Tuesday, March 10, 2009

Emini Fade - No Trade

Going to start showing trades that didn't work out or didn't setup to where a trade should be taken. Hopefully this will give a better idea on why its important to stay picky in your trades. Even if your wrong stick with that stop.

15 Minute chart

(Double Click Picture for a Larger View)
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Stock:EMini ES
Entry Bar:704 level area
Entry Green Line: 704
Stop Red Line: 707
Result: No trade

Notes: This possible short setup had several resistance areas in the 704 area: 600EMA (5 minute chart) , pivot R2, yesterday fib extension 1.27... But even with the markets racing to these levels, a little "extended"....the TICK and TRIN said stay away, this is mentioned in my BP. They showed tremoundous buying pressure so I passed unlike yesterday.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

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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