Traders —
I hope you had an awesome trading day.
Got caught on the wrong side twice and called it a day.
Let’s recap and plan for the next session.
Recap
Below were our plans coming into the session.
ES
NQ
Below were our levels & how they fared. Inflection levels = bullish biased above & bearish biased below.
ES
NQ
RTH
During RTH, with the VIX ripping above 16, price well below the IB low and single prints, odds favored selling rips.
Majority of the session was balance, meanings rips were sold and dips were bought on an even scale. Looking for more downside resulted in a -4, then looking for more upside once sellers fumbled also failed and price effectively remained rangebound between the IB low and LOD.
At that point I figured taking my chips off the table and folding was the play which proved well, as the remainder of the day offered continuous rangebound action with plenty of fake-outs in between. Red day.
Market Structure