20190701
Short 1 NQ 7840.0, -2.25
Short 2 NQ 7842.0, 7842.0, +4.0, -2.0
Short 2 RTY 1587.9, 1587.9, +1.5, +4.0
Long 1 NQ 7819.0,, +7.0
Long 1 YM 26715, +20
Long 1 RTY 1577.8, -0.5
Long 1 RTY 1576.0, -0.4
Short 1 NQ 7814.0, +10.0
Total YM +20
Total NQ +16.75
Total RTY +4.6
Such extreme gap up openings always invite fade entry triggers. Watching the charts, I was reminded of the Larry Williams Oops Trade, fashionable some years back, before traders were more commonly looking at lower frame bar charts. But imagine taking that short entry today just as the gap in the ES contract finally closed at the 2:30 Transition Time. ....might have to rename that the Ouch Trade, instead. But it must be said in fairness that although far better short entry models on such opening patterns are desirable, the market does not always accommodate your entry into an immediate reaction. Thus is was in the early NQ signals where I was stopped out. That left the RTY's Opening Range Pennant, which did trigger nicely.
But the best short of the day didn't come till a bit later, when the NQ sported a classic Pre-Break Pause Pattern, triggering a steep plunge down towards the moving averages. ...except I didn't take the trade, having already reached a daily goal and was eager to hold on to it, as is my Trade Plan habit. Read about the Pre-Breakout Pause, the Transition Time Marker, and the ORB Pennant in the book Pivots, Patterns and Intraday Swing Trades.
Will only be trading these first two days of the week... and wishing a great Fourth of July celebration for all.
