Thursday, October 31, 2013

ES Fake Breakdown Long

ES  NQ  YM: 5 Minute Charts
.
E-Mini: ES
Long or Short: LONG
Entry Point: 1751
Stop: 1749
Exit Goal: 1755
Result:W
Notes: Daily trend is up and all three indexes sitting at yesterdays lows. While the markets where down sharply yesterday the trend is still up. Learned a  long time ago don't fight the trend. 

I took this trade twice. First at the 30 minute fake breakdown mark, filled at 1752. Traded 3 points and taken out at my entry price for a flat trade. Followed my rules despite feeling strong about the trade.

At the 60 minute fake breakdown mark I took the trade again and it worked out. Could have taken on the NQ or ES.

* 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