Tuesday, November 5, 2013

NQ Fade Long

ES and NQ 15 Minute Chart

Snap Shot of Components of the Indexes I monitor
.
E-Mini: NQ
Long or Short: Long
Entry Point: 3357.50
Stop: 3353
Exit Goal: 3367.50
Result:W
Notes: Looking to stay with the trend and ES and NQ both running into support. I like to "peak under the Hood" and see how the components of the indexes are trading to help confirm a move. Several of the sectors in the ES were also hitting support.

The open trade was too tricky to play as price sitting at yesterdays lows on ES and NQ and could of gone either way. Pass..

* 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