Long position of NQ was established when a new uptrend cycle formed. Observing the higher lows and higher highs in 5-min chart. This was an entry above opening range and facing yesterday high. I trailed my stop to lock in 1-R profit after the position was gaining more than 2-R and stalled at yesterday’s high level. Stop was hit, I was out with 1-R profit.

Trade summary

• Long above the high of 14th candle (10:35am NY time) which was the first pull back of the new trend cycle.
• Initial stop was set below the low of 14th candle.
• Position was closed below yesterday’s high.

One trade closed with 1-R gain

Short position of NQ was established when NQ first pulled back to 18 MA. Stop was moved to break even point after 1.5-R gain. Subsequently, I trailed stop twice to protect profit. Position was closed with 1.83-R gain.
Trade summary

• Short below low of 15th (10:20am) candle @1798.25 which was the first pull back of current trend cycle.
• Initial stop loss was set at the high of 15th candle.
• Position was closed right above Fib extension level 61.8% @1790.25

One trade closed with 1.83-R gain.

Long position of NQ was established above 9th bar high. I closed that position at 17th bar, with 2.09-R gain (+6.5 points in NQ). I closed the position at Fib extension 38.2% as it is 2am in Singapore.
That’s a better way to end the week.

Trade score :1 – Target hit

Execution score: 1 – Followed trade as dictated in my 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 high of 9th bar which is a narrow range bar, above opening range and moving average.
• Where would you put the initial protective stop? Below the low of entry bar
• Where would you exit the position? Fib extension 38.2%