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Target area hit overnight. I am looking for a retest of previous consolidation area which is right around the vwap. 2494-2498. Looking to short there and get a retest of the globex low - 2470.75.
NQ did what I thought it would do: retested consolidation/vwap and then rolled over. Didn't get much follow through to the downside probably because it was fighting some short covering in the equities and there was news pending for 10AM EST. Covered 2nd contract manually when I saw decent buy response on shorter time frame. It's good to start with a winning trade for the first time all week I think.
No trades today. NQ was back and forth on both sides of the vwap. Saw a few mediocre setups but stayed out because I think there is plenty of volatility coming in the near future.
Shorted what I thought was a bear flag right after the open. Good trade based on structure; price ran up just above vwap and retested consolidation seen at the left. 2 things could have kept me out of the trade: Orderflow was very bullish at the open and the TICK was giving much information in terms of trend. Several times over the last three weeks I've tried to trade pullbacks right after the open and have gotten run over. I'm going to force myself to avoid trades during the first 15 minutes of the session to give the market time to settle in. That will give the TICK more time to show me what is actually going on.