20121115
Long 2 TF 769.8, 769.5, -0.6, -0.3
Long 1 TF 768.6, -0.6
Short 2 TF 769.5, 769.7, -0.7, -0.5
Long 3 TF 769.5, 768.7, 768.7, -0, +0.8, +0.8
PM Session:
Long 2 TF 763.1, 763.1, +5.0, +1.5
Short 1 TF 769.1, +0.7
Short 2 TF 770.8, 770.8, +0.5, +2.0
Total TF +4.1
Again, early trend action appeared quickly, and in the TF was especially hard to trade. However, a YM inflection breakdown trade did appear that would have captured the early bear trend right into the lows....but I was not focusing clearly and missed it, and thus felt compelled to take less attractive trades in my plan.
Early trend action has been very choppy and devoid of more easily identified swing opportunities. But true the Elliott Rule of Alternation, one frame's action is usually countered by the next. If choppy or consolidating in the 1st frame, then subsequent time frames can swing and trend more freely. If your plan isn't working in the early going, chances are better it will work later in the day. This is the proper way to apply flexibility to your plan: agree to trade other time frames. But that doesn't mean flexibility is ubiquitous. It doesn't mean that if your trade plan is failing, you should simply give it up and go back to intuition. Nothing can be worse. Sometimes your trade plan will not work. Often market conditions will vary to threaten the validity of your plan. If this happens too frequently, you may have problems with the specific setups within your plan. Remember, your plan should include behavior governors. Too many trades...trades are curtailed. A maximum $$ loss limit hit per day.... trades are curtailed. First frame action chopping your out of entries.... switch to the later time frames of the day. In other words, allow some contingencies in your plan to shift its range of focus. But keep to the plan. As Norm Hallett says, "Stay disciplined!"
