Dummy day trading #24 05-September-2006: E-mini Nasdaq: Short trade closed

Short position of E-mini Nasdaq was established below 930am (chicago time) candle. It failed to achieve my 1-R gain. Stop loss was triggered with 1-R loss.

Chart was distorted due to trading platform price feed down.

1) Why would you be paying attention to this futures contract ? There was a sell down with good volume during first hour. A long candle was formed.
2) Is the trend up or down? Would you be looking to get long or short this futures contract? Down. Looking at Short position.
3) Where would you get long/short this futures contract ? Below 930am(chicago time) candle
4) Where would you put the initial protective stop? Above 930am (chicago time) candle
5) When would you stop trading for the day? Immediately after position (max 2 per day) established or after 1230noon NY time
6) Where would you exit the position? Time when Stop is triggered.

Two trades closed with no gain, I shall call it a day. Postmortem will be posted tomorrow.

About Gav

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

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