This blog is geared towards improving my trading knowledge and recording my trades. I am not licensed to give financial advice. Trade at your own risk. It is your fault for losing in this money game.
Wednesday, March 30, 2011
I exited my /ES futures trade for about a 10 point gain. That would be a $500 gain if i was trading one contract. When i put on the trade yesterday i was looking at it on the daily chart, but since i realized that was a mistake. The market's daily chart is not in an obvious uptrend so i was gambling a little on the market's uptrend really being there or not. The 4hr chart actually showed the strong trend that i wanted along with a closer target level. If im not picking stocks with nice consolidation breakouts during a market uptrend, and im just trading the market when its trending, then i think this is what i would do. I look for an area with no resistance and then i enter using the time frame with a strong trend, adjusting my target level closer if needed. Ill post this trade here since i will probably want to keep looking back at it for myself. I don't know if i would normally want to make hourly trades.
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