Dummy day trading #35 16-Oct-2006: NQ Long trade closed
October 17, 2006 – 12:58 amLong position of NQ was established above high of 6th bar. I scratched the trade when it closed below 5 an 8 MA. One trade closed with -0.66 R loss.
Trade score: 4: Out at a different price from stop, but a losing trade
Execution score: 2: Followed trade entry, but closed out position before predetermined target was hit 5: Impulsive
- Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
- Where would you get long/short this futures contract ? Above high of 6th bar which was above Opening Range and 8-MA. Hindsight, this is not a good entry, and I was lack of patience and broke the rule-entry bar should be a up bar.
- Where would you put the initial protective stop? Below the low of entry bar
- Where would you exit the position? Fib extension level 38.2% and 61.8%
From the desk of Tradergav.com
[...] Dummy day trading #35 16-Oct-2006: NQ Long trade closed [...]
Gav,
I may have missed this in an earlier post- how far offset are you from Eastern Std Time? (i.e. how would we shift the time scale on your charts to get an idea of time-of-day over here)-
Thanks,
Will
Will,
I was looking at local time(Singapore time) in my chart which is 12 hours different from NY time.
so my entry for this trade was above 1045am (NY time)candle.
I forgot to indicate time in the post. I shall do that later.
Gav