Only spent a little time over the weekend getting some practice. Spent most of the weekend working on other business and enjoying family time. Good to relax and unwind to get mentally prepared for the upcoming trading week.
NQ gaped up to Friday’s open over the weekend and had a pullback of about 30 points into the gap before the start of my trading time. Price action really slow in the first hour of my trading.
At the Bell
Price continued to bounce around in the premarket until a nice bull move about an hour before the open, giving me two decent scalps before the bell.
Right out the gate, the market took off bullish almost making me wish I didn’t have the no trading first 10 mins rule. (LOL) But have to be patient here. It’s early and this should mean plenty of good opportunities to come.
Could have taken a reverse on the strong open market bull move but decided to not take it as it’s not part of my normal strategy. Would have worked out as long as I stayed disciplined to my stop and got the best entry, so good decision to pass up on it. Would have been too stress inducive.
Market practically went to sleep after strong open, hanging around in a tight range forming a bearish channel. Attempted 2 scalps resulting in losing premarket profits.
Took a peak at ES (S&P Futures) which would have been a much better trade today. What to do, it happens. At this point, 1 more hour to go before lunchtime. Maybe an opportunity will present itself within the hour. (fingers crossed)
And less than 10 mins later, was able to catch a nice scalp as NQ took a dive. Missed second opportunity from not fact checking info put out in chatroom about 11:30 fed news. Turns out that news was predicted to have limited effect on the market according to the investing.com economic calendar. Lesson: Always fact check info from others.
Spent some time this weekend getting some practice in using Think Or Swim’s back trading feature OnDemand. (Will review this and the platform later). Wanted to focus on perfecting my execution and looking for best setups. Today the focus will be on just that. The goal is to not have any mistakes this week.
Looking at NQ, it gapped up about 15 points (61 ticks) over the weekend. The volume is low and price action seems a bit choppy similar to last week. Also, light volume with other futures contracts (GC, CL, and 6E).
At the Bell
Missed an opportunity to take a bear play premarket. Decided not to take it because it wasn’t the best setup that I was looking for. Wouldn’t have been an easy trade so it’s all good.
Starting the week off really weak NQ only had a small push bearish at the open pushing strong off Friday’s high. However, I was unable to capitalize having only myself to blame. First play got in too early resulting in a stop out. Then re-entered at a great location, at the break of 7200. My mistake here was lack of patience and not letting it play out. Let fear get the best of me instead of just trusting the process. Feeling the pressure from all the losses last week. (sigh) Robot trading is a must.
Continuing with failure to capitalize off bull grind yesterday is exposing holes in my trading execution. Took a significant amount of time this morning (as well as brainstorming last night) to do some back trading to develop a plan to clean up my weaknesses. Discovered I need to pay more attention to the daily trend as well fix some areas of my risk management. Developed a plan and ready to move forward.
At the Bell
Premarket action gave some good opportunities that I was able to take advantage of putting me green at the open. BUT the 1st hour stayed consistent with all the choppiness resulting in me giving up premarket profit plus some. Also, it didn’t help I made some mistakes. Gotta get rid of these mistakes. All day price has been bouncing between the high and the close of yesterday probing for a break of both but never holding the move.
As of lunchtime, the price stayed consolidated. Price action was so crazy my risk management strategy wasn’t safe, resulting in a small winning trade to turn into a loss. Was trying to stay disciplined and literally paid for it. No wonder the market gets such a bad rap… #Frustrated