Thursday, October 31, 2013

NQ Gap Fill Long


NQ Daily and 5 Minute Chart
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E-Mini: NQ
Long or Short: Long
Entry Point: 3372
Stop: 3367.5
Exit Goal: 3382
Result:W
Notes: I did not want to enter at the open with the big gap down.  Once the NQ touched support, I placed an entry at the opening price for my trigger. Support was the low of 2 days ago with the S1 pivot.

 Another example of set your exit and stick to it. When my goal is gap fill....I am making a determination that the index will trade TOWARDS the gap fill during the first 30 minutes. I liked the NQ as it had the better daily candle yesterday. ES would have worked out as well.

* 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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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