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20121217
Short 2 TF 826.0, 826.0, +1.0, -0.1
Short 1 YM 13141, -2
Short 2 TF 824.8, 824.9, -0.0, +0.5
Total YM -2
Total TF +1.4
It can affect you far more emotionally to miss trade entries than being stp'd out of the entries that you catch. A perfect trade setup today for an early short against the initial bull trend was signaled clearly by the Serial Sequent Wave Method. But that entry area came and went with one of those quick spikes that did not fill my entry order just two ticks or so higher. It then fell straight down 4 pts, and subsequent action failed to give clear buy signals to position long with for further bull action in neither the YM, the NQ or the TF contracts. But what about the ES? Why ignore the ES contract...? True it's clunkier and less volatile than the rest, and the huge volume often stands in front of getting a fill at target entry and exit numbers. But if it's in your trade plan, and no other signals are present in the other three contracts, you have failed your trade plan if you ignore them. And today, I did just that, failing to capture the 2nd wave of buying because I was so intent on finding a buy signal in the sharp pullback in the YM, NQ or TF instruments. Stay focused. You must see the potential signals BEFORE they arrive. I will add these lines to my trade plan to clarify my action items, and to add to the mantra of reciting the plan each day before the opening bell: "If no clear signal model is present in the preferred contracts YM, NQ and TF, be sure to check the ES. Trade the ES on valid signals, unless filling successfully in one of the others." This is a rule. Trade the rules and you are trading the plan.
