20130522
Long 1 NQ 3027.25, +3.0
Short 2 NQ 3032.75, 3033.0, -1.0, -1.5
Short 3 NQ 3035.0, 3035.0, 3035.75, -1.0, -1.75, -1.75
Short 1 NQ 3035.5, -0.5
Short 3 TF 1003.1, +1.0, 1003.3, -0.5, -1.0
Long 1 TF 994.1, +1.0
Short 1 TF 984.7, -0.4
Short 1 TF 985.4, +3.0
Total NQ -4.5
Total +2.1
Early long in NQ was not held into the big rally. Not because I should have foreseen it, but because I only had a 1-lot, and took a mechanical exit with a 1-lot profit. The fault, therefore, was not having better size to manage.
Early shorts were stp'd out but the fault was in repeating them as velocity increased. Successful shorts would have captured the Highs at the second fractal level, but was starting a webinar for Ninjatrader and was not viewing the action. The sell signals were, however, pretty clear at the highs, and several students messaged me later how successful they were when the market collapsed after the Noon Hour High. The last frame of the day tends to be resolution to the midday consolidation. And today's last trend down was no exception. I got in sync with that by shorting a bounce for a nice piece of the ride back down to new lows, although I was stopped out of it initially when it exceeded my entry level, forcing me to re enter. I suffer from a temptation to use the same trade model strategies in the last frame as I do in the first. Today, I waited more patiently and got in sync with the developing down trend. A Trade Plan cannot just assume that the 1st frame strategies can be used in the last frame of the day. This is where traders make mistakes.
