20130327
Short 1 NQ 2780.5, -1.0
Short 3 NQ 2782.75, 2782.5, 2782.75, -0.0, -1.0, -1.0
Long 1 TF 939.5, -0.0
Short 2 NQ 2780.0, 2787.25, +3.0, +2.0
Long 2 TF 937.2, 937.1, +0.5, -0.7
Long 3 NQ 2779.9, 2779.75, +2.0, +2.0, +4.0
Short 1 TF 938.9, -0.5
Short 2 TF 939.4, 939.4, +0.4, -0.4
Short 2 TF 940.5, 940.6, -1.0, -1.0
Short 2 TF 942.0, 942.0, -0.2, -0.2
Short 2 TF 942.0, 941.9, +0.9, +0.3
Short 1 TF 944.5, -0.7
Short 2 TF 944.9, 944.8, -0.3, -0.4
Total NQ +10
Total TF -3.3
Lack of patience can work both ways. First, it can spur you out of a position early before it has had a chance to fully develop towards possible targets. But just as deadly are those trades entered too early without the trade model fully in place, because you fear 'missing' the entry. And to add to the brine, any lingering recent memories of trades you actually did miss because you were 'too' patient motivate you not to let that happen again. So, you become anxious. Today, I took a 2 contract position on the short side of TF before the signal really came. I got clever and borrowed the signal from another contract that seem to be fulfilling first. But a minute or two later, the TF played catch-up and the stp's--which were modest at the time of entry to just above the nearby resistance level, slipped badly as price action spiked violently. By the time I was finished 'getting even' with those ugly TF stp-outs, I had given back all of a nice 10 pt profit in NQ trades...and then some. Wait for the setups to develop and the signals truly appear. In markets with such dramatic divergence and index bifurcation, there's no need to be borrowing signals, as the contracts just aren't in close enough sync of trend. Be patient. So what if you miss a few trades. That costs you no capital, and opportunities are always just around the next turn.
I'll be back next Wednesday, Apr 3. A Happy and Joyful Easter weekend to all.
