Monday, December 2, 2013

ES Fade long 15 minute, 1st fade of the day

 ES 5 Minute Chart
.
E-Mini: ES
Long or Short: Long
Entry Point: 1803.25
Stop: 1801.25
Exit Goal: 1807.25
Result: L
Notes: At the open had an entry at the gap fill area. After price traded away from me I planned to either fade Friday's low or the heavier resistance at 1801. Took the former and stopped out on the next bar. Hindsight should have had the stop below 1801. After stopped out was looking to reenter if the low of the day was retested.

* 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.

No comments:

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