May 21, 2018 – Thank God It’s Monday #TGIM

Premarket Insight

Only spent a little time over the weekend getting some practice. Spent most of the weekend working on other business and enjoying family time. Good to relax and unwind to get mentally prepared for the upcoming trading week.

NQ gaped up to Friday’s open over the weekend and had a pullback of about 30 points into the gap before the start of my trading time. Price action really slow in the first hour of my trading.

 

At the Bell

Price continued to bounce around in the premarket until a nice bull move about an hour before the open, giving me two decent scalps before the bell.

Right out the gate, the market took off bullish almost making me wish I didn’t have the no trading first 10 mins rule. (LOL) But have to be patient here. It’s early and this should mean plenty of good opportunities to come.

Could have taken a reverse on the strong open market bull move but decided to not take it as it’s not part of my normal strategy. Would have worked out as long as I stayed disciplined to my stop and got the best entry, so good decision to pass up on it. Would have been too stress inducive.

 

COB Recap

Market practically went to sleep after strong open, hanging around in a tight range forming a bearish channel. Attempted 2 scalps resulting in losing premarket profits.

Took a peak at ES (S&P Futures) which would have been a much better trade today. What to do, it happens. At this point, 1 more hour to go before lunchtime. Maybe an opportunity will present itself within the hour. (fingers crossed)

And less than 10 mins later, was able to catch a nice scalp as NQ took a dive. Missed second opportunity from not fact checking info put out in chatroom about 11:30 fed news. Turns out that news was predicted to have limited effect on the market according to the investing.com economic calendar. Lesson: Always fact check info from others.

 

Click Image to see details of this play on TraderVue.

Rob

Mv3 Trader

“Trade Consciously”

 

May 18, 2018 – Lack of Disciplines Gets You Nowhere

 

Premarket Insight

Saw major selloff from the high of yesterday after lunch. Hoping this translate well into some momentum in the market today. Nothing interesting on the economic calendar that could give energy to the market. Logging in to my platform today, seeing the same low volume and not much movement on the chart. Let’s see how this unfolds between now and the open.

Volume relatively low across the board.

 

At the Bell

NQ went for a deep dive after 8am, strongly breaking the support and easily passing yesterday’s close. Caught a quick scalp off this move. NQ dropped more than 50 points in the premarket. Right before the open, price bounced off daily support. Volume didn’t climb much before the bell but could be a very interesting day…

 

COB Recap

RLT chatroom revealed premarket selloff more than likely due to today being expiration Friday for options. Makes sense and explains a lot because it was pretty much dead after that. Noting to keep track of third Friday of the month from now on (this is when all monthly options expire).

Over-managed first play after the open. Practically broke even for the day, red day if you include fees.

For the most part today, price was really choppy. However, due to the big move premarket, could have took scalps trading between the channel. I have noted this for next time and take some time this weekend to practice.

On a positive note, ended the week green a little over 1R. (click this link to learn what I mean by “R”)

 

Two poor disciplined scalps.

 

Rob

Mv3 Trader

“Trade Consciously”

 

May 17, 2018 -Three Strikes and You’re Out (Premarket)

Premarket Insight

Started my day to see the market had a pullback from yesterday’s close about 0.40%. I didn’t give much attention to the market or my trading strategy and execution as I was working on one of my other businesses before my trading time. Checked investing.com to see Fed news @ 8:30 ET.

 

At the Bell

Bummed out, low volume in NQ again. (sad face) In true low volume fashion, price bouncing around a lot. Price just too choppy in the premarket even for my scalp strategy to work out. Stopped after taking 3 losses in a row. 8:30 Fed news just resulted in quick bear move before reversing slowly. After COB I will review these plays to check accuracy of my execution.

 

COB Recap

Nice bullish run after the 1st 10 mins of the open market. Was able to catch a good scalp, eyeing the right place to exit before a significant pullback. After bouncing back bullish, saw price was catching strong resistance at the previous day’s close. waited for the best setup before entering for another scalp. Much better action than premarket. Nice and smooth, just like I like it!

 

Check out 5-minute charts of premarket and open hour plays below.
Third strike out for the premarket. In hindsight realized this play was too aggressive. Should have paid more attention to the 5 min.
Two successful open market scalp plays.

 

 

 

Rob

Mv3 Trader