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Dummy day trading #52 05-Feb-2007: NQ Long trade closed

by Gav 5 Comments

Long position was established around 1041am (NY time), which was the first pull back of new uptrend cycle. This was the second time NQ trying to test last Friday’s high. I was wrong . Stop loss was triggered with 1 R loss. Since the second attempt of previous high failed, NQ seems to be trapped in the trading range. I am out for the day, cough syrup causes some drowsiness now.

One trade closed with -1 R loss

[photopress:NQ200ticktradeclosed05Feb2007.jpg,full,alignleft]

Trade summary

  • Long above narrow range candle around 1041am , which was breaking out from a flag pattrn as well.
  • Stop loss set at recent swing low.
  • Stop loss was triggered with 1 R loss.

Filed Under: Dummy Collection, Trading Journal Tagged With: Dummy Trading E-mini Nasdaq, Trading Journal

Reader Interactions

Comments

  1. Stevey says

    at 5:36 am

    Hi Gav,

    I notice that you use flag pattern as part of your trading system. The flag patterns are only valid during a trending move and not when the market is in a range bound position. Hope this helps.
    Stevey

    Reply
  2. Stevey says

    at 12:36 am

    Hi Gav,

    I notice that you use flag pattern as part of your trading system. The flag patterns are only valid during a trending move and not when the market is in a range bound position. Hope this helps.
    Stevey

    Reply
  3. Gav says

    at 5:51 am

    Stevey,
    Thanks for your comment. Yup, you are right. Flag patterns are trend continuation patterns. My mistake was entering the trade when it was still within the trading range.
    I have noted this in my journal.

    Reply
  4. Gav says

    at 12:51 am

    Stevey,
    Thanks for your comment. Yup, you are right. Flag patterns are trend continuation patterns. My mistake was entering the trade when it was still within the trading range.
    I have noted this in my journal.

    Reply

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My Name is Gav.
I am a Father, Husband, Trader, And Blogger. A serious coffee addict. I started training since 2005, mainly on FX and Futures.

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