E-Mini: ES 15 minute chart - Long
Entry Point: 2145.50
Exit Goal: 2149.50 - Loss was stopped out
Notes: Had been on a hot streak for the past 2 weeks. When your hot you get looser with your trades and less strict about the setup. I like to fade at support or resistance when the ES and NQ are BOTH at support. They were not when I took this trade...they were an hour later. If my first trade is a loss many times I walk away for the day, especially if I know I mediocre setup. You must trade even keeled..not pissed off wanting to get even. (also didn't help I had my 2nd freaking flat tire in 6 month's with a new car!) Take the small losses like today and learn.
So with that the Top chart NQ shows a trend line (yellow) where price met at the same time the ES was hitting support the low of 3 days ago. For review Buyers like to come in at support and sellers like to come in at resistance. For example if a stock trades down to 50, bounces back up to 53 and then back to 50, and bounces again....50 is support as shows many buyers..that is how lows ( red line) and highs of the day (green line) are shown on the chart. The dotted lines are pivot points - which I call minor support. As you can see with my trade when a stock breaks it support it can fall quickly...as the buyers bail out. Remember Trading is easy.... its the patience or waiting for the pattern to set up that is the challenge..the battle upstairs.
Of note: Weight Loss room starting this week at https://www.facebook.com/LiveAhealthyLifestyle/
* 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.