Chronicles of the NQ

Quote from Instynct:

But for some reason I kept shorting the lows of the range, "blindly thinking that support will break" before it does. Those words are in quotes because they are my words spoken on here last week, yet I went against my own rules. So to reiterate, the rule is this: "Never, ever sell into solid support, or buy into solid resistance". You either buy with the support or sell with the resistance, or wait for a clear break. If there is one rule of mine that I break the most, it's this one.
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I am of the opinion that every trader suffers from some kind of problems and some kind of discipline issues. It is good to know the rule that you break the most, because only once you know it, you can work on it. However, it could be really tricky to work on one's weaknesses.

For example, my biggest weakness is I find it very hard to hold on to trades in ES when ES breaksout in a sharp way. I take the trade in the direction of the breakout, book some profits and then reverse. This has caused me huge losses on big trend days. And I find it very hard to control this tendency of mine.
 
Quote from Instynct:

No trading for me today as I just plan to watch price. Check out apple though, breaking new lows
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I guess the real question is...

Does apple lead the Nasdaq or does the Nasdaq lead apple
 
We took out stops below 2770 and then bounced. If price can't break above 2779 and use it as support ( instead we used as resistance) then its possible we break another leg lower with a 2755 target
 
Quote from Instynct:

Traded 19 contracts for this... So little on a day that the market gave out so much.
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This is still early days with this journal, but your performance this time is much inferior to the last time. Sorry - not trying to dishearten you. Just saying what I thought.

Why is it so? Last time you were absolutely GOD like in consistency and making money!
 
Quote from gmst:

This is still early days with this journal, but your performance this time is much inferior to the last time. Sorry - not trying to dishearten you. Just saying what I thought.

Why is it so? Last time you were absolutely GOD like in consistency and making money!
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Well I was hoping this journal will be more about NQ and less about my own results. Either way I think its too soon to make that conclusion.
 
Another whopper of a day for me. After a day like tuesday, the objective for me is to just string out winning days and renew that mental capital. This is how I'm going to defeat the side of trading that I struggle the most with.
 

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Good morning, hope everyone had a restful weekend and ready for another week of trading. I just started on a new book, "The Pyschology of Trading" by Brett Steenbarger, and so far so good.

I'm looking for price to hold or stay above 2779 for this rally to to continue. We broke below it briefly to take out some stops but popped right back above it. This is the action I'm looking for when price trades around key levels. Take out some stops and exhaust sellers in a pullback then resume the upside trend. Taking out stops is important because the market needs to "create" new participants to jump back in and drive the market back up. Upside price levels I'm targeting are: 2804.25, 2810, 2823

If 2779 level does not hold then I'm looking to short immeditately with downside targets of: 2770.25, 2761.5, 2750
 
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