Friday, October 18, 2013

E-mini YM 30 Minute Fade Short



YM and ES 5 Minute Chart
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E-Mini: YM
Long or Short: Short
Entry Point: 15317
Stop: 15337
Exit Goal: 15277
Result:W
Notes: I wanted to short the weakest index if the markets gapped up and attempted to break a 30 minute high. The ES broke the 30 minute high, YM was the weakest index and placed the trade with the YM. I rarely fade against the trend with the strongest index. Good to end the week early on a winner as I my first trade today was a short ES at the open to head towards gap fill that missed my exit by a tick and stopped me out at even. 

If I was still trading at noon would have taken the 60 minute breakout as the bulls continue to pound the bears. Anyone still short at the open would have left there stops at the Highs of the day, covered and  help push the index's higher.

* You don't have to trade everyday. If the conditions don't feel right or if you're unsure of the current days trading environment then PASS on the trade. Missed money is better than lost money.  Day trading and the stock market is not a "war" that you must win at all cost. Trading should be fun, wait for only the good setups. Follow your rules, stick to your stops, and know that everyday the market presents a new chess board.




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