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Huntington Beach, Ca
Experience: Beginner
Platform: NinjaTrader
Trading: Index and Currency Futures
Posts: 5 since May 2012
Thanks Given: 2
Thanks Received: 1
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In an effort to hold myself honest and analyze my trading, I've decided to create a trading journal. I'm a big fan of Bulkowski's writing and am currently working through Barry Burns' materials. Unless explicitly stated, all trades occur in simulation space.
Reason to take trade: Today's trade was a classic flag setup on the 9/12 emini.
Trade size: 3 contracts.
Pattern: Tight flag that formed on the 30-minute chart after a big move down around 6:45 am PST. Entries were bullish at 1320, and bearish at 1315.
Targets: Approximately the size of the move - 20 points from 1325 to 1315. 2 contract exit at 1325/1305 - another 1 exits at 1330/1300.
Stop: Entry of the opposite position - 1315 for bullish, 1320 for bearish.
Outcome: Trade hit targets at both 1305 and 1300 for a total profit of 140 ticks.
Comments: It was fun to watch this trade - I do like the pattern trades and the statistical analysis behind them (I'm an engineer). I wish I would have had money in this trade today, since it was a winner - but the morning was a bit of a fireworks show and that's the gambler in me.
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