PLAY
MNQ – premarket scalp
CATALYST
Technical weakness - MNQ is testing premarket lows, below yesterdays HOD, and above yesterdays close
TRADE IDEA
If MNQ breaks the premarket low of 11123, it may continue lower to 11100 (yesterdays close)
SETUP QUALITY AND VARIABLES
B
• Very short-term technical setup with small price target
• Market showing a lot of weakness in premarket, lows have been tested 2x
• Buyers may not step in until after 8am when Powell speaks
PLAN
• Short the break of premarket lows for a quick move to yesterdays LOD, this may go lower, but I do not want to risk a lot on this small idea
• Take profit at yesterday close
• Stop is break even
• Trade should work quickly
REASONS TO SELL
• Stopped out
• Target hit
• Price does not move quickly into the money
EXECUTIONS AND PRICE ACTION
• Followed plan
• Took profit at target
KEY TAKEAWAYS
• Took 100% off then tried to press it further in case we moved into next supply zone, took tiny stop and gave some back. Don't press for a second attempt when the R/R is so low. No need to give anything back here.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2023-01-10 07:17:17 | MNQH3 | sell | $11119.50 | short |
2023-01-10 07:20:12 | MNQH3 | buy | $11105.00 | 0 |
2023-01-10 07:21:35 | MNQH3 | sell | $11094.75 | short |
2023-01-10 07:23:05 | MNQH3 | buy | $11099.25 | 0 |
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