Market seems to know my frustration(just fed up with them) over those people who are questioning dummy trading. It gave me some small rewards today. Short position of YM was established below the low of 6th candle (945am NY time candle). That was a fast trade. Target at Fib extension 61.8% was achieved at 8th candle.
Cash market was losing -90 points. I chose to close my position since first target was hit. One trade closed with 2.38-R gain (27 YM points gain)
Trade score: 1: Target hit
Execution score: 1: Followed trade as dictated in my plan
Here is the beauty. Kiss her.
- Is the trend up or down? Would you be looking to get long or short this futures contract? That was a big gap down. Looking to get Short
- Where would you get long/short this futures contract ? Below the low of 6th candle (945am NY time candle) which was below Opening Range low and resisted by 5-MA.
- Where would you put the initial protective stop? Above high of entry candle (High of 6th candle)
- Where would you exit the position? Fib extension 61.8% and 100%
Be a better trader today.