20130411
Short 2 TF 943.7, 944.0, -1.0, -0.6
Short 2 TF 945.3, 945.2, -0.5, -0.3
Short 1 TF 946.4, +1.2
Short 1 TF 947.1, -0.1
Short 2 YM 14784, 14784, -4, -5
Short 2 TF 947.6, 947.7, -0.4, -0.3
Total YM -9
Total TF -2.0
Very seldom do you get two Persistent Trend Day Ups in a row. Today was no exception, but the first frame of the day didn't seem to think so, and unlike yesterday, reversal levels offered no real pullback profits for counter trend shorts. And like yesterday, the buy signals that came at the initial, early Low-of-Day went unfilled by my orders, and both by just a few ticks. So I never caught the bull blast launch pads. But whether by a few ticks or many points, such things happen in trading. Since the first trend direction of the day is usually false and a setup for the true trend in the opposite direction, missing a fade of that early trend means you're left looking for trades into or as the 2nd trend, the true trend, is already underway. Either you fade that true trend with counter trend entries-- very carefully, like accomplished yesterday-- or you go with that 2nd trend at subsequent breakout levels. My trade plan includes those breakout levels, but my heart doesn't always get the message. ...and even less so today than yesterday would I have gone with bull breakouts as the 2nd Persistent Trend Day up in a row... but there it was...exploding upwards again without me into the deep blue sky of Dow Jones Indust'ls all time new highs. So today, I castigate myself much less for not having taken the bull breakout signals, and shrug my shoulders at having missed the nice YM buy signal entry a few ticks shy at the very Low. The week so far 2 days winners, 2 losers, for about a wash. New term for today's highs in the TF: Serial Climax.
Next week is new blood, and that is just another reason I love day trading so much. I don't hold positions overnight nor over the weekend. Every day and every week is a fresh start. Stick to the plan, and construct all self criticisms around whether you fulfilled plan parameters or failed them. There is no other yardstick for self improvement. You can't improve 'intuition'. It's a disintegrating asset in trading. ....an issue with which I apparently disagree with Mark Douglas' concept of finding 'the zone'. For me, the zone is the plan. The plan is not in my head. It's very nature is to lie outside of one's head and ability to tape read or intuit the here and now. The plan is the only here and now. And once in place, a plan is modified with only slow and incremental improvements. ...never on the fly. Good trading to all....
