Dummy day trading #33 12-Oct-2006: YM Long trade closed

Dear diary,

Long position of YM was established above high of 4th bar. However, I was stopped out. One trade closed with 1-R loss.

I will stop trading for the day and continue writing my business plan.

[photopress:YMZ06_15_trade_closed_1.jpg,full,pp_image]

  • 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 the high of 4th bar which is above Opening Range (OR) as well.
  • Where would you put the initial protective stop? Below the low of 4th bar which is below 5-MA as well
  • When would you stop trading for the day? After position is established
  • Where would you exit the position? Fib extension 38.2% and 61.8%
About Gav

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

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