Last trading day of the month and others are expecting a slow market next week. However, I remember the same sentiment for the week of Thanksgiving last year, yet the market gave some of the best, easiest opportunities I’ve ever seen. So, I will stay ready.
Since last night I’ve been taking a deep look at CL and have noticed (late as usual) CL gives great opportunities every day. Officially I’ve decided to give my primary focus to playing CL, premarket and after the bell. This should allow me to grow my account to where I can play CL and NQ at the same time, fulfilling margin requirements for each. Or maybe I just trade multiple contracts on CL. But I do like trading NQ even though I have been struggling with it as of late.
Nothing significant on the calendar today. Volume looks decent across the board for my watchlist.
At the Bell
Premarket action, got one win off CL that took a while to get with the choppiness. Entry should have been sooner, but one of my indicators had me a bit hesitant. NQ has been trading in a range in the premarket. Trader sentiment from other traders is bullish predictions with eagerness to see what happens Monday based on historical events around the 4th of July.
Even though I have green lighted CL for market hours, I will stick to my rule of no trades in the first 10 minutes after the bell.
Feeling late to the party. Of course, CL picks today to have a ton of false breakouts that I’ve rarely seen in all my studies. Still today I was disciplined but would have been nice if that disciplined actually translated into big gains. It’s all good, it will work eventually.
One takeaway, exception to the ten-minute rule when CL is already trending. Catching that move would have changed a lot.
I actually ended the day with more wins than losses but those two false breakouts and strong volatility in a range bound day destroyed my green day. Next time… Next time.
Logging into my platform today, GC and CL looking a bit choppy again like yesterday trending nicely on the daily chart. GC trending bearish and CL bullish. Primary focus is on CL which seems to be more stable lately, unlike GC that keeps filling me on 1 min super wicks.
My main focus today will be trading with discipline regardless what instrument I trade. Need major improvement on my exit discipline, which is what I have been working on since yesterday’s afternoon session. Had I traded in the morning session the way I did in the afternoon with paper money, yesterday would have been green.
On the calendar today, GDP report at 08:30 EST. Volume so far is strong, but I have no predictions how this may affect the market volatility, if at all.
At the Bell
Got a little cushion in the premarket with CL. Had two plays, one win and one loss, making a mistake on the first and making it up on the second. Right before the open, strong volume in the market (NQ) with good volatility. Could be another day of good selloff which has started in the premarket. Have to remember to stay prepared for anything.
Ended the morning session the way I started, taking another win and loss on NQ breaking even. Took a loss on a false breakout which in retrospect was not a good place to enter. Made it up on the bearish side with a quick scalp, made possible by the one and only discipline!
Not a big green day, yet a huge day for my trading as all of my plays were disciplined even though I made some mistakes being a little too aggressive. Actually, I got frozen with all the choppiness and missed a couple of good opportunities that would have significantly changed the tone of my green day. Good to see the volatility back in the market though. It would be nice if the volatility was directional.
A lot of action early today on my watchlist. NQ had a decent bearish push before 05:00 EST, currently down 0.48%. GC and CL also showing some decent movement early.
On the calendar today, Core Durable Goods at 08:30, Pending Home Sales at 10:00, and Crude Oil Inventories at 10:30 EST. Beginning to look as if it will be an interesting day. Have to be focused.
7:56 – Irritated with GC filling me in on a 1 min wick again before quickly stopping me out for a loss. I was just about to remove the order too because it looked as if it wasn’t going to get filled.
At the Bell
Also took a loss on CL with choppiness, which is really my fault because my entry should have been sooner. Late entry was on a false breakout putting me in not such a great position for the open. Going to be locked into the market today, focused on my execution so I will probably not annotate my insight on the 1st ten minutes today. Currently ten minutes to the bell getting everything setup, making sure I am ready to go with no distractions.
However, I will annotate NQ has had a ton of volatility today with great opportunity in both directions. Apparently, seeing messages in RLT’s chatroom, there was news from the treasury depart after 07:30 EST that brought in some strong bulls. Fingers crossed this is translated well into market hours.
Long story short, since I was off emotionally and mentally, I should have just sat out in the market today. Ended up deepening the whole to $560 in the red on the day, mainly due to lack of discipline. I missed an earlier trade which was followed by getting a good fill on another bullish play that I excited too early. Click the link image below to get the play-by-play of the mess I traded myself into today.
I should have been able to easily trade my way back into the green after the bell. I will be paper trading for the rest of the day to get my discipline under control. At this point, lack of discipline is no excuse.