Dummy day trading #35 16-Oct-2006: NQ Long trade closed

Long 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 Grade:

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

[photopress:NQ_15_fib_trade_close_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 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%
About Gav

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

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Comments

  1. 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

  2. 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

  3. 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

  4. 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

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