Lack of patience today, I took a lousy setup this morning, and I was punished. After waiting for around 90 minutes after opening bell, I saw a lower high in NQ futures. I took a short position around 11am (NY time), although my indicators are showing me a choppy day.

One trade closed with 1 R loss. [photopress:NQ5minShorttradeclosed.jpg,full,alignleft]

Trade summary:

• Short below the low of 1055am candle.
• Intial stop set at last swing high
• Stop was triggered.

I will stop for the day. This should be an exciting week

I made a execution mistake today.

Short position was established at 1120am. It was a slow start. Market started sold off after 1130am. However, I was being a Chicken. Instead of letting the profit run, I covered the position with only 1 R gain. That’s a shame. Poor plan execution. It should have been a multiple Rs day. And I am feeling frustration now. So I am gonna call it a day. 🙁 [Read more…] about Dummy day trading #47 25-Jan-2007: NQ short trade closed

Long position was established around 1135am, after watching higher lows were formed in 5-min chart, and NQ seems to be supported by yesterday’s low and moving average. Entry order was triggered by a spike of price and I was stopped with 1 R loss at the next bar.

Trade summary

• Long above the high of 1130am(chicago time) candle.
• stop loss is set below the trigger candle
• Trade was stopped out.

One trade closed with 1 R loss.

[photopress:NQ5minClosed.jpg,full,pp_image]

In contrast to my morning analysis, I saw a new downtrend cycle was formed. Short position of NQ futures was established at 1030am (Chicago time). It was a nice candle pattern and resisted by down trending moving average. I moved my stop to break even after position was gaining 2.5-R. However, market reversed with a strong big candle. I was stopped out.
Trade summary:

• Short below the low of 13th candle.
• Initial stop loss was set above 13th candle.
• Stop was moved to break even after position was gain more than 2.5 R. And stop was triggered.

One trade closed with 0 R (after commission)

[photopress:NQ5mintradeclosed.jpg,full,pp_image]

Long position was established above 1015am candle. I was looking a high low and continuation of uptrend. Trade did not work out as expected, I was stopped out with 1-R loss.

Trade summary:

• Long above high of 10th candle (1015am).
• Initial stop was set below the low of 10th candle.
• Stop loss was triggered.

One trade closed with 1-R loss.

[photopress:NQ5minTradeclosed.jpg,full,pp_image]