Happy Monday! Hope you guys all had a great weekend and are well rested for what should be another interesting week, I’d imagine our weekends were better than Jensen Huang.
Last week was a good week, we banked the profit on our GXO call spreads (too early as it ripped higher on earnings, but I’m still scarred from INTC earnings so took profit before lol) and the great short ES trade on Friday. UAL/MCD/FSLR trades all bangers.
As we get closer to year end, I really try to make it a point to only take really really good setups and avoid overtrading. If i can get 1 futures trade a week like the one Friday, I’m happy. Or 1 good options setup a week, this part of the year is protecting any gains you’ve made and not ending the year in a bad note. I know a few full time traders who take Nov/Dec off every year - this is their time to slow the brakes and get some rest before the new year.
So my focus from now until year end are only very high quality setups, base hits (will never let a winner turn negative), and using this time to really focus on building out the flow app. I have a lot of different ideas I’m testing and new features I’m working on which are taking time, but truly think you guys will be blown away when v2 is released. Spending a lot of time and investing into the app because it does have an edge but there are a lot of things I can do to make it better and a better experience for you guys. time to grind!
Indices
ES:
We see a few buy signals fired on ES which are aiding in a bottom for now. Market is running up against the key bias area for the week (7498-7515) which I expect to initially reject, but bulls get thru and target 7571 area where there are trapped buyers. high probability IMO that 7571 area rejects but if not, can see we have the ability to go back to our 7660 magnet level from the past few weeks.
On the downside, 7420 as i noted last week continues to show some interest from bulls and they have defended - below there we can visit the low of the buy signal and ultimately can go down to my 7296 target. Anything below there is where I turn on a buy program for my longterm ETF exposure.
NQ:
lots of buy signals have limited drops and we’re seeing a push back above 27449 level today, upside levels havent changed and I need to spend some time gathering levels on the downside, will have updated levels this week on NQ in the chat for you guys, need to run everything
