9 July Recap
Too busy for pre-market plan-multi day short & potential outside day down
Planning was a bit of a rush today so I didn’t have time to send out the pre-market report today, but hopefully some value add from my decision to sell the highs on NQ with analysis.
We had distinct call resistance shown on NQ (attached). This created a poor high and brief new ATH on NQ, and a notable divergence on ES, which failed to reach it’s own large positive GEX at about 6320 equivalent.
Levels are only part of the story though, studying the order flow is often sufficient—but, as this involves discretion, levels and planning are necessary to remove as much discretion as possible and systemize things. Otherwise, you’re at the whim of your emotions. For example, poor sleep or stress can lead to overtrading, tilt, and so on.
I missed the opening drive but, I had a short bias this week and noted a potential outside day down on X. So, I simply waited for NQ sells near the highs. I’d like to start recording the DOM to show the dynamics in future, we had a notable large offer pull at the high leaving trapped buyers on NQ— a few minutes earlier, some large bears were stepping into the tape on ES. This is sufficient to start taking trades- given we had a strong level on NQ , and put support at 16 VIX (which started rising before the selloff).
This is an overnight hold for me as I expect to forge a new low this week, so I’ve not even decided on TPs yet. That’s tomorrow’s job.
If you could do me a small favor of liking and sharing on Substack/X if you’re a regular reader and be sure to provide feedback-this is acting like a public journal for me.
Safe trading, and hopefully get time to send out a premarket plan tomorrow.
-Z
