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We have closed out on one contract are holding the second.
(This is called "scaling out" of the trade as opposed to all-out at one price.)
We have adjusted the sop on the second to the cost price 1589.75
You scale out if you believe the setup is still valid but you are concerned that the price action shows weakening.
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peace, love and joy to you
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Can you help answer these questions from other members on NexusFi?
This shows the entry of the trade for day 1.
As mentioned in the video the last retracement was to 3/8 (37.5%) and we could have waited til then. https://screencast.com/t/frBDcY97cMm
However, I wanted to get the fill in on the video and moved up the price to get a fill.
So I'm filled at 1610.75 instead of 1610.
We are long 1 contract with a target of 1614.25 and a sell-stop of 1608.75
The day looks trendless and range bound so perhaps not the best to demonstrate a trend trade!
the barchart was free. Sometimes it is easier to get a chart there that looks like how I want it to for a particular purpose which in this case was a simple educational example.
The thread is to showcase fundamentals for new traders an if you (or others) have questions new traders might ask please chime in.
New traders - please ask your questions and if you have a sample trade to be review please contribute
Sample questions - some of which I've answered in videos so far are things like
How did you pick the points for the retracement/extension tool?
How do you pick the level (the percentage) it might retrace to?
How do I draw a trend line?
How do I find S/R points and which are stronger?
How do I set a target?
When should I scale out?
So for fun I've started a 20 day test.
The sim account has $30,000 -pretend money - initial balance
The profit target for other might be $2,000 - let's do better than this, please.
They use $500 daily loss limit and $1,500 maximum drawdown - I think these are a bit silly, but this is only for fun.
Here is today day one - 0ne trade 3.75pts on 6 pt day.
This is 58% of the range. I hope to do better that this but this journal comes after my own trading so if I'm busy I may not get the best entry. Or if I'm sleeping, like today not the best exit.
9:48 AM 5/7/2013
Today is looking like a range bound day.
Thi is an example of a poorly timed trade which we scratched (which means entered and exited at the same price)