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!
Monday, Monday, Monday! CL made a strong move early in the Euro market hours moving more than 80 ticks. I’m sure based off crude oil news over the weekend.
Should be another eventful week with more trade war news, Trump tweets, and more major earnings. This week’s earnings include Google, Facebook, and Amazon which should have significant impact on the Nasdaq. (fingers crossed)
On the calendar today, Existing Home Sales at 10:00 EST.
At the Bell
Only took one play on CL getting stopped out on a potential reverse of the premarket bull run. It was a long shot but met all the requirements of my strategy so had to take it for trigger fear prevention.
Volume looking decent but not much has happened with NQ as of yet. I missed a play on GC in the premarket but did take a successful paper trade on the continuation of that move. Good practice for the morning session of the open.
Calling it early again today, accepting the defeat with all the chop. Out of 6 trades only caught 2 winners, one both pretty much scalps but nowhere enough to get me off to a green start for the week. I may be down but I’m definitely not out. Good thing is I didn’t make any mistakes and had good patience. Just not the day for my strategy. Down but never out.
Honestly, finding it a bit challenging today to stay optimistic today, even though I clearly realize the reality of how solid my strategy is and how simple it is for me to get back in the green with discipline and consistency. It’s just the fact of how costly my mistakes from early in the week put me in the position of where I’m now fighting an uphill battle that was completely avoidable. Anyway, time to move on!
So far today, everything on my watchlist is playing bearish (NQ, CL, GC). CL and GC dropping hard in the Euro market hours. CL already down more than 80 ticks (1.20%).
My focus today will be on NQ since my current buying power will only allow me to take a play on NQ in my AMP account. Still have enough in my Generic Trade account to play CL and GC, but I really want to stay focused on one instrument for 100% accuracy and consistency.
On the calendar today, Philadelphia Fed Manufacturing Index at 08:30 EST. Not really expecting much volatility from that.
At the Bell
Didn’t take a single trade in the premarket, waiting for the open market volume. spent the whole-time back trading and realizing how I’ve been messing up by not sticking to trading my 5-minute timeframe. However, in the process I did improve my skill drastically than when I created my strategy.
Good thing I decided not to trade the premarket today, not a thing but a whole heap of choppiness. In the first 5 minutes after the bell NQ taking off pretty strong bullish. Waiting for a pullback to determine my entry. Need to take only the best entries with my account the way it is now.
Somewhat of an uneventful market this morning. Only took 2 trades on GC and NQ getting scalps off both for a very small but satisfying green day. Need to turn this around to where my green days are huge, and my red days are small. I’m doing it backwards right now. However, green is green so can’t complain. And what’s best is I know the problem is with me, not the market. Everyday remember to trade fearlessly with intelligence.