Logging in to my platform, so far, NQ looking to be range bound in the premarket today. We’ll see what happens. Maybe I just paper trade before the bell again today while working on my swing trading strategy.
Two significant things on the calendar today: 8:30 Core Durable Goods Orders report, 9:20 Fed Chair Powell Speaks. Fed news should have good effect on market.
8:30 news had no effect on the market. However, today would have been decent day to trade premarket. Had some good paper trade plays while working on swing strategy in the premarket.
At the Bell
Approaching the bell, the Fed news hasn’t had much on market either. The bearish slow grind premarket only came to an end…
And not much else happened. First 10 minutes, more range bouncing between, 6965 and 6942. Price hovering yesterday’s close.
Welp, not much at all happened today. Very boring uneventful day. Even the trading room was super quiet. One loss plus two small wins times lack of discipline equals red day. Is it Tuesday yet?…
Have a blessed and safe Memorial Day.
Five days left in the trading month. Focus for the remainder of the month is to be disciplined with no more red days.
Retrospect from yesterday, I should have had a much more profitable day. Things I could have changed: been a little less aggressive in the premarket with there being such a big move before I started trading. Been more aggressive with my entry in the market hours with there being “normal” volume back in the market. Exercised more discipline with my exit strategy.
Could have capitalized on 1400 Fed news. Typically I don’t trade the afternoon, but with this catalyst had a good opportunity to get as much as an additional 2R.
Today thinking to only paper trade in the premarket and trade in live account at the bell. We’ll see how the market looks at 6am.
…And of course today would have been a good day to trade premarket. When I finally sat down at my trading desk at 7:00, caught a successful paper trade.
At the Bell
Not a whole lot happened in the premarket before the bell. Volume looking average and seems price will be pretty much consolidated for a few mins while it battles at yesterday’s close.
Only significant news on the calendar today is at 10:00 so hopefully this will bring some volatility into the market before lunch.
Got off to a rough start with a mistake entering my order and then first play not working out. Recovered some of the loses not long after thanks to volatility. Apparently (as reported in chatroom), the super volatile dip before 10:00 was due to Trump news canceling meeting with Kim Jong Un. At any rate, caught two scalps off the dip.
Overall, not a terrible day. Could have been much better had I avoided that earlier mistake. But still happy I was able to end the day green. Adjusted the configurations in trading platform so this should be an issue anymore. All apart of the process I guess. #TrustTheProcess
At the start of my trading time, NQ has moved bearish more than 70 points (1.03%) since yesterday’s close. Also, volume is much stronger today. This premarket bear move well below the daily support the price was bouncing off of all week.
Leading up to this time, I did a little back trading to verify I was using the correct method to play my strategy.
Economic calendar showing 3 significant events taking place today: New Home Sales @ 10:00, Crude Oil Inventories @ 10:30, and Fed news @ 14:00. Making mental notes to be aware of these time frames but will stick to playing strategy as designed.
At the Bell
A little too aggressive in the premarket taking 2 losses. Just like the last few trading days, price staying consolidated after early push before 6am. Focusing to breathe and not get frustrated. Maybe should have sat on the sidelines before the bell as I wasn’t really expecting much from the early premarket action. Was just hoping to catch a small scalp or two.
NQ shot out the gate strong bullish right at the open. Staying patient and disciplined to 10 min rule. And regret sets in as I sit and watch almost all of the bearish ground retraced within those 1st ten minutes.
After the big open bell pop, was able to catch some scalps on some resistance breaks and bullish bounce. Wasn’t as profitable as I could have been if I had more stop trail discipline for the bullish bounce.
A little frustration from last couple of days when I was aggressive with entry, trades didn’t work at all. But today in market hours, I’m a little more passive with entry but would have worked out better being aggressive. For example, the last play you can see in the chart below, had my entry been just a couple points sooner I would have hit my scalp target.
It is what it is I guess. To live and trade another day.
Click here for more of my plays today.