Dummy day trading #49 31-Jan-2007: NQ Long trade closed
January 31, 2007 – 11:05 amThough we had some sell off during the opening, I did not find much trading opportunity. Instead, I saw a new uptrend cycle was formed. Long position was established around 1010am. It was a bull flag (more on chart patterns later) combined with my dummy setup. As I take this as pattern trading, profit target was based on chart pattern. I closed the position with +2.01 R (after commission) gain. In fact, I have missed out bigger profit, after my profit target was achieved.
Trade summary:
- Long above 1018am candle (I am using tick chart, so no fixed time for candle).
- Initial stop set at last swing low which was also below moving average.
- Target was set according to the height of bull flag.
From the desk of Tradergav.com
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