Looks like I’m not the only one excited for the return of Monday as we’re already seeing strong movement in the market thanks to the Asian and European markets. On my watchlist, CL has already jumped more than 100 ticks (1.07%) before 08:00 EST.
NQ continued a small bearish at the open of the Futures market before a bit of retracement, bouncing off Friday’s close. I’m predicting QQQ opens gapped down and we continue to head south at some point after the bell. Still overall a bullish market, but some retracement on the daily makes sense here, in my opinion.
My weekend study shows I have majorly underperformed my strategy, revealing I should be well beyond my $10k goal I set at the beginning of the month. A bit disappointing in my performance but highly encouraging seeing the potential. I will be locked in today, focused on consistency and discipline, keeping with the plan of taking my first trade after the bell.
On the calendar today, Pending Home Sales at 10:00 EST.
At the Bell
So, I was off with my prediction for QQQ. It did not really gap down. QQQ basically opened where it closed but the bears were strong at the open, so my sentiment was right. I haven’t taken a trade yet, waiting for the appropriate entry based off my strategy, even though hindsight says I could be in the green already. No sweat, it’s still early.
CL still moving bullish.
Well, that totally sucked! After the first huge drop that I missed from not getting the proper signal the choppy price action was horrible. Ended up taking an overly aggressive trade expecting continuation (instant regret) taking an unnecessary loss. Then was only able to take some scalps before I took the hint and just switched over to paper trading the rest of the day to entertain my boredom.
Not a thing happened with NQ or CL, which I’m not so surprised by CL since it moved so strong in the premarket. Not too many traders would be eager to get in at the top of such a strong move and would be hesitant of fading here without motivation from a decent breakout move bearish that we never got. There’s always tomorrow…
Comment below with your opinions and questions.