Tuesday, January 28, 2014

ES 15 minute Fade Short


ES and NQ 5 Minute Chart
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E-Mini: ES
Long or Short: Short
Entry Point: 1785
Stop: 1787
Exit Goal:1783
Exit Goal 2 (optional): 1781
Result: Loss
Notes: Great example of not using patience and overlooking the basic's. Anytime I am on a roll I over look the basics. Here I faded off minor support (white trend line) when more major support (yesterday High and Pivot) was above. Most glaring is I didn't take the extra half a second and look at the NQ chart which had some room to resistance.  One trade, small stop, but a reminder to follow the basics.
 

* 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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