, not taking away) for improvement of performance. Will be reverting back to that strategy immediately!

A few things on the calendar today. Building Permits at 08:30 EST, Fed Chair Powell Testifies at 10:00 EST, and Crude Oil Inventories at 10:30 EST.

 

At the Bell

Again, took two losses in the premarket on CL. I was hesitant to take those plays and I should have went with that instinct because the volume was so low, really across the board. There was very little action for anything in the premarket, except GC that had just a small bullish movement.

NQ showing more indecision in the first few minutes of the open and low volume like we saw back in June. May be mostly watching for the rest of the day. The market is just too choppy for my strategy so far today. Have to stay positive and open for anything.

 

COB Recap

After my third loss on CL I had to follow my rule this time and stopped. That was followed by, about an hour later, taking a paper trade on CL that worked like a charm. I really messed up with that mistake premarket but what stuck out more to me is I the volume. Creating a new rule now to not take any trades on CL or GC if the volume is below 100K. Still trying to decide for NQ because it can push for decent opportunities on less than 100K volume as confirmed by my studies last night.

Another losing day. Tomorrow primary focus going back to NQ. Should have been the primary focus for today. Another day where I successfully managed my risk so I’m still alive to trade another day! There’s always tomorrow.

 

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For real-time insights follow me on Twitter! @Mv3Trader

 

Comment below with your opinions and questions.

 

Rob

Mv3 Trader

“Trade Consciously”

 

Jul 17, 2018 – Broken Rules

Premarket Insight

Yea so… The market was apparently waiting for the NFLX earnings report since the volume came flooding in after the report taking a complete nose dive. NQ dropped a whole 58 points (0.79%) in about 15 minutes. I did take one play on NQ after the lunch break taking another loss before just hanging it up for the day.

So far today at 06:30 EST, volume looking about the same as yesterday. Contemplating switching my main focus outside of CL to GC or 6E (Euro Futures) since I have solidified my strategy for those. Still, primary focus is on playing CL.

On the calendar today, Fed Chair Powell Testifies at 10:00 EST. That should be very interesting. We shall see…

 

At the Bell

Took two losses on CL playing the pennant pattern bullish before the big drop at 09:00 EST. One-minute price action made it hard for me to get in on that drop where my strategy would typically place my entry. Then missed second opportunity that would have resulted in at least a scalp due to a bathroom break. Sometimes I feel like someone in the market is watching me… LOL

That 09:00 timeframe also saw a lot of selling pressure in NQ and GC. Got a successful paper trade on GC. I’m a paper trading master. If only my live trading went the same (haha).

First ten minutes saw the bulls run over all those 9am bears in a major retracement. Will be waiting patiently for a good entry, playing CL and NQ as usual. Tomorrow planning to go live on GC.

 

COB Recap

Broke my 3-strikes rule and paid heavily for it. After the fourth loss stopped and reviewed my plays to see I was off my game again today. Even took a play where I risked more than my plan, not even sure how that happened. As far as I can remember I just remember moving stop to lessen the risk, but I guess not. I really hate making mistakes like that.

From my review I should have never taken a loss until maybe a continuation play after pullback. Not sure why I’m so off so far this week but this has to change. It’s currently 10:40 EST and I’m done for today being way too far in the red, already taking too many losing trades. Need to stick to my rules.

 

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For real-time insights follow me on Twitter! @Mv3Trader

 

Comment below with your opinions and questions.

 

Rob

Mv3 Trader

“Trade Consciously”