Dummy day trading #28 26-September-2006: E-mini Nasdaq: Long trade closed

Long position of E-mini Nasdaq was established above 10am chicago time candle. It broke out flag pattern and dummy setup was found. BUT,I was stopped out immediately at next candle. One trade closed with 1-R (ok, 1 Z ) loss.

[photopress:Nasdaq_15min_trade_close.jpg,full,pp_image]

  •  Why would you be paying attention to this futures contract ? I see continuation of uptrend in 15-min chart and index surged at 3rd bar. A broke out from flag pattern
  •  Is the trend up or down? Would you be looking to get long or short this futures contract? Up. Looking at LONG only
  •  Where would you get long/short this futures contract ? Above 10am Chicago time candle. It is a NR7.
  •  Where would you put the initial protective stop? Below 10am chicago time candle
  •  When would you stop trading for the day? Immediately after position established or 12noon
  •  Where would you exit the position? Stop loss triggered or profit taking at height of flag pole.

About Gav

A Father, Husband, Trader, and Blogger. A serious coffee addict. Started trading since 2005, trades Futures and FX.

Follow me at Twitter and Google+

Speak Your Mind

*