Thursday, October 17, 2013

E-Mini ES Thursday market thoughts


 ES PRE MARKET THOUGHTS
This a sample of how I do my market preparation. I try and form a hypothesis before the morning gap for each index. 45 minute before the markets open I then reformulate my plan once I see where the gap is for each index.

White Lines show the Price Levels I will be paying attention to tomorrow along with the Highs and lows of the day and pivots:
  • 1717
  • 1706.5
  • 1691.75
  • 1685.50
Trend and Thoughts: Favoring a fade day today. Staying Long off support, unless we gap down under yesterdays low. Will fade any type of breakouts if we gap Up, otherwise not fading this trend.  Will favor gap fills both ways. A gap up below the R2 pivot and a gap down above the high of 2 days ago.

 * 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.
 

No comments:

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