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!
So far, as of 07:00 ET, not much has happened in the markets on weak volume. Nothing huge stands out today, just the same trade war talks, and a couple of reports listed below on the calendar.
I will be continuing with the focus of trading consistently with patience. Now that I’ve become more willing to HTB (hit the button) and enter on my setup, need to make sure I let the trade play out as designed per my strategy.
On the calendar today, Building Permits at 08:30 ET and Crude Oil Inventories at 10:30 ET.
COB Recap
Out the gate, took a play in the 2nd minute of the open on NQ. Didn’t let it play out which would have hit target for $200, but with my exception to the not going flat rule in the first five minutes, I’m not too upset about that. Just read that play wrong.
Took a while to see another setup I liked. I saw it forming but I didn’t like the timing. I wanted to enter right away, but price action wasn’t giving the signal of being ready to pop out of the small channel that was being formed. So, I struggled through the itch and feeling of FOMO and finally HTB to catch the short at the right moment for a successful play that took about 2 minutes! YES!!! Taking my wins and going home.
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.
COB Recap
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.
