May 14, 2018 – Costly Mistakes

Premarket Insight

Spent some time this weekend getting some practice in using Think Or Swim’s back trading feature OnDemand. (Will review this and the platform later). Wanted to focus on perfecting my execution and looking for best setups. Today the focus will be on just that. The goal is to not have any mistakes this week.

 

Looking at NQ, it gapped up about 15 points (61 ticks) over the weekend. The volume is low and price action seems a bit choppy similar to last week. Also, light volume with other futures contracts (GC, CL, and 6E).

 

At the Bell

Missed an opportunity to take a bear play premarket. Decided not to take it because it wasn’t the best setup that I was looking for. Wouldn’t have been an easy trade so it’s all good.

 

EOD Recap

Starting the week off really weak NQ only had a small push bearish at the open pushing strong off Friday’s high. However, I was unable to capitalize having only myself to blame. First play got in too early resulting in a stop out. Then re-entered at a great location, at the break of 7200. My mistake here was lack of patience and not letting it play out. Let fear get the best of me instead of just trusting the process. Feeling the pressure from all the losses last week. (sigh) Robot trading is a must.

May 11, 2018 – Give Me a Break

Premarket insight

Continuing with failure to capitalize off bull grind yesterday is exposing holes in my trading execution. Took a significant amount of time this morning (as well as brainstorming last night) to do some back trading to develop a plan to clean up my weaknesses. Discovered I need to pay more attention to the daily trend as well fix some areas of my risk management. Developed a plan and ready to move forward.

At the Bell

Premarket action gave some good opportunities that I was able to take advantage of putting me green at the open. BUT the 1st hour stayed consistent with all the choppiness resulting in me giving up premarket profit plus some. Also, it didn’t help I made some mistakes. Gotta get rid of these mistakes. All day price has been bouncing between the high and the close of yesterday probing for a break of both but never holding the move.

 

COB Recap

As of lunchtime, the price stayed consolidated. Price action was so crazy my risk management strategy wasn’t safe, resulting in a small winning trade to turn into a loss. Was trying to stay disciplined and literally paid for it. No wonder the market gets such a bad rap… #Frustrated

 

Rob

Mv3 Trader

May 10, 2018 – Who Wants Lunch?!

Premarket Insight

From yesterday and doing some back trading research this morning I discovered my stop needs some attention. I haven’t been very disciplined with sticking to the stop plan built into my trading plan/strategy. I will fix this today.

 

At the Open

The market opens up with another fresh session of choppiness after a crazy surge premarket what looked to be a response to CPI report @ 0830. Took one play that failed. Now just watching for a while seeing how this 1st hour will play out. Staying patient for the best setup.

 

COB Recap

So it was another frustrating day of no decent volatility as NQ continued a slow choppy bullish climb keeping me pretty much flat for the day. Even though there was a little movement I didn’t get the setup I really wanted so I decided to stay on the sidelines and just watch.

And as I’m typing this, looks like the market is making another strong lunchtime push bullish. This makes no sense to me as lunchtime is usually one of the worst times to trade. People don’t eat??? Maybe this is somehow related to the low volume and volatility.

Any thoughts? Feel free to leave a comment or suggestion below.

*UPDATE: Turns out people were only getting some lunch money as it didn’t continue to push from the pop. Gave a 5 min shooting star before falling hard.

Rob

Mv3Trader