- NQ much weaker than i anticipated...the gap up was sold hard...
- a few minutes after today's open, it crossed my mind to possibly short the large gap up (my long was already sold at 1646 so i was flat...), but i was still leaning to the bullish side short term...one of the things i need to work on is learning how to trade to the downside when i feel the NQ is short term overbought, even though i believe i should be bullish on the longer time frame...
- volatility increasing....yesterday's ATR volatility (2.01%) was greater than its average ATR volatility (1.57%)...today's volatility (2.32%) is even greater than yesterday's....not sure what if any kind of predicitive value this may have for trading over the next few days, but it appears to me that the bulls and the bears have stepped up their activitites...
- when the NQ sold off to the low 1630's around 1230 pm, i purchased a second contract at 1632.75, lowering my average cost to 1642.00...
- i selected the low 1630's because: 1) it is just above the 1628 pivot that has been in effect since friday 8/21; 2) above the rising 200ma (magenta line) on the 15M chart...the ATR volatility chart did not play into it...
- SMH has broken above the top of its base at 25.50ish that dates back to the end of july...but after the opening gap up, it has sold off to the breakout area and has been flatlining since late morning...INTC, which is leading the SMH shows the same pattern...
- TRINQ still very bullish, but the NASDAQ A/D line is very weak...
- i am begining to feel a bit more bearish on the NQ shorter term, so instead of carrying the two contracts to sell at higher levels over the next few days, i used the pop above 1640 to the flat 20ma on the 15M to exit...sold 1 contract at 1642.00 for 0 pts/contract...
- though i did not make any money on this sale, i did reduce my exposure and free up some liquidity for further additions if we head lower...
- i am currently looking to sell the remaining contract at limit 1652.50 for the day session...if the NQ is above 1647.50 around 4pm and if i am stil long, i will sell it at limit 1647.50, and then look to buy this lot back at a lower level during the sunday night sesssion...if the NQ sells off, then i will hold the lot over the weekend...
- still looking to buy another contract at 1603.50...this order will hang around for a few days...
- i am looking for continued sideways and perhaps upside action through tuesday sep 1..after that i will reassess my short term bias, and my subsequent NQ discretionary swing trading plan....
- rebuilt the 'IDX OU' systemic swing trading model...
- currently working on rebuilding the '1 CT Spyder' model...
***remember this is an illustration of what i am trading and my thinking...my trading plan may change without notice...this is not a recommendation for you or anyone else, to buy or sell this or any other security...***
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