Right after oil inventory report was released, my buy stop for E-mini Nasdaq was triggered. The trade did not go in my favour. Stop loss was triggered with 1-R loss. Well, too bad.
It seems to be a consolidation day after yesterday’s gain. But, who knows. Anyway, I will stop trading for the day.
- Why would you be paying attention to this futures contract ? Strong opening with volume. In addition, S&P volume analysis shows volatile day ahead.
- Is the trend up or down? Would you be looking to get long or short this futures contract? Up. Looking at Long.
- Where would you get long/short this futures contract ? Above 9am (Chicago time) candle (inside bar), which was after oil inventory report.
- Where would you put the initial protective stop? Below 9am? (Chicago time) candle. with risk 1.18%
- When would you stop trading for the day? After position established.
- Where would you exit the position? Stop loss triggered