Dummy day trading #49 31-Jan-2007: NQ Long trade closed

Though 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.

[photopress:NQ200ticktradeclosed.jpg,full,alignleft]

About Gav

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

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