Long position of YM was established above high of 4th bar. However, I was stopped out. One trade closed with 1-R loss.
I will stop trading for the day and continue writing my business plan.
- Is the trend up or down? Would you be looking to get long or short this futures contract? Trend is up. Looking to get Long
- Where would you get long/short this futures contract ? Above the high of 4th bar which is above Opening Range (OR) as well.
- Where would you put the initial protective stop? Below the low of 4th bar which is below 5-MA as well
- When would you stop trading for the day? After position is established
- Where would you exit the position? Fib extension 38.2% and 61.8%