- , NQoriginal NQ target of 1597.50 would have been hit by EOD...i need to continue working on the discretionary day/swing trading plan, so that it factors in more of my emotions...
- the way it looks now, what started out as a multi day NQ swing trade turned into a NQ daytrade...how did this happen? i did not expect the NQ to continue its upward climb so fast after yesterday's apparent exhaustion day...however, all major market indices filled their opening gap downs, and are again testing their recent highs...relentless buying pressure...i thought it more probable that if we were to test the highs today, a summer friday, that we would drop back down later in the day, and i could rebuild my position...wrong! it didn't happen that way...low probability behavior, in my view for the market to continue its run up today...
- i will still be looking to add long side NQ exposure on a counter trend move down...i am hoping that will happen sunday night or monday...if not, i am not sure if i will buy a break above the recent NQ high of 1604...
- S&P 1000 will probably be the next target....those still short the market, or under invested, may be looking at a break above S&P 1000 (just as they are now doing with S&P 950) as the next psychological target to adjust their positions...
- i wonder if the 'fear of losing' for the shorts and the 'fear of missing' for the longs will be at play on a break above 1000 on the S&P 500?? i say the answer is yes! we could see another strong ramp up on a break above S&P 1000 if the shorts and longs get real emotional...
- if i/you/we could book on average just 1 ES point per day/contract (net of commissions), that would be 252 points/contract/year...at the current ES level of 979 that would be 26%/year...all i/you/we have to do is figure out how to do that...what a great challenge! at 26% per year, financial security would be at hand...
- finished the R&D on a particular component of the systemic ES intraday model that JE and i are working on...just need to code it up...also ready to back test a few of the model's filters...
- great phone conversation with JE today (http://myestradingjournal.blogspot.com/)...i think he comes up with a new trading idea/concept every day!
- happy with my vcm discretionary day trading this week...looking to continue my approach next week...
- no systemic swing trading signals generated today....
- though i didn't fully follow my discretionary swing/day trading plan for the NQ, i am still happy to have booked 27 NQ points/contract today...
- have a great weekend everybody!!
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