There was a squeeze trade setup in YM this morning, I took the trade. YM broke out from squeeze channel (bolinger band and keltner channel) with momentum trending upward. I went long with 10 point stop loss. Took bad, I was stopped out with 1-R loss.
[photopress:YM_squueze_trade_closed.jpg,full,pp_image]
Dear diary,
Let’s look at what is going on in the first 30 minutes of regular session. I see rather flat opening. Volume is good. NYSE TICK stayed above zero most of the time while TRIN stayed above 1. I don’t want to predict direction of market, I will see what can I do later. Overall, I am not bearish though.
btw, tell you a secret. First mistake of the day, I sold the wrong contract!?! I was supposed to sell YM and accidentally sold ES. With 2 ticks loss. (this kinda mistake is unacceptable, I was lucky, my account did not allow me to trade big volume). Ok, you may laugh at me now.
Dear diary,
No opening trade for me today, as I did not have setup for squeeze trade. I am not ready for gap trading yet.
Here is what I see in the first 30 minutes of regular session.We have a small gap down in 5-min and 15 min chart of ES. TICK spent most of its time above zere, but it is still moving within the noise range. TRIN opened below 1, however, it is trending upward again. It is very hard for me to be bullish now. Volume is not significantly high, but it is good enough to construct a volatile day. Intraday, E-mini Nasdaq (NQ) looked pretty bearish to me.
Well, it might be another choppy day again, I don’t know. I am watching for opportunity to do some scalp trades.
by Gav 2 Comments
This is second scalp trade of NQ. Too bad, it did not work out. I scraped the position with profit just nice to pay commission. Again , that was another squeeze trade. NQ broke out from Bollinger band and Keltner channel in 5 minute chart. Momentem failed to continue pushing up the futures. One trade closed with 0.01-R gain.
[photopress:NQZ06_Squeeze_2.jpg,full,pp_image]
Dear diary,
eCBOT exchange is down again. How can this happen so often? Tell me.
1030am NY time.
by Gav 2 Comments
Dear diary,
This morning market started with negative tone. I did a quick scalp in 5-minute chart of NQ to get the mood right. I shorted NQ futures for very small profit. This is a squeeze trade as bolliger band was squeezing in Keltner channel and momentum turned negative. Short position was established when it broke down from the squeeze channel.
Let’s look at the market condition for the first 30 minutes of regular session. We have small gap down in NQ(E-mini Nasdaq) and ES (E-mini S&P). NYSE TICK spent most of time below zero, while NYSE TRIN was shooting above 1.25 level and trending up. This is not so good for bulls. For the time being, I will just ignore all Long setup. Volume is good enough to construct a volatile session.
Here is the chart of the scalp trade.
[photopress:NQZ06_Squeeze_setup.jpg,full,pp_image]
