ES and NQ 5 Day 30 Minute Charts
ES PRE MARKET THOUGHTSThis a sample of how I do my market preparation. The night before I form a hypothesis of how I will approach the day if the market gaps up or gaps down. Preparing the night before takes out all the emotion and once I see the morning gaps I then refer to my plan for the day.
White Lines show the Price Levels I will be paying attention to tomorrow along with the highs and lows of the day and pivots:
Day Trading Pre Market ThoughtsTrend Thoughts: Staying Long unless there is a nasty down gap below the lows of Friday. Will not consider a trend change until a solid close below the 10sma on the daily charts. NQ and ES still in their respected channels. NQ in an NR7
Gap Fill Thoughts: Will consider Gap Fills on an up gap below yesterdays Highs or a down gap above yesterdays lows using support. Up gap I would lean towards the NQ or YM for a gap fill. Will want to play the trade off support or resistance.
Gap and Go Thoughts: If the ES or YM gap solidly over the yesterdays Highs (which I would then consider support) I will consider running with the index long at the open. The NQ I prefer a gap over the high of 3 days ago or just sit out. If the 3 index's have a bearish gap down, under yesterdays lows, will look to short and go with the gap with an eye on support levels. NQ prefer low of 2 days ago.
Breakout thoughts for a 15, 30 or 60 minute breakout: Will consider a BO with gap over yesterdays highs or a modest gap down and bouncing off support. Would need all three index's in agreement to attempt a BO.
Breakdown thoughts for a 15, 30 or 60 minute breakdown: With the trend up I usually stay away from breakdowns. Will consider if there is a gap down under yesterdays lows with room to the lows of 2 days ago. Be aware of support areas.Otherwise will stay away and not fight the trend.
Fade Long thoughts: In staying with the trend looking for fades off support (false breakdowns) off the low of yesterday, low of 2 days ago, gap fills or possible lunch time fades on a double bottom. Minimum 30 minute wait.
Fade Short thoughts: Depending on strength would consider a short fade at all-time highs or the high of 2 days on the NQ or yesterdays high on the YM. Minimum 30 minute wait. May consider a lunchtime fade short if at resistance.