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Dummy day trading #35 16-Oct-2006: NQ Long trade closed

by Gav

Long position of NQ was established above high of 6th bar. I scratched the trade when it closed below 5 an 8 MA. One trade closed with -0.66 R loss.

Trade Grade:

Trade score: 4: Out at a different price from stop, but a losing trade

Execution score: 2: Followed trade entry, but closed out position before predetermined target was hit 5: Impulsive

  • 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 high of 6th bar which was above Opening Range and 8-MA. Hindsight, this is not a good entry, and I was lack of patience and broke the rule-entry bar should be a up bar.
  • Where would you put the initial protective stop? Below the low of entry bar
  • Where would you exit the position? Fib extension level 38.2% and 61.8%

Comments

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  1. Trader Gav - Gav’s trading diary » Postmortem 16-Oct-2006 — Pingback
    [...] Dummy day trading #35 16-Oct-2006: NQ Long trade closed [...]
  2. Will
    Gav, I may have missed this in an earlier post- how far offset are you from Eastern Std Time? (i.e. how would we shift the time scale on your charts to get an idea of time-of-day over here)- Thanks, Will
  3. Will
    Gav, I may have missed this in an earlier post- how far offset are you from Eastern Std Time? (i.e. how would we shift the time scale on your charts to get an idea of time-of-day over here)- Thanks, Will
  4. Gav
    Will, I was looking at local time(Singapore time) in my chart which is 12 hours different from NY time. so my entry for this trade was above 1045am (NY time)candle. I forgot to indicate time in the post. I shall do that later. Gav
  5. Gav
    Will, I was looking at local time(Singapore time) in my chart which is 12 hours different from NY time. so my entry for this trade was above 1045am (NY time)candle. I forgot to indicate time in the post. I shall do that later. Gav
  6. Postmortem 16-Oct-2006 | TraderGav.com — Pingback
    […] was not a strong day. I made a trade and scratched it 2 hours later as It failed to form the setup I was looking for. I categorized this […]

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