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Lots of big news today. Can make for a good volatile trading day, if your on the right side of the trades.
1- Jobless claims @ 830 am est
-Durable goods orders @ 830 est
-PMI manufacturing index @945 est
-Consumer sentiment @ 1000 est
-New home sales @ 1000 est
-EIA Petroleum status report @1030 est
-EIA Nat Gas report @ 12:00 pm est
-FOMC minutes @2:00 pm
2-Not much range yesterday or overnight. Also, lower volume than Monday(slightly). Price couldn't press Election day highs. Slightly broke it then came back down. ON did the same.
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I will wait and see if price breaks above 4887 area. If it does we will probably see price go up to about 4917-4920 area.
If not we can expect a range day with low volume.
Another possibility is all the news brings high volatility into markets. We might trend down for the day.
I will stay away from trading until about 10 am today due to a meeting.
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
lets just see how this plays out. Not my most confident entry, but I just came back from a meeting and this is what my instinct told me to do. LOL!!! (yea like I've developed an instinct for trading yet )
Volume is horrible
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
Hey @Ceerock81, if you're really in NJ I think your times are off for the various reports. EIA is at 10:30 EST, and FOMC is at 2. Your list above seems to be off by an hour.
As the EIA report came out my emotions started kicking in (fear). I figured Cl was about to rise and it would bring NQ up with it, so guess what?? I flipped my trade long.. Immediately after I flipped long I got emotional again (anger) why the hell didn't I stick to my guns and just wait it out??? So guess what??? I reversed back short .. Rookie moves , Fellas I know !!!! Too bad I didnt get any screen shots.... Meanwhile as Iam reversing back and forth, I am losing a few ticks each time. Not much , but enough. Add it to commission and yea it adds up.
Now as it dances around 4842, 4845, 4842, I decided that it was going to range the rest of the day til FOMC and wasnt going to be around for that , so I added a contract short to try and scalp a few points.
-Added short @ 4842 with target @ 4832(S3) ... Left first contract with original target of 4820.
-I left my desk to do a few things
-came back 11:56 target 4832 was hit with 10 point profit
-market reversed back towards 4843 area.
-Will flatten this first contract soon
-My son has a half day of school today. I need to leave soon ....
- Flattened @ 4843.50
So ,
-If you do the math first contract would have given me a profit of 1.75 points but there are ticks lost there due to my reversing .
-Second contract banked me 10 points .
-Overall PnL is only 8 points
Hey, I'm just happy it's green
Still have alot to learn !!!!
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
No major news today.
price has failed @ 4882 area a couple of times recently.
NQ lagging ES and YM. Can't seem to break ATH or even reach it.
Support @ 4840 resistance @4882
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-Will watch open and wait for a possible trend. Will avoid taking any trades until about 10am est
-Thinking about long at 4854 area. It's not 10 am so I will wait.
-should have taken it. I wont dwell on it. move on to the next one.
-Sold one @ ON high 4870 for a quick scalp 5-10 points. Then a possible reverse.
-filled @ 4869 ( bad fill) tight stop , target 5 points.
-target filled 4864 (one tick above OR-high)
-Hesitated on reverse. missed out on another quick 5 points.
-Short again @ IB-high 4870 ..... nope bad fill again 4869.
-Tight 2 point stop. Just testing because it seems like market doesnt want to break above 4870.
-This time i'll aim for a bigger target @ s1 4858.
-moved my stop to 4866 because I dont see much strength in this move down. At least i'll secure a small profit if price reverses on me.
- Stopped out ! Smart move because price just kept climbing .
3RD time price is attempting to break 4870. Let see how it reacts..
-10:29 am price breaks 4870 and shoots up to 4880 area.
- Looks like i'll get a retracement and possible opportunity @ 4870 area for a long.
-Filled @ 4872.25 tight stop @4868 .
-Stopped out !!! Was it a stop run is market going bear on us today ?????
Major news
-ADP non-farm employment report @815 est
-Personal income and outlays @830
-Chicago PMI @945
-Pending home sales @1000
-EIA petroleum status @1030
-Beige book @2
P.S. Drahgi is speaking this morning
Yesterday showed consistent volume throughout the day ETH VWAP @4878
I have ADR @ 64.50 (not sure if it's set up properly)
ON price action could not break below 4868 area, which is yesterdays IB-high
Ideal scenario: @ open price comes down to 4870 and then begins to make its way to 4898 again maybe even 4920 area.
Other scenarios: Price will just dance around 4870-4880 area until news is out and then make its moves
Or it will test 4898 area @ open, lose momentum and start making its way down towards 4860's if news is bad.
"It's not about being right or wrong, it's about how much money you make when you're right, and how much you don't lose when you're wrong"
