Wednesday, November 27, 2013

ES pullback Long

 ES NQ 5 Minute Chart
.
E-Mini:ES
Long or Short:
Entry Point: 1805.50
Stop: 1803.50
Exit Goal: 1809.50
Result: L
Notes: After the ES tested yesterdays high for the 8th time, and the conditions favored longs, I took the pullback to the 15 minute high (see blue X) anticipating a break sometime today with the narrow trading range. Exit goal was before the R2 pivot.  I liked the fact the NQ had the R1 pivot as support and had an order for the NQ but not filled. If the NQ was at resistance I would have considered the fade short...which worked out.

Prior to taking the trade I judged the trade as a 50/50 trade with a nod to the trend. The ES went 2 points then rolled over. While losing trades are part of the business and not fun I actually get more enjoyment posting a losing trade as they are intriguing to dissect.

A few have left some emails with questions....have to run will get back to you by nights end. Happy Thanksgiving. 


* 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