Monday, January 27, 2014

ES 30 Minute Breakdown



ES 5 Minute Chart
.
E-Mini: ES
Long or Short: Short
Entry Point: 1784.50
Stop: 1886.50
Exit Goal:1882.50
Exit Goal 2 (optional): 1780.50
Result: W
Notes:Taking a breakdown was not on my radar but the setup and TICKS confirmed the move down to Gap Fill. ES broke the low of the day, waited for a retrace to the break point (chasing is a losers game and needed TICKS to confirm) and took the trade.15 minute fade that was screaming to be shorted traded on my entry price and never filled.
 

* 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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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