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.
- 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