Premarket: It looks like the last two days we have been bouncing between 4431 and 4395 levels. Yesterday we had a pretty clean uptrend. On the larger time frames we rejected at the top of the channel on the weekly/daily. On the weekly we are testing the uptrend and on the daily we broke down below it. We are also starting the day with a big gap down (close to 40 pts). Today PMI Flash news comes out at 9:45 so have to keep that in mind. We are opening the day below VWAP after a decent move down this morning. 0pivot at 4414.67, +1pivot 4437.83, +2pivot 4450.17, -1pivot 4402.33, -2pivot 4379.17. Levels of interest are the high from yesterday at close at 4425.50, and the low which was at open at 4393.75 (we are opening below this), and the premarket low was 4386.5. The bottom from 6/14 is also around 4384 which may be a level to bounce out. Obviously looking at the market in general, but if we stay below VWAP I want to see a push up to that 4393.75 level or -1pivot/VWAP for a rejection and move back down. I will not be looking for a long unless we break above VWAP.
Trade 1: This was not a good trade and I feel like I may have done it because I haven't traded in a few days. I took a short after we had topped out on the first 2m candle, looking for a clean break down below the low we had made. The VOLD/ADD/TICK all opened extremely negative but it was too early to take a trade. I kept my stop at the high from the first 2m candle but this was still not a good trade.
Trade 2: This was another attempt at continuation to the downside, looking for the break of the lwo that was made at 4384. I got in a little too low on this trade and had to risk about 6 pts to the top of the structure which was more than I really wanted to risk but I told myself if I got this trade wrong I'd be done for the day. The VOLD/ADD/TICK were all trending up but the MNQ has just made a new low and was looking weak. Not sure I should have taken this trade as I did it purely on price action and no other confirming factures. I held through a lot of pain on this trade and ultimate hit my stop.
This was not a great day for me and a max loss day on the new size on the account. I need to be more patient and confirm a move with multiple factors before taking it. There was no reason to get into the first trade, and I was too trigger happy on my second trade and got in way too low. This was a poor trading day in general and I'm disappointed in my performance.