Thursday, July 30, 2015

Pre Market Thoughts Thursday

Pre-Open Notes: posted 30 minutes before the open
  • Gap: Gaps down and make gap fill more iffy with larger range gap. With trend on the side slightly lean to a possible gap fill later as a target area. NQ I would wait 30 minutes to trade. ES look for first support area as possible fade. 
  • Prior Day Daily Bar: Despite the gap down look for a continued higher low in the ES. NQ more vulnerable to break its lows.
  • 20/60/200sma: Both still over 200sma. Will continue to look long at support until there is a change. 
        ES Support/Resistance Target areas
Support and Resistance Key. Green dotted Lines: Area to target to get long  Red dotted Line: Area to target to get short
NQ Support/Resistance Target areas
Support and Resistance Key. Green dotted Lines: Area to target to get long  Red dotted Line: Area to target to get short

Morning Targeted Areas
 These are the areas I will consider going long or short with at the open based off the current gap. (Gap may change after this post). I use a 2 point stop on the ES and a 5 point stop on the NQ. I target 4 points on the ES and 10 on the NQ. ES I mostly fade and NQ more momentum.

The night before I form a hypothesis of how I will approach the day if the market gaps up or down. I  base this hypothesis off the 15 and 60 minute trend, Support and Resistance areas, and the prior days trend. Preparing the night before removes the emotion of randomly placing a trade.

Attempt only trades in which the ES and NQ line up for optimal success.To be successful in trading master ONE setup before tackling another. Study it, own it and turn off the computer after the trade and let it play out.

How to succeed:
  • One day at a time devoting yourself to the same setup day after day.Think, sleep and eat your setup.
  • Skill is developed by hours and hours of working on your craft. Small advantages hammered out day by day.
  • Everyday write 3 things you learned from your setup.
  • An oak tree will not fall by hitting it at 20 different locations but by hitting it at the same spot day after day. 
  • Don't be afraid to make a decision. Don't be afraid to fail and have a losing trade. You will not be perfect.Trade within your means.
Factors to consider in a trade setup:
  • Previous Day Daily Candle Price and trend 
  • Today's Gap
  • Was the previous day a Breakout day, continuation day or flat
  • 15 and 60 minute trend or 5 minute 20/60/200sma - to stick with the trend
  • Support / Resistance areas .


* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

Wednesday, July 29, 2015

Pre Market Thoughts Wednesday

Pre-Open Notes: posted 30 minutes before the open
  • Gap: Small Gap Up, look for gap fill. Sticking with trend of being long today off support.
  • Prior Day Daily Bar: Strong bar up, look to break yesterdays high at some point. 
  • 20/60/200sma: Will look to get long with a break of yesterdays high, after gap fill, with 20sma support. R1 pivot is a target area. 
        ES Support/Resistance Target areas
Support and Resistance Key. Green dotted Lines: Area to target to get long  Red dotted Line: Area to target to get short
NQ Support/Resistance Target areas
Support and Resistance Key. Green dotted Lines: Area to target to get long  Red dotted Line: Area to target to get short

Morning Targeted Areas
 These are the areas I will consider going long or short with at the open based off the current gap. (Gap may change after this post). I use a 2 point stop on the ES and a 5 point stop on the NQ. I target 4 points on the ES and 10 on the NQ. ES I mostly fade and NQ more momentum.

The night before I form a hypothesis of how I will approach the day if the market gaps up or down. I  base this hypothesis off the 15 and 60 minute trend, Support and Resistance areas, and the prior days trend. Preparing the night before removes the emotion of randomly placing a trade.

Attempt only trades in which the ES and NQ line up for optimal success.To be successful in trading master ONE setup before tackling another. Study it, own it and turn off the computer after the trade and let it play out.

How to succeed:
  • One day at a time devoting yourself to the same setup day after day.Think, sleep and eat your setup.
  • Skill is developed by hours and hours of working on your craft. Small advantages hammered out day by day.
  • Everyday write 3 things you learned from your setup.
  • An oak tree will not fall by hitting it at 20 different locations but by hitting it at the same spot day after day. 
  • Don't be afraid to make a decision. Don't be afraid to fail and have a losing trade. You will not be perfect.Trade within your means.
Factors to consider in a trade setup:
  • Previous Day Daily Candle Price and trend 
  • Today's Gap
  • Was the previous day a Breakout day, continuation day or flat
  • 15 and 60 minute trend or 5 minute 20/60/200sma - to stick with the trend
  • Support / Resistance areas .


* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

Tuesday, July 28, 2015

Tuesday Pre Market Thoughts

Pre-Open Notes: posted 30 minutes before the open
  • Gap: ES gaping over its high and R1 pivot, will look to get long near Pivot/yesterdays high. With multiple down days and larger gap up not looking for a gap fill
  • Prior Day Daily Bar: 5 lower lows and gap up over 50% over yesterdays range. Could see short covering and a push up early.
  • 20/60/200sma: Gap up turns the 20/60 higher, looking to get long on a pullback. Wont look short until 20 is below the 60sma on 5 minute chart.
        ES Support/Resistance Target areas
Support and Resistance Key. Green dotted Lines: Area to target to get long  Red dotted Line: Area to target to get short
NQ Support/Resistance Target areas
Support and Resistance Key. Green dotted Lines: Area to target to get long  Red dotted Line: Area to target to get short

Morning Targeted Areas
 These are the areas I will consider going long or short with at the open based off the current gap. (Gap may change after this post). I use a 2 point stop on the ES and a 5 point stop on the NQ. I target 4 points on the ES and 10 on the NQ. ES I mostly fade and NQ more momentum.

The night before I form a hypothesis of how I will approach the day if the market gaps up or down. I  base this hypothesis off the 15 and 60 minute trend, Support and Resistance areas, and the prior days trend. Preparing the night before removes the emotion of randomly placing a trade.

Attempt only trades in which the ES and NQ line up for optimal success.To be successful in trading master ONE setup before tackling another. Study it, own it and turn off the computer after the trade and let it play out.

How to succeed:
  • One day at a time devoting yourself to the same setup day after day.Think, sleep and eat your setup.
  • Skill is developed by hours and hours of working on your craft. Small advantages hammered out day by day.
  • Everyday write 3 things you learned from your setup.
  • An oak tree will not fall by hitting it at 20 different locations but by hitting it at the same spot day after day. 
  • Don't be afraid to make a decision. Don't be afraid to fail and have a losing trade. You will not be perfect.Trade within your means.
Factors to consider in a trade setup:
  • Previous Day Daily Candle Price and trend 
  • Today's Gap
  • Was the previous day a Breakout day, continuation day or flat
  • 15 and 60 minute trend or 5 minute 20/60/200sma - to stick with the trend
  • Support / Resistance areas .


* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

Monday, July 27, 2015

Monday Pre Market Thoughts

Pre-Open Notes: posted 30 minutes before the open
  • Gap: Large gap Downs and extended. Will wait 30 minutes before looking to place a trade
  • Prior Day Daily Bar: Wide range bar down
  • 20/60/200sma: Trend down and extended with the large gap down 
        ES and NQ daily Charts - wait don't chase the first 30 minutes
Morning Targeted Areas
 These are the areas I will consider going long or short with at the open based off the current gap. (Gap may change after this post). I use a 2 point stop on the ES and a 5 point stop on the NQ. I target 4 points on the ES and 10 on the NQ. ES I mostly fade and NQ more momentum.

The night before I form a hypothesis of how I will approach the day if the market gaps up or down. I  base this hypothesis off the 15 and 60 minute trend, Support and Resistance areas, and the prior days trend. Preparing the night before removes the emotion of randomly placing a trade.

Attempt only trades in which the ES and NQ line up for optimal success.To be successful in trading master ONE setup before tackling another. Study it, own it and turn off the computer after the trade and let it play out.

How to succeed:
  • One day at a time devoting yourself to the same setup day after day.Think, sleep and eat your setup.
  • Skill is developed by hours and hours of working on your craft. Small advantages hammered out day by day.
  • Everyday write 3 things you learned from your setup.
  • An oak tree will not fall by hitting it at 20 different locations but by hitting it at the same spot day after day. 
  • Don't be afraid to make a decision. Don't be afraid to fail and have a losing trade. You will not be perfect.Trade within your means.
Factors to consider in a trade setup:
  • Previous Day Daily Candle Price and trend 
  • Today's Gap
  • Was the previous day a Breakout day, continuation day or flat
  • 15 and 60 minute trend or 5 minute 20/60/200sma - to stick with the trend
  • Support / Resistance areas .


* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

Friday, July 24, 2015

Friday Trading Plan and Notes

Pre-Open Notes: posted 30 minutes before the open
  • Gap: Flat to small gap downs. NQ will look to fade when the ES hits gap fill or at resistance. Otherwise wait 30 minutes.
  • Prior Day Daily Bar:ES 4 straight lower high days and looking for that to continue and a test of the lows. Will fade the yesterdays low if the Gap hasn't filled within a point. 
  • 20/60/200sma: Trend is down. Stick with trend to improve your odds. Looking to fade first Resistance on the day. 
        ES Support/Resistance Target areas
Support and Resistance Key. Green dotted Lines: Area to target to get long  Red dotted Line: Area to target to get short
NQ Support/Resistance Target areas
Support and Resistance Key. Green dotted Lines: Area to target to get long  Red dotted Line: Area to target to get short

Morning Targeted Areas
 These are the areas I will consider going long or short with at the open based off the current gap. (Gap may change after this post). I use a 2 point stop on the ES and a 5 point stop on the NQ. I target 4 points on the ES and 10 on the NQ. ES I mostly fade and NQ more momentum.

The night before I form a hypothesis of how I will approach the day if the market gaps up or down. I  base this hypothesis off the 15 and 60 minute trend, Support and Resistance areas, and the prior days trend. Preparing the night before removes the emotion of randomly placing a trade.

Attempt only trades in which the ES and NQ line up for optimal success.To be successful in trading master ONE setup before tackling another. Study it, own it and turn off the computer after the trade and let it play out.

How to succeed:
  • One day at a time devoting yourself to the same setup day after day.Think, sleep and eat your setup.
  • Skill is developed by hours and hours of working on your craft. Small advantages hammered out day by day.
  • Everyday write 3 things you learned from your setup.
  • An oak tree will not fall by hitting it at 20 different locations but by hitting it at the same spot day after day. 
  • Don't be afraid to make a decision. Don't be afraid to fail and have a losing trade. You will not be perfect.Trade within your means.
Factors to consider in a trade setup:
  • Previous Day Daily Candle Price and trend 
  • Today's Gap
  • Was the previous day a Breakout day, continuation day or flat
  • 15 and 60 minute trend or 5 minute 20/60/200sma - to stick with the trend
  • Support / Resistance areas .


* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.

Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE