Tuesday, October 22, 2013

E-Mini YM Gap Fill Short




5 Minute Chart: ES / NQ / YM
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E-Mini:YM
Long or Short: S
Entry Point: 15374
Stop: 15386
Exit Goal: 15334
Result: L
Notes: YM (right chart)Weakest of the 3 indexes.  Didn't risk much as the trend is long and was stopped out. Price moved half way to target and then taken out for a small loss. ES was at resistance...NQ opened at resistance. ES set up for a nice breakout at the 15 mark.

* 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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Disclaimer

I DO NOT MAKE RECOMMENDATIONS TO BUY OR SELL SECURITIES - I JUST POST TRADES I MAKE OR FIT THE RULES OF MY TRADING PLAN ON A DAILY BASIS. DO YOUR OWN DUE DILIGENCE - YOU ARE RESPONSIBLE FOR YOUR TRADES, INVESTMENTS, AND DECISIONS! ALL CHARTS COURTESY OF TRADESTATION, SCHWAb & TD AMERITRADE