Interesting Day

I have to admit that I was a little unprepared for the low levels that we saw in the a.m. this morning, because I shorted the near lows only to watch it go against me faster then I could get my stop in, there was also a weird volume spike at 11:11 that I think was some kind of algo which accounted for the superhuman strenght the first half of the day. But I was just trading my plan...which called for a short under 1780, which we got in the overnight session and came pretty close to my downside target I gave last night (1755).

I ended up nailing a short on the high tick of the day, a level I also talked about yesterday as a major area (1786) only to end up covering it for a pitiful 2 points. Something that I have noticed the past couple trading days is that the area of 1768-1780 is an area that the market has trouble finding value in, and when 1780 is broken to the downside, and 1768 is broken to the upside, the market wants to find value in other areas moving quickly through this gap.

Pretty much same plan tomorrow...I do think we go higher because the DX (dollar) became pretty weak at the end of the day w/ what looked like a short sqeeuze on huge volume before the end of day today. And for the most part lower prices were quickly rejected.

1092 is a key area for the ES...under it short term bearish...above short term bullish

Here is a chart for the NQ...(up above)

Again if you want you can follow me on twitter...I made you 10.50 NQ points if you shadowed me on my live calls (sad to say I didn't even net that because of my early morning losses)

alright...back to basics

Ok, so I know its been like a year since my last blog post...but I've had a pretty big transformation of trading styles and trading vehicles. I pretty much only trade futures now a days...specifically the ES (S&P emini contract) and NQ (Nasdaq 100) contracts. If you are reading this and have no idea what these are, here is the Investopedia link to help you run down the basics.

http://www.investopedia.com/university/futures/

In the past months I have done this overhall of styles for a couple reasons, but mainly trying to keep adding tools to the tool box, while trying to operate under K.I.S.S....

Thanks to the internet I have had the oppertunity/luck to watch and follow some of the best and biggest traders in the world. You wouldnt believe how a big a tool things such as Twitter/other traders blogs have become for me. Up until a couple months ago before I discovered these select few traders that I followed live day after day...just cutting the market to shreds...I now feel like I was trading w/ blinder on this whole time. The gift these guys gave me was something that I had never come across in my journey to becoming a truly great trader. They showed me how the big boys look at it...how the big boys hit it perfect almost everyday, the gift of auction theory, and market profile.

Now I'm not going to go into how all that works...but these tools have truly shown me the light. I'm still fighting the learning curve, but I continue to improve everyday. My profit have slowed down quiet a bit because of the learning curve, and having to be way more patient, but I'm really starting to feel like I know exactly what the market is doing, and wants to do, and slowly my p/l is coming around as well.

I am going to start posting charts again as well...and if your on Twitter and want to follow me, as I do call out some of my high probability trades live...my handle is TRUmav. As a legal thing too...futures trading is highly leveraged, and highly risky if you dont know what you are doing, so dont do it if you cant afford to lose it.

A quick run down of key levels for NQ tomorrow:

1780 is key support...break of that would probably give 1755-1750 in the coming days...but until it really breaks, have to play bounces off it.

1786-87 is important, it also acts as support/res...the last couple selloffs have come when we have broke this area.

1791.5-92 is key...anything above this is bullish, and I only take longs. After this level, I just watch the order flow to scale out of longs, and enter shorts.

On the ES...we still need to test the big 1122 area...and I will have my short orders ready...more ES levels later