Monday, October 3, 2016

NQ 15 minute chart fade short


E-Mini: NQ 15 minute chart - SHORT (betting on the NQ to drop)

Entry Point: 4861.25

Stop: 4866.25

Exit Goal: 4851.25 - win 

 Notes: Trend was down in the morning and no bounce off support. With the trend up (daily and 60) I only look to short if below the 15 minute 200 simple moving average and with a candle signal or heavy resistance. Here we got a hammer off the pivot resistance and with room to run to the next support. Always check the ES as I want to be in align with its direction. Not a fan of shorting with the trend up but this was a 50/50 play and will take all day with a 2-1 risk reward ratio. Can trail stop with high of last 15 minute candle. I keep an 80% rule - if my trade is within 80% of the target (8 points) I pull my stop to even and not take a loss if it reverses.



* 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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