Today trading started off tough for me I tried a few early scalps and I was finding I was getting back in chasing the trades or having them go severely against my entry. I later decided to stop trading and hold for the longer trend to (hopefully) materialize in the afternoon session. NQ was trading weaker against both ES and YM, in the morning both ES and YM went green and NQ was still 40 ticks under water. I knew then that some funds were walking out of the semi-sector and NQ was going to be a drag to the markets for any upside rallies.
NQ 10 Min
I was already in a long trade after I noticed the following bullish channel forming, as a result I adjusted my stops on a portion of my position and it saved me, I was a few ticks shy of getting stopped, I got the feeling we all do when we know the gig is up! I started to doubt my trading plan, when the bears sold down NQ to the S1 pivot and it looked like we had the reversal happening but after a few volatile moves up and down the bears broke S1 support and all I could do was hold my breath looking at my stop.
NQ 5 Min
I already took a few stops in the 1185 area scalping and I didn’t have any appetite for more so I switch over to a higher TF that I was trading from the get go and told myself to stop over-trading the scalp trades.
Also my matrix on TradeStation was not very responsive, there was a lag between click and seeing your order show up and not getting the fills even when price traded on each side of my entry! This is what was killing me on my scalp entries. I did OK overall today but I am still down for this week, with the breakdown in the rally back to the low of the day in the last 15 min of trading I have to admit the bulls may be done next week.
The outlook on the Daily globex session Sunday night looks like this, the downtrend still seems intact.
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