Trade Summary
20130529
Long 1 TF 987.3, +1.2
Short 1 TF 989.4, +1.2
Short 2 YM 15306, 15305, -5, +7
Short 1 NQ 2995.0, -1.0
Short 1 TF 991.0, +0.2
Short 1 TF 990.4, +2.0
Long 1 NQ 2995.75, -0.5
Long 1 NQ 2995.25, +4.0
Long 1 TF 984.4, -0.4
Short 1 TF 983.9, -0.4
Short 1 TF 983.3, -0.4
Long 1 TF 981.6, +1.0
Long 1 TF 980.1, -0.2
Long 1 TF 979.2, -0.0
Short 1 TF 983.8, +1.0
Total YM +2
Total NQ +2.5
Total TF +5.2
Although TF trades showed good profits in early going, a hesitation at an ES short signal kept me on the sidelines for the big decline. Inflection trigger levels in the TF after it got started just chopped me up. This is typical of 1st Trend Direction breakdown triggers. Signals are in place for further extension, but breakouts are choppy and require larger stp's and some faith. The one good thing I can say about the decline is that I did not lose much trying to fish for the bottom. These extensions have to run their course, and when a bounce was finally in place, was able to take a quick exit short from resistance near the end of the 1st Frame (11:15am ET). So except for hesitating at the ES HOD for a short entry, I can say that I mostly traded my plan, and quit as usual at the end of the session as the early volatility was subsiding. Stay within your Trade Plan. If profits are alluding you, then perhaps your Plan needs to identify better opportunities. If your entry signals are good, then improvement will come as you override the mental blocks that keep you from taking entries in your plan. Discipline takes repeated practice. And it takes witnessing consistent payoffs to your entry signals before you have the full confidence and faith in taking them.
