NQ Paper Trade Journal

[A2x2]

Exit 4862.25 [1:44PM]

P&L:+3.50

 

[A2x2]

Good call to take profits as market slowed down.. would have gotten stopped out at previous level of 4858.75

 

[A2x2]

Most likely done for the day.. looks like uptrend for remainder of day, however will not be looking to chase entry here (plus also highly likely for EOD reversal).

 

[A2x2]

2016-09-28 Summary

Daily P&L: +3.50 (1 trade, 1 winner)

Trade Summary
Trade 1: Took this long as the market broke the resistance level of the wedge formation.

Was able to follow through on my list of areas to focus on from yesterday. Did not enter my first trade until the market developed its range and the chart patterns became evident. Also took profits off the table as soon as the market wasn't moving fast enough for me. Going forward my trading system will reduce the max number of trades per day from 5 to 3.

Things to (continue to) focus on:
-More patience on the trade set up (wait longer until I take the 1st trade, for the range and chart patterns to develop)
-Need to mentally visualize potential chart formations both to the upside and downside (anything can happen), and strategize my game plan
-Protect profits (do not hesitate to exit and take profits at current levels when market is exhibiting signs of slowing down / utilize time stop)
-Okay to miss entry and not make a single trade for the day

 

[A2x2]

Wow.. kept missing entry on the short side..

 

[A2x2]

Tried to get in around the low 30s when it was evident there was still some strength to the sell off

 

[A2x2]

Trade 1: Short 4832.50, Stop 4840.50, Profit-Take 4822.25 [1:14PM]

 

[A2x2]

Stop-Loss moved to 4842.50

 

[A2x2]

Exit 4827.25 [1:49PM]

P&L:+5.25

 

[A2x2]

Poor execution on the recent trade.. had I entered closer on the short side to 4840 I could've been in a better position to hold the trade and capitalize on this run.