I was taking extra risk when trading with a exhausted body (Highly unadvisable). Short position of E-mini Nasdaq was established below 1030am chicago time candle. It was NR5 as well. I was being cautious with the trade when Nasdaq index had already lost around -25 points. I decided to close the trade when the next big candle at 11am chicago time came with lousy volume. It did not seem to be a sell off, chance of mid day reversal was there. First trade after a great vacation with 0.44-R gain (or maybe 0.44 ‘Z’ gain 🙂 )

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1) Why would you be paying attention to this futures contract ? Intraday downtrend established with dummy setup in conjunction with NR5 was found.

2) Is the trend up or down? Would you be looking to get long or short this futures contract? Down, looking at Short only

3) Where would you get long/short this futures contract ? Below 1030am chicago time candle (NR5 candle)

4) Where would you put the initial protective stop? Above 1030am chicago time candle (max 1.06% risk)

5) When would you stop trading for the day? After position established or after 12 noon

6) Where would you exit the position ? When market sentiment failed to continue (i.e market failed to sell off further) / stop loss triggered.

 

Success truly is the result of good judment. Good judgment is the result of experience, and experience is often the result of bad judgment!