Futures Trading

Oct 17 Futures Trading

Overall Condition

1)Nasdaq

Nasdaq 30 min chart

Nasdaq101722 on Oct 17

The Nasdaq 30 min chart shows it is bullish.

It is above both moving averages.

Find the support and enter the market on the flip.

2)Crude Oil

Crude Oil 30 min Chart on Oct 17

 

Crude oil is bearish on 30 min chart.

You could go short when it rallies back to the resistance areas, such as moving averages, VWAP+2sigma, or Fib 50%+.

3)Gold

The gold market is slightly bearish and looks choppy.

You can go short or long.

Since it is choppy, Fib retracement won't work.  Look for the retracement to moving averages or VWAP.

 

Today's Trade

Nasdaq Trade 1 minute chart

Nasdaq trade

Trade 1:

I went long too soon before 1-2-3 formation completed.  The market just broke out the range and should not take a trade because there is usually have another leg to sell off.

I took one bad trade with bad setup and one good trade with a good setup.

 

Trade 2:

The market came down to 200EMA and formed a flip pattern.  It also formed a clean 1-2-3 chart formation.

Gold Trade

The market came down to VWAP+1 but it just broke the range.  I should have waited for 1-2-3 formation to get formed before taking a long position.

The market broke 200EMA but it formed 1-2-3 formation.  If I had taken a long there, it would be an easy 2X trade (probably 3X).

Since 30 min chart shows a bearish pattern, I could have taken short on a flip trade when it made a new high.

I took one bad trade with a bad setup and missed two possible trades.

 

Crude Oil

 

The market was bearish on 30 min chart.  I could have taken a flip trade when it rallied to +2 signal VWAP

Summary

Nasdaq: One bad trade and one good trade

Gold: One bad trade and one missed trade

Crude: One missed trade

I did one good trade, two bad trades and missed two trades.

Wait for the market to test 200EMA worked well today.

Overall, I did it very poorly.   

 

Goals for tomorrow

Wait for 1-2-3 formation before taking any signal.   That will help avoid taking bad trades.

Follow the directions in 30 min chart that will help eliminate lots of losses

 

 

-Futures Trading

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