Started my day to see the market had a pullback from yesterday’s close about 0.40%. I didn’t give much attention to the market or my trading strategy and execution as I was working on one of my other businesses before my trading time. Checked investing.com to see Fed news @ 8:30 ET.
At the Bell
Bummed out, low volume in NQ again. (sad face) In true low volume fashion, price bouncing around a lot. Price just too choppy in the premarket even for my scalp strategy to work out. Stopped after taking 3 losses in a row. 8:30 Fed news just resulted in quick bear move before reversing slowly. After COB I will review these plays to check accuracy of my execution.
Nice bullish run after the 1st 10 mins of the open market. Was able to catch a good scalp, eyeing the right place to exit before a significant pullback. After bouncing back bullish, saw price was catching strong resistance at the previous day’s close. waited for the best setup before entering for another scalp. Much better action than premarket. Nice and smooth, just like I like it!
Check out 5-minute charts of premarket and open hour plays below.
After the major bounce off resistance today and hearing about some news of analysts predicting this is the top of the market, expecting a “the sky is falling” sentiment with some bears coming in to play today. But as always staying ready for anything. Anything is always possible in this market. May even do a little paper trading in TOS just to get some live practice in, like a scrimmage in sports.
At the Bell
Market looked to be pretty much opening at yesterday’s close before a crazy bull surge 15 mins before the bell. This after the priced bounced around a little premarket not really taking any particular direction. Volume a little lighter than yesterday. Only took two plays premarket from also doing a little market research and seeing the indecision of the market.
Not really much action today before lunch. NQ continued bullish about 30 points (+0.45%) choppy before a pullback. managed to grab 1 scalp on a new HOD breakout. Thought it was going to be a false breakout resulting in a loss but staying disciplined allowed me to capitalize on the move. Check out this play below share from my TraderVue.
**Go figure, the price took off strong bullish right before lunchtime again. Yaaaay…. (cue sarcasm)
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: