Monday, February 10, 2014

ES 15 minute Breakout taken by a Reader


ES and NQ 5 Minute Chart
.
E-Mini: ES
Long or Short: Long
Entry Point: 1792.25
Stop: 1790.25
Exit Goal:1794.25
Exit Goal 2 (optional): 17
Result: L
Notes: Reader took this trade, 15 minute breakout and asked me to comment

First reason i would pass is the first ES 5 minute bar is RED. This alone has me wait 30 minutes. 2nd reason is I always look at the NQ, and it had 3 up bars in a row into resistance.  The theory of targeting yesterdays high is sound (as later on in the day the trade worked out) but the setup was iffy. 
 

* 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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