Happy Monday! No change over the weekend for Nasdaq Futures. After a bit of sideways action (or lack thereof) we see selloff continue in the European market hours before bouncing back to the 5-minute VWAP in the premarket.
As for the economic outlook not much scheduled for the week, however this week kicks off the Q3 earnings season. JP Morgan will be the first major company to release earnings Friday. Interested to see what this earnings season brings as Q2 earnings season came with a suppression of volatility.
Volume check showing some strength to kick off the week with GCZ18 and CLX18 above 100K by 08:00 EST. CL trading slightly bearish so far while GC already down by 1.09%. Euro futures experiencing a similar selloff as Gold futures.
So, I ended up missing the strong bull move out the gate. The 5 min wick threw me off, showing indecision and I decided to wait for some pullback that I never got. After watching the paint dry for a while, strategy showed an entry that I took for a small scalp. Could have held it longer but by the design of my strategy, would have only gained an extra $5 so no big deal getting out when I did. Somewhat of a frustrating day, but better than losing money.
See the details of my day in today’s COB Recap video below. Enjoy!
International markets seem to not be too worried about tariffs headlines as indices go for a nice bull run in the premarket (European hours) on strong volume, currently above the 71K mark before 08:00 ET. Will be interesting to see how this translates into the open for NQ (Nasdaq Futures) as this is about a 0.35% retracement of yesterday’s close. Technically, very possible for another day of selloff. One candle can change things quickly, as well as a tweet from our favorite Twitter handle.
Nothing significant on the calendar today.
Only two trades for me today getting stopped out twice. With the choppiness I decided to not take any more trades for the day and risk digging myself deeper in the hole. The market will be open tomorrow, so what I’ve learned from the past few months is not to push it when the market is not on my side. Of course, later things calmed down a bit, but it was not a super strong day. Probably could have got back in the green but price action would not have made it easy and there’s a good chance emotions would have found their way into my trading resulting in bad decisions.
I did continue with paper trading, but the result wasn’t much better with the aforementioned price action. Was completely done for the day by 10:30 ET. Another positive is I’m still green (barely) for the month which is an improvement from July and August where I got off to a decent start before giving it tall back by the second week.