Thursday, January 9, 2014

ES 15 Minute Fade Long



ES 5 Minute Chart
.
E-Mini: ES
Long or Short: Long
Entry Point: 1834.25
Stop: 1832.25
Exit Goal: 1840
Result: W
Notes: With the strong gap over the prior days congestion was looking for gap and go. No support at the open to take a long so waited on the pullback to support. ES pullbed back to yesterdays high and a prior support line setting up for a fake breakdown. Small bounce, scale out and rolled over for a stop. 

* 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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