Dummy day trading #54 08-Feb-2007: NQ Short trade closed
February 8, 2007 – 10:41 amNow I am convinced I need to add in a rule to refrain myself from trading before previous’s day range is broken. I have been thinking about this over the past week, as the success rate of my system is low when establishing position within previous day’s range. I made a short trade today which got stopped out immediately. Short position was taken during the first pull back of downtrend cycle. I was expecting selling to be continued, I was obviously wrong.
I trade closed with -1 R loss. I am watching the market till lunch hour.
Postmortem:
I called it a day around 12noon. Well, looking back at the trade I made, It was not so convincing. As mentioned before, I took a short trade before NQ futures broke down previous day’s range and in fact it was heading to yesterday’s low around 1804. I need to be a little bit more patient.
Long opportunity appeared around 1235pm, however I had already left my trading desk.
From the desk of Tradergav.com
Good to take the afternoon off. Tough day for shorts, but I’m staying the course.