Monday, November 4, 2013

YM Gap Go Long

ES  NQ YM 15 Minute Chart
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E-Mini: YM
Long or Short: Long
Entry Point: 15593
Stop: 15573
Exit Goal: 15633
Result: L
Notes: Had a Long and Short placed at the open. Short for the NQ (middle chart) near the high....never filled and long with the YM (right chart). Split order to minimize risk. Wasn't thrilled with the direction but the YM and ES were opening over the High of 2 days ago and banked on the overnight support. Took YM with the ES having resistance above. Small trade small loss. Not much else set up today....slow day.

* 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