20130522
Long 1 YM 15187, +10
Long 1 NQ 2968.75, +3.0
Short 3 TF 977.3, 977.0, 977.3, +0.8, -0.4, +1.0
Long 1 TF 973.1, -0.4
Long 2 YM 15205, 15204, +5, +19
Total YM +34
Total NQ +3.0
Total TF +1.0
There a subtle difference between being patient and striking without hesitation when the 'iron is hot'. Today, I missed a pretty obvious buy signal in the ES by hesitating when it arrived. ..and it came conveniently after the 10am econ number was out and being well digested. Before I blinked, the ES had ralllied 10 pts, without any participation by me whatsoever. Thereafter, I was left with counter trend shorts in the TF. I exited those a bit too quickly as it turned out, but counter trend trades are safer with quick exits, and these were definitely 2nd trend shorts, always riskier. But with some profits in the YM and NQ, was an ok day just the same. Nothing smarts more than a trade you miss. And the missed ES trade continues to smart even after the end of the 1st Frame where I normally cease my trading for the day. Missed trade opps usually smart even more than actual cash losses. Such is the way it works on us. Be quick when the signal is clear, and slow to exit as the trade develops. That is usually the right mix of patience and immediacy.
