Premarket: We continue to rocket higher and higher with a new yearly high being made every single day. Yesterday was nearly an 80 point move to the upside and as a result the pivots are super extended. 0pivot 4449.08, +1pivot 4504.17, -1pivot 4412.67, -2pivot 4357.58 (weirdly enough this pivot has been the same for the past 4 days). The high from yesterday was 4485.5 with the last high of 4439.5 serving as a consolidation level before continuing to move up. Oddly enough, looking at the weekly and daily charts, we have broken out through the top of the ascending channel we were in, but the volume on this push up has been muted which is somewhat strange. Until further notice we're full bull status and we should be trusting the move long. I would like to see a move down in the premarket to around VWAP where we find support for a long towards the new high that was created. If we move towards the high if we find a lot of sellers and have a strong move down I will look to price action to determine whether I will take a short down to or through VWAP. I want to say that price is overextended but that's really not a real statement. I also discovered the -/MES today which for some reason looks so much nicer than the regular MES. I don't understand why it looks better/easier to trade when it's moving down to me. I will be looking at it to see if maybe it will help me with going long.
Trade 1: This was with 4 contracts instead of 3. We found a new top at 4494 right beofe market open and then immediately found sellers. The ADD/TICK/VOLD were in a freefall and all sections were red. I missed the first leg of this but we found a minor bounce at VWAP where we could not find buyers. I took the 2nd leg continuous on this right above VWAP for a move down to where we had bounced at VWAP in the premarket. The only thing I did wrong was that I originally got in this trade and got scared and closed for flat, and then got in slightly at a worst level than my first entry. I should just trust my read and hold the first trade, as it never even went red on me. I was going to risk the 20 EMA which was 3 pts away.
Trade 2: We had news at 10 that had us shoot up above VWAP and then start consolidating around VWAP. I wasn't completely confident on this trade so I sized down after I got in to only 2 contracts. The ADD/TICK had bounced but were still trending down. The SPY and MNQ were both holding below VWAP so I was thinking it would serve as a rejection point and we would keep moving down. We kept finding buyers at VWAP however so I closed out for around scratch on the trade. My risk on this was the high at 4481.5, but the conditions did not look good so I closed before then. Looking back I probably should not have taken this trade but no harm no foul, at least I noticed it while in the trade.
NOTE: The first trade seen on the chart was a complete accident where I got in with 8 contracts by accident, shit my pants, and flattened instantly.