Thursday, November 7, 2013

YM 60 minute Fade Long

ES  NQ  YM  5 Minute Chart
.
E-Mini: YM
Long or Short: Long
Entry Point: 15660
Stop: 15640
Exit Goal: 15695
Result: L
Notes: Markets where getting burried. NQ and YM both at support and many of the components of the ES at support. YM was the strongest of the 3 indexes. NQ was the better trade but was too crazy to attempt a fade. Always scary when the market seems to be in a free fall.  YM tried to bounce and rolled over for a stop out. I set a rule to not get in front of a runaway train. This was a run away train.  ES had a nice gap fill  earlier. 

* 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