Trades that got away 14-December-2006

Trend chart of ES turned up within the first hour, at the same time, a dummy long signal was formed. Long position was established above the high of 935am candle. First (minimum target, ~1.7R) was set at yesterday's high at 1430.50.

Both minimum target and Fib extension 100% were achieved. Stop was moved to Fib extension 100% to protect profit and let the profit run. After ES made a lower high, position was closed at Fib extension 161.8%.

• Fib extension was calculated using yesterday's low and today opening range high.

Here is the 5-min chart of ES (E-mini S&P futures)