Brief Summary
This YouTube video features a discussion between Coach Jay and Coach Dakota from Topstep, who analyse current market conditions, focusing on the NASDAQ, gold, and Bitcoin. They share their trading experiences, strategies, and insights, while also considering potential trading opportunities for the evening. They also discuss a potential series idea involving trading in different locations and living off the profits.
- Market analysis of NASDAQ, gold, and Bitcoin.
- Discussion of trading strategies and potential opportunities.
- Idea for a trading-based series involving travel and living off profits.
Audio and Visual Check and Trading Day Review
Coach Jay and Coach Dakota start with an audio and visual check and discuss their trading day. Jay had a good day, catching a short in the Dow and using the new Topstep X API with Chat GPT. Dakota mentions a volatile night, recovering from a significant loss to finish up. They address the blurry chart issue and mention the absence of Nightbot in the chat.
Market Consolidation and Potential Breakdown
The coaches discuss the current market consolidation, particularly looking at the daily chart. They consider whether there's a clear breakdown or reversal, referencing a potential expanding megaphone pattern. Jay notes he took a short position earlier in the week that performed well. They ponder whether buyers will emerge to push the market back up or if it will break through to lower levels.
Weekly Chart Analysis and Upcoming Economic Data
Dakota analyses the weekly chart, noting the market is still within last week's range. He suggests a potential pullback to around 50% of the weekly range. They discuss upcoming economic data, including jobless claims and Fed speakers, which could influence market movement. The potential impact of headlines or tweets, particularly from Trump, is also considered.
Bond Market Sell-off and Potential Trades
The coaches observe the sell-off in the 30-year bonds and its unusual movement. They discuss potential trading opportunities, with a focus on gold. Dakota expresses interest in longing gold, noting its position on the 30-minute chart. They await a potential volume spike at the top of the hour.
NASDAQ Analysis and Bitcoin Discussion
Jay switches back to his charts to show the chat what he's looking at in the NASDAQ. He notes the consolidation after a sell-off and questions whether it's a pause before continuation or a bounce. They also discuss micro Bitcoin, highlighting its volatility and potential as an investment.
Trading Micro Bitcoin and Dealing with Chat
The coaches discuss the mechanics of trading micro Bitcoin, including the tick value and potential for significant moves. They address disruptive behaviour in the chat, including muting a user. Jay mentions he still likes longing gold and is waiting for the top of the hour for potential scalps.
Trading Mishaps and "Naked in a Trade" Series Idea
Jay recounts accidentally buying the NASDAQ instead of gold due to a misclick. He reiterates his plan to wait for a volatility spike before entering a trade. They then discuss a potential series idea where they travel to a random location and live off their trading profits, drawing inspiration from shows like "Naked and Afraid".
Planning the Trading Series and Chat Engagement
The coaches brainstorm the logistics of the trading series, including the duration, location, and rules. They consider starting with a week-long trial and gradually increasing the duration. The chat is actively engaged, offering suggestions and feedback. They clarify that the series will not be called "Naked in a Trade".
Chart Clarity Issues and Potential Gold Trade
The coaches address the low like count on the stream and encourage viewers to like the video. They wait for potential volatility in gold as the hour approaches. Dakota confirms he will be on "Fast Markets" the next day. They discuss United Healthcare's stock performance and whether Jack had recommended against buying it.
Automated Trading and Trade Reviews
Dakota shares he wouldn't consider automating his trading due to the need for discretion. They briefly discuss the possibility of doing trade reviews if there isn't much volatility. Jay reiterates his interest in longing gold and is waiting for a potential volume spike.
International Travel Concerns and Favourite Traders
The coaches address concerns about international travel for the trading series, including the need for private security. They discuss different approaches to the series, such as acting like they're struggling when the cameras are on but staying in a hotel off-camera. They then share their favourite traders, including Paul Tudor Jones and Tom Huggard.
Series Title Ideas and Waiting for Volatility
The coaches brainstorm potential titles for the trading series, such as "Barely Making It" or "The Day Trader". They discuss the Nikkei and whether Dakota is looking at it. They reiterate that they will be putting something on the line for the series. They discuss the possibility of starting with some type of shelter, such as a car.
Series Logistics and Gold Trade Entry
The coaches discuss the logistics of the trading series, including tracking expenses and daily P&L. They consider the possibility of a one-way ticket to Alaska in the future. Jay goes long on gold at the top of the hour, but initially buys big gold instead of micros, correcting the mistake.
Volume Spike and Chicago Studio
Jay explains why he waited until the top of the hour to trade, citing the volume spike due to the Shanghai exchange opening. He recalls a whipsaw from the previous night. They confirm they are going to Chicago, where a new studio is being built.
Trading Routine and Gold Trade Analysis
Jay describes his routine when not trading, including going to the gym and walking his dog. He says it's just normal life. He then goes long on micro gold again, setting a risk level and target. Dakota notes the NASDAQ is starting to move.
Gold Trade Rationale and Daily Chart Analysis
Jay explains his rationale for the gold trade, noting it held technical levels and bounced off the 50-day moving average. He says he's okay losing money to the long side. He analyses the daily chart, setting a target based on the wick of a daily candle.
Chart Clarity Improvement and Gold Trade Management
The coaches address the blurry chart issue, eventually resolving it. Jay manages his gold trade, setting a target and preparing to manage the position. He mentions the NASDAQ is selling off again.
Scaling Out of Gold Trade and Bitcoin Short
Jay considers adding to his gold position. He notes a three-bar reversal pattern. He then adds another four contracts to his gold position. He also considers shorting gold. Dakota mentions a potential short in Bitcoin.
Correlation Matrix and Gold Trade Management
The coaches discuss the correlation between Bitcoin and gold, referencing a correlation matrix shared by Hogue. Jay manages his gold trade, taking some contracts off the table. He also mentions shorting the NASDAQ and micro Bitcoin.
NASDAQ Short and Gold Trade Target
Dakota notes the NASDAQ short is performing well. Jay continues to manage his gold trade, taking more contracts off as it approaches his target. He emphasises that the position does not need to be a loser.
Trailing Stop and Scaling Out Strategy
Jay discusses how he would trail his stop on the gold trade, similar to how he showed on "At the Buzzer". He explains his scaling out strategy and why he doesn't move his stop to break even. He sets a new target of 3350s.
Hong Kong Open and Market Volatility
The coaches discuss the upcoming Hong Kong Open and its potential impact on market volatility. Dakota tightens his stop on the NASDAQ short and ultimately gets out of the trade. Jay's gold trade continues to perform well.
Micro Bitcoin Trade and Training Regimen
Dakota mentions his micro Bitcoin trade is also performing well. They discuss the timer counting down to the Hong Kong Open. Jay shares his training regimen, including boxing.
Opening Range and Long Bias Rationale
Jay explains the opening range he uses on gold and his rationale for having a long bias, citing the volume spike and VWAP position. He also notes the uptrend on the daily chart.
Flat NASDAQ Position and Gold Trade Management
Dakota confirms he is flat on his NASDAQ position. Jay manages his gold trade, splitting the position and setting a stop-loss. He notes the Hong Kong open and its potential impact on the market.
Pullback and Market Correlation
The coaches observe a pullback in gold and discuss whether to re-enter the trade. They note the NASDAQ is in a channel. They also discuss the correlation between different markets, noting it's not always as strong as they think.
Supply Zone and Volume Analysis
Jay addresses a comment about gold being in a supply zone, saying it depends on the trader's strategy. He explains his scaling out strategy and how he's selling as well. He analyses the volume pattern in gold, noting the continuation.
News Impact and Market Movement
Dakota shares how much he pays attention to news when trading, noting the importance of being aware of big news events but not necessarily trading them.
Platinum Rally and NASDAQ Sell-off
The coaches observe a rally in platinum and a sell-off in the NASDAQ. Dakota notes a potential VWAP test in the NASDAQ. He closes out his NASDAQ short for a small profit.
Chart Colours and Volume Moving Average
Jay explains why his chart colours are not red and green, citing PTSD. He describes the meaning of the red line on his volume chart, which represents the volume moving average. He explains how he uses it to gauge market momentum.
Volume Class and Troll Comments
Jay mentions he did a class on volume for the 150k subscriber event. They address troll comments in the chat. Dakota confirms he is trading a live account.
Live Account and Trading Combine
Dakota confirms he is trading a live account and made enough for dinner for two. They discuss the process of getting called up to live with Topstep.
Market Analysis and Trading Imbalances
The coaches analyse the market, noting the trending nature of gold. They discuss trading imbalances, referencing a conversation with Coach Paul.
Platinum Analysis and Accent Discussion
The coaches analyse platinum, noting its bullishness on the hourly chart. They discuss potential blowoff top moves and shorting opportunities. They then discuss their accents and where they are from.
Gold Trade Addition and Accent Game
Jay adds to his gold trade, setting a tight stop-loss. They play an accent game, trying to guess each other's accents.
Gold Trade Stop Out and Market Sell-off
Jay gets stopped out of his gold trade. They observe a sell-off in the NASDAQ.
Wing Spot and Chat Engagement
The coaches discuss the best wing spot in Buffalo. They acknowledge the chat's contribution to the show's entertainment value. Jay is flat on his gold trade and will look to re-enter if it pulls back to VWAP and holds.
Tunnel Vision and Market Overview
Jay admits to tunnel visioning into gold once it started moving. They reiterate the importance of trading imbalances. They summarise the session, noting the slow markets and upcoming unemployment claims. Jay encourages viewers to trade well and manage their risk.
