Welcome back traders! Today, and really mostly this week I have been more focused on my futures trading account with Ninja Trader rather than with my Stock account. This week has been really good for me so far with approximately 8 out of 9 trades being profitable. Today followed a very similar pattern as yesterdays trading (For Me Anyways!!) If you have been following TheFreedomGrind, You would know that I am a Short Biased Trader….I cant help it! I tend to have better trading averages trading to the short side!!
So, as seen in the image above, I traded the /NQ, with 1 contract Short. While setting around at the computer ( because trading really can be boring), I could see the weakness in the chart and the selling volatility come in on the Time and Sales in ToS (Think Or Swim). I waited for a little bit of a consolidation – sort of a pullback, I actually jumped a little early and the price action went against me for a short period. As seen in the chart below!
One thing also about futures, is that the market indexes correlate during strong trends, so as I am trading the NASDAQ (NQ),I am also watching the DOW JONES /YM, and the SP 500 MINI /ES. With those I also tend to keep GOLD FUTURES /GC chart up because typically it will inverse the market indexes during solid trends, just an extra way to confirm a trade.
You can see that the DAQ (NASDAQ FUTURE) started to pullback, but I was very confident we would continue to the downside! I held my position and eventually covered my short as it started to get choppy, I hate setting through the up, down, sideways price action!
Surprisingly, The market has fully recovered back to the upside breaking through previous resistance points!! Unbelievable!! No way to tell where we are heading from here but I may be able to squeeze one more trading day in tomorrow.
My Current trading strategy is to make trades based on technical and fundamental analysis! This comes from experience but how I manage risk, if I place two trades that were losses, then I am done for the day no matter what happens, even if those losses were small!! I do not typically place a stop unless I am in a longer term position or have to walk away from my Trade Station! I will cut the trade if something fundamentally or technically goes against how I see the chart moving in the near term.