Spent the night last night thinking about how I can take advantage of this choppy, slow market. Got the idea from RLT Futures chatroom of coming up with a way to scalp. (Major benefit of being part of a community of traders) After developing a solid scalp strategy used the back trading OnDemand feature in TOS to practice and verify validity before I went to sleep and this morning before trading. Will not make any active trades until the market opens today.
At the Bell
Looks like my good ole friends, volume and volatility, are returning to the market. During premarket action NQ had a major drop of 50+ points (200 ticks). Expecting things to be very interesting in the market today. Long term, wondering how far this pullback goes…
Bears continued strong into first hour of market. Was expecting some sort of pullback since it pushed so hard premarket, which never happened, so missed a couple good scalping opportunities. Proof that no matter what you are never smarter than the market.
Hindsight, could have just traded normally today with the volatility and volume returning to what’s been normal this year. However, did manage to get some small wins resulting in a green day. Also, using Trading View, took a paper trade going against the trend, testing the strength of my scalp strategy. See the results below: