Saturday, November 2, 2013

YM 15 minute Breakout


Above shows the setup on the 3 index's. Which one do you prefer to take? ES  NQ or YM


 ES   NQ   YM   5 Minute Charts results

E-Mini: YM 
Long or Short: Long

Entry Point: 15555
Stop: 15535
Exit Goal: 15585
Result: W
Notes: Exit Goal is before the high. ES, which was strong, didnt have a tight inside bar or a tight enough consolidation. NQ had a tight consolidation but not as strong as the first two 5 minute bars were weak. The YM had a nice inside bar on the 3rd candle and had not closed its gap. Those betting on a gap fill may have placed stops above the high helping with the push upwards. Indexs rolled over continuing the pullback in a trend favoring longs. 

* 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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