Dow Jones YM Tuesday July 2nd Short Day Trade Entry

I will be using the low hanging fruit setup to target the bottom of the 4 hour channel, the purple price line of June's Open and the 50% area of the green range.

Entry: 39,416
Stop: 50 ticks 39,466
Target: 125 ticks 39,291

2.5 to 1 Day trade

Trade active

Got filled at 39,418

Trade closed manually

Was wrong on this trade and it was a loss. I performed a stop and reverse where I entered in Long as soon as I stopped out.

If this second Long trade is a loss, then I am done for the day with two losses. I am ok with this.

Trade active

Almost stopped out of my Long trade and it is starting to turn back up. I am still ok if it stops out. It is setting up for a nice short squeeze if it happens. I have my target to 3 to 1 or 150 ticks

Trade closed: target reached

Today was a successful day even though I took a loss going short before the open. Second trade I went long on almost stopped me out before turning around and hitting my 3 to 1 target. I was working on holding trades to full 3R targets and today I was successful. I did not panic or sell out early.

Trade closed: target reached

Summary:

I thought that it was going to sell off at the open a bit further down into the bottom of the channel before going Long. I was trying to get that sell but it didn't work out and I took a loss. Seeing how violent the open was when I got taken out, I did the stop and reverse technique I employ sometimes (it doesn't always work). I was ok with taking the second loss and being done for the day.

After entering into the trade, I went to the gym and let the trade play out. I set alerts to let me know what was happening. I know my 3R system works, I need to keep the confidence up and hold all winners to 3R.

Dow_Jones_Maestro

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Dow_Jones_Maestro