I haven’t had much luck with Nasdaq futures, seems like this is my Achilles Heal. I’ve busted the account several times on the wrong trade and revenge trading, but today seemed like the day. I feel like the market open and 930am is something I gravitate to but it seems like this is a very risky thing to try and trade. It really could empty the account, or fill it, all within a matter of seconds. I should be more cautious, but I win more than lose.
Today was no different, watching the clock hit 630am (930am EST) and then the NQ goes wild. I watch for the big candles go down, or up as was the case today. Then, I try and time the reversal to take one..big…trade. Again, very risky, and risk is something I should get better at controlling. The first entry proved wrong, it was still climbing and I dropped $200 within a minute or two. Then, I watch again for the big “rubber band” to snap back, and start to take the trip back to the EMA 200. In this video, I was lucky. There are other price action days that it climbs and climbs (or falls), and then stays at that level all day until I just watch a losing trade for the rest of the day. Still very risky, and I have experienced the pain of loss.
Price Action is something I’ll need to study more, and not rely on the 930am rush of the NQ, or just stay in Gold or Crude Oil all together at that time. Those two futures are not affected by it.