Morning Trading
I decided to go with the continuation at the open and short NQ. Since the markets broke support from the last trading session after a few range days and closed at their low it was a low risk trade. I wasn't planning on holding any trades long, just a few quick in and outs.
NQ Daily
The bias for today seems to be down, but I would allow the markets to trade up to Pivot R1 today before trying for a longer short trade to Pivot S1. That is the (low risk) setup I am would be looking for. Most likely the markets will keep selling down, NQ is making a new low as I type.
After today I will be going back to neutral in terms of market bias. Tomorrow is Friday, so possibly the Bulls will need to prop up the markets to keep Panic at bay over the weekend? I am sure a lot of retail investors, mostly the baby-boomers I keep hearing about buying the bottom or holding on because they don't want to take a 40%, 60% loss will be the final capitulation point! Suffice to say, we are not at the bottom. Possibly the next shoe will fall when one of the Big three auto makers declares Bankruptcy, maybe as soon as the the first quarter of next year.
My morning short trades.
NQ 5 Min
Pre-Noon Trades
I decided to get back into the market before lunch to the long side. I got stopped out a few times trying to enter and finally settled to go long and exit just under the Floor Pivot. Final entry for NQ was in @ 1081, scaled out on the way up with a few scalp trades in and out and and exited the trade @ 1111.50
I lost early profit getting stopped out and not waiting for my entry, broke discipline and started to chase the trade a bit and gave up ticks for it. Could have been a much more profitable day had I just waited.
NQ 15 Min
Profits for the day $1305
I've decided to stop trading, the short from Pivot P1 would have worked, NQ is down from it's high of 1115 to 1098 as I update my post.
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