NQ Futures broke out from bracket on Monday. It retested the previous daily swing high 4676.5 and rejected at the Monday’s VPOC today gave me a hint that the breakout was for real (at least for day trading purposes), and market was trying to discover higher price levels.
It has been a long time since my last blog post. I have been trading. I thought I will write a quick review of FESX (DJ Euro STOXX 50 futures) since it is one of the product I frequently trade, and observe some interesting development now.
We are in a 7-day bracket (i.e Price rotates up & down without clear directional conviction.), and yesterday (Monday) we had a false break at the bracket low and previous swing low at 3375, and immediately, we saw short covering which brought the market back to bracket high. The day ended with a short covering profile (P-shaped profile).
This is a going to be an eventful week with ECB president speaks, AUD, GBP interest rate decisions and Non Farm Payroll at the end of the week. It will be interesting to see if we can finally breaking from this box.
I am a fan of creating my own trading tools. Yes, it is time consuming, but it helps to reaffirm my understanding of my own trading methodology during the design and development,and the end product helps to reduce some of my repetitive daily tasks during the trading day.
No, I am not talking about automation or algo trading etc. Just tools that help me to make decision. And in case you are wondering, NOPE. I am not selling anything here. This post is part of my journal.
Here is the review of some setups found yesterday in Bund market. The tool used here is FTM candle, which I have developed recently. Nothing magical, what it does is to analyse intraday time & sales data and identify certain patterns which helps me to identify trading opportunities.
Here is the EOD chart of Bund September contract.
chart created by Sierra Chart.
Here is the latest addition to the “Videos worth watching” collection.
Burn the boats! by Andy Andrews
In February 1519, Hernando Cortez set sail on the final leg of a voyage that was to take him from Cuba, a stopover, to the shores of the Yucatán. He commanded 11 ships, with more than 500 soldiers, 100 sailors, and 16 horses, bound for Mexico to take the world’s richest treasure. The precious jewels, gold, silver, and sculptures sheltered on this limestone peninsula had been hoarded by the same army for over 600 years. As they listened, Cortez leaned in and said three simple words that changed everything: “Burn the boats.”
Lately, I found myself watching more videos than reading blog posts. And I have found some of them are really good, and definitely worth watching again. I thought it might be useful to collect these videos and put them into a place where I can access them easily. As a result, I have created a video gallery on this blog for this purpose.
You can find the link “Videos worth watching” at the side bar or “Video Collection section” from the main page.
For clarification, I am NOT the owner of these videos. These videos are freely available on hosting sites such as Youtube. All I am doing is to organize them into a useful collection, and hopefully, it is useful to some of you.
I will be adding new videos to the collection. Of course, I welcome recommendations (please, no self promotion).
All right, head to the video gallery, and enjoy watching, and learning!
Here is the sneak preview of the gallery, visit the page for full list of videos
[huge_it_videogallery id=”3″]
Here are the articles in my weekend reading list
Better to be lucky than good?: What makes a career is coming in most days and making steady, consistent amounts in the markets and taking the bonuses when they come along.. – by Lee Gibbs – Tags: traders development – http://www.futexlive.com/blog_post.php?id=33
Consistency Is Not A Game of Perfect: We asked the SMB community which topics they wanted to learn more about it in the upcoming “Peak Performance Trading and Investing” video course. Out of a list of ten topics, by far the most popular was “How to Be More Consistent”. – Tags: traders development – http://www.smbtraining.com/blog/consistency-is-not-a-game-of-perfect
Three Steps In Overcoming Trading Fears: Many situations can be interpreted as threats. That leads to an anxiety response and an activation of the body’s fight-or-flight stress response. Once we perceive something as a threat, we can either run from it or we can face it. Facing a fear does not necessarily mean fighting or fleeing. – by Brett Steenbarger – Tags: traders development – http://traderfeed.blogspot.com.au/2015/05/three-steps-in-overcoming-trading-fears.html
Forget About Setting Goals. Focus on This Instead.: We all have things that we want to achieve in our lives — getting into the better shape, building a successful business, raising a wonderful family, writing a best-selling book, winning a championship, and so on. – by James Clear – Tags: traders development – http://jamesclear.com/goals-systems
The Trading Coach — Ask anything : how can I become more consistent as…: I have been actively trading for 5 years. I have followed the market for 25 years.. I have tried trading covered calls, medium and high beta stocks (ex – AAPL, SBUX ,CELG, TSLA. I have tried intraday trading options -no luck. – Tags: traders development – http://mikebellafiore.tumblr.com/post/119119226497/ask-anything-how-can-i-become-more-consistent-as
Your Trading And Investment Style And Why It Is Important: The recent post suggested that how we are wired–socially, emotionally, and cognitively–helps to determine our success in financial markets. – by Brett Steenbarger – Tags: traders development – http://www.forbes.com/sites/brettsteenbarger/2015/04/30/your-trading-and-investment-style-and-why-it-is-important/
When Coaching Is Not The Answer: Here are a few situations that I’ve encountered recently with traders: * A trader who showed talent but also tended to overtrade tried psychological exercises, journaling, reading books, and speaking with a coach. Upon review, the trader appeared to have a lifelong pattern of poor attention. – by Brett Steenbarger – Tags: traders development – http://traderfeed.blogspot.com.au/2015/05/when-coaching-is-not-answer.html
Enjoy, and have a good weekend.
Keep Learning, Keep Trading.
Gav
