Dummy day trading #54 08-Feb-2007: NQ Short trade closed

Now 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.

[photopress:NQ200tic08feb2007tradeclosed.jpg,full,alignleft]

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.

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. Good to take the afternoon off. Tough day for shorts, but I’m staying the course.

  2. Good to take the afternoon off. Tough day for shorts, but I’m staying the course.

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