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Dummy day trading #32 10-Oct-2006: YM short trade closed

by Gav 8 Comments

This is a trade that did not work out as planned. Shorted YM, with 1-R loss. This is a small loss. Looking at the chart, maybe I should look for even narrower bar for entry. Anyway, exited the trade as planned since the setup failed to work.

[photopress:orig_YM_15_trade_closed_1.jpg,full,pp_image]

Q&A

  • Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is down. Looking at short
  • Where would you get long/short this futures contract ? short below 3rd bar low which is a inside bar below Fib extension (regular session)
  • Where would you put the initial protective stop? Abot 3rd bar low
  • When would you stop trading for the day? After position is established/2pm NY time
  • Where would you exit the position?Target Fib extension 138.2% and 161.8% or stop loss triggered

Filed Under: Dummy Collection, Trading Journal Tagged With: Dummy Trading Mini Dow, Trading Journal

Reader Interactions

Comments

  1. Peter says

    at 6:50 pm

    hi, just saw your YM short trade…dont get me wrong, but the trend is not down on your timeframe…

    Reply
  2. Peter says

    at 2:50 am

    hi, just saw your YM short trade…dont get me wrong, but the trend is not down on your timeframe…

    Reply
  3. Gav says

    at 11:04 pm

    Hi Peter, thanks for the comment. The reason I went short was because of the lower highs, and the moving averages(5 MA is trading below 20 MA). Maybe I am wrong in this case. Market was still strong.

    Reply
  4. Gav says

    at 7:04 am

    Hi Peter, thanks for the comment. The reason I went short was because of the lower highs, and the moving averages(5 MA is trading below 20 MA). Maybe I am wrong in this case. Market was still strong.

    Reply
  5. Peter says

    at 9:19 am

    i see…most people confuse “…market is trending down” with what is an already established downtrend on any given timeframe…as far as i recall, the chairman puts emhasize on going long only on the back of an established uptrend

    Reply
  6. Peter says

    at 5:19 pm

    i see…most people confuse “…market is trending down” with what is an already established downtrend on any given timeframe…as far as i recall, the chairman puts emhasize on going long only on the back of an established uptrend

    Reply

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