20130621
Long 2 NQ 2975.25, 2974.5, +2.0, +4.0
Long 2 TF 954.6, 954.6, -0.3, -0.3
Long 1 TF 954.3, -0.5
Short 1 TF 954.8, +0.5
Short 1 TF 954.6, +1.0
Short 1 NQ 2972.75, +3.0
Total NQ +9.0
Total TF +0.4
Monthly Totals Partial Jun 2013
(3 weeks of trading, then Vacation)
Total ES +9.25
Total YM +119
Total NQ +30.0
Total TF +41.4
Whippy action requires some caution, and it's far more important to keep your P/L at bay when signals between contracts are conflicting and action threatens your normal stp-loss distance. ...but enough about excuses... the market just is, and there were several opportunities today to make profits on small bull bounces, if you had the heart and the technicals met your trade models. Wiley and Sons has picked up my book, tentatively to be called 'Pivots, Patterns and Intraday Swing Trades', for publication in the late Fall. So in order to meet a deadline, I'm going to take a break in the markets til about August 1st. Keep to your trade plans. Keep your focus. Stay disciplined. ..and I'll be back later in the Summer in August....
Thur Jun 20 Trade Summary
Trade Summary
20130620
Short 2 ES 1608.0, 1608.25, +1.5, +2.0
Long 1 TF 964.7, -0,
Long 1 TF 964.8, +2.6
Long 1 ES 1602.25, -1.25
Long 1 ES 1600.5, -1.5
Long 2 ES 1597.75, 1597.75, +1.0, -1.5
Long 3 NQ 2912.75, 2912.75, 2912.75, +2.0, +2.0, -1.0
Long 2 TF 962.6, 962.6, +0.5, -0.4
Total ES +0.25
Total NQ +3.0
Total TF +2.7
20130620
Short 2 ES 1608.0, 1608.25, +1.5, +2.0
Long 1 TF 964.7, -0,
Long 1 TF 964.8, +2.6
Long 1 ES 1602.25, -1.25
Long 1 ES 1600.5, -1.5
Long 2 ES 1597.75, 1597.75, +1.0, -1.5
Long 3 NQ 2912.75, 2912.75, 2912.75, +2.0, +2.0, -1.0
Long 2 TF 962.6, 962.6, +0.5, -0.4
Total ES +0.25
Total NQ +3.0
Total TF +2.7
Wed Jun 19 Trade Summary
20130619
Short 2 TF 994.5, 994.5, +0.5, +1.0
Short 1 NQ 2990.5, -0.25
Short 1 NQ 2990.5, -0.5
Short 2 ES 1644.5, 1644.75, -.5, -1.0
Short 1 YM 15245, -2
Short 1 TF 992.6, +0.9
Total NQ -0.75
Total ES -1.5
Total TF +2.4
Short 2 TF 994.5, 994.5, +0.5, +1.0
Short 1 NQ 2990.5, -0.25
Short 1 NQ 2990.5, -0.5
Short 2 ES 1644.5, 1644.75, -.5, -1.0
Short 1 YM 15245, -2
Short 1 TF 992.6, +0.9
Total NQ -0.75
Total ES -1.5
Total TF +2.4
Tues Jun 18 Trades & Journal
20130618
Long 3 TF 986.6, 986.5, 986.5, +0,5, +0.5, +1.6
Long 1 TF 985.9, -0.3
Short 1 TF 985.6, -0.5
Short 1 TF 987.6, 987.9, -0.7, -0.3
Long 1 TF 988.0, -0
Short 3 NQ 2982.25, 2981.75, +2.0, -1.0, -1.5
Short 2 ES 1638.75, 1639.0, -1.0, -1.25
Short 2 ES 1640.5, 1640.5, -1.75, -1.75
Short 2 NQ 2989.25, 2989.50, -1.5, -1.5
Short 2 YM 15218, 15218, -4, -4
Total YM -8
Total ES -5.75
Total NQ -3.5
Total TF +0.8
Persistent Trend Days Up model have a number of 'tells' along the way. Problem is, the action can be so slow and grinding that your mind reads it as 'vulnerable to sharp sell off'. In fact, that's actually one of the tells. Beyond that is your money stp-loss limits, and a little voice that says stop after having made decent initial profits, you lose it all and go the same amount backwards into losses. Quit there. Otherwise, if you allow your day to hit its full loss limit, it's much like watching an ES trade go to 2 pts profit, shy of your 4 pt target, only to have it come back in your face to a 4 pt loss. Makes no sense. Handling your money with behavior stp's should be just like handing the rest of your Trade Plan. Stay disciplined.
Long 3 TF 986.6, 986.5, 986.5, +0,5, +0.5, +1.6
Long 1 TF 985.9, -0.3
Short 1 TF 985.6, -0.5
Short 1 TF 987.6, 987.9, -0.7, -0.3
Long 1 TF 988.0, -0
Short 3 NQ 2982.25, 2981.75, +2.0, -1.0, -1.5
Short 2 ES 1638.75, 1639.0, -1.0, -1.25
Short 2 ES 1640.5, 1640.5, -1.75, -1.75
Short 2 NQ 2989.25, 2989.50, -1.5, -1.5
Short 2 YM 15218, 15218, -4, -4
Total YM -8
Total ES -5.75
Total NQ -3.5
Total TF +0.8
Persistent Trend Days Up model have a number of 'tells' along the way. Problem is, the action can be so slow and grinding that your mind reads it as 'vulnerable to sharp sell off'. In fact, that's actually one of the tells. Beyond that is your money stp-loss limits, and a little voice that says stop after having made decent initial profits, you lose it all and go the same amount backwards into losses. Quit there. Otherwise, if you allow your day to hit its full loss limit, it's much like watching an ES trade go to 2 pts profit, shy of your 4 pt target, only to have it come back in your face to a 4 pt loss. Makes no sense. Handling your money with behavior stp's should be just like handing the rest of your Trade Plan. Stay disciplined.
Mon Jun 17 Trade Summary
Trade Summary
20130617
Long 2 YM 15154, 15154, +7, +15
Short 2 NQ 2977.25, 2977.75, -1.5, +1.5
Short 3 TF 985.7, 986.0, 986.2, +0.4, -0,7, -0.7
Short 1 NQ 2928.25, -2.5
Short 3 YM, 15182, 15182, 15182, +7, +6, -5
Short 1 NQ 2980.0, -2.0
Short 2 TF 987.6, 987.7, +1.8, +0.5
Total YM +30
Total NQ -4.5
Total TF +1.3
Except for one YM breakout which I balked at, I traded the plan today. ...but the plan was not so successful. Some days are better for trading than others.... Stay disciplined.
20130617
Long 2 YM 15154, 15154, +7, +15
Short 2 NQ 2977.25, 2977.75, -1.5, +1.5
Short 3 TF 985.7, 986.0, 986.2, +0.4, -0,7, -0.7
Short 1 NQ 2928.25, -2.5
Short 3 YM, 15182, 15182, 15182, +7, +6, -5
Short 1 NQ 2980.0, -2.0
Short 2 TF 987.6, 987.7, +1.8, +0.5
Total YM +30
Total NQ -4.5
Total TF +1.3
Except for one YM breakout which I balked at, I traded the plan today. ...but the plan was not so successful. Some days are better for trading than others.... Stay disciplined.
Fri Jun 14 Trade Summary
20130614
Long 2 NQ 2953.75, 2953.75, +2.0, +3.0
Short 2 TF 986.0, 986.2, +1.0, +0.5
Short 1 TF 986.8, +0.8
Long 1 TF 984.8, +1.0
Long 1 YM 15102, -1
Long 1 TF 980.3, +1.5
Long 1 TF 980.0, -0.5
Total NQ +5.0
Total YM -1
Total TF +4.3
Long 2 NQ 2953.75, 2953.75, +2.0, +3.0
Short 2 TF 986.0, 986.2, +1.0, +0.5
Short 1 TF 986.8, +0.8
Long 1 TF 984.8, +1.0
Long 1 YM 15102, -1
Long 1 TF 980.3, +1.5
Long 1 TF 980.0, -0.5
Total NQ +5.0
Total YM -1
Total TF +4.3
Thurs Jun 13 Trade Summary
20130613
Short 2 YM 15985, 15986, +12, -0
Short 1 YM 15990, +20
Short 1 YM 15967, -5
Long 1 TF 970.3, +1.2
Short 1 TF 973.0, +0.1
Short 1 YM 15013, +3
Long 1 TF 973.5, -0.2
Long 1 TF 972.0, -0.5
Long 1 TF 971.1, -0.5
Long 2 YM 14999, 14986, -0, -3
Long 1 TF 969.9, +1.2
Short 2 TF 974.5, 974.8, -0.0, -0.0
Short 2 TF 976.0, 975.9, +1.1, +0.5
Total YM +27
Total +2.9
Short 2 YM 15985, 15986, +12, -0
Short 1 YM 15990, +20
Short 1 YM 15967, -5
Long 1 TF 970.3, +1.2
Short 1 TF 973.0, +0.1
Short 1 YM 15013, +3
Long 1 TF 973.5, -0.2
Long 1 TF 972.0, -0.5
Long 1 TF 971.1, -0.5
Long 2 YM 14999, 14986, -0, -3
Long 1 TF 969.9, +1.2
Short 2 TF 974.5, 974.8, -0.0, -0.0
Short 2 TF 976.0, 975.9, +1.1, +0.5
Total YM +27
Total +2.9
Wed Jun 12 Trades & Journal
20130612
Long 2 NQ 2972.75, 2972.25, +2.0, -1.0
Long 2 YM 15193, 15193, +7, -0
Long 3 TF 984.2, 983.4, 983.4, -0.0, +0.7, -0.0
Long 2 YM 15178, 15178, +7, +5
Long 2 NQ 2956.75, 2955.75, -2.0, -2.50
Long 2 NQ 2955.25, 2955.25, +2.0, -0.0
Long 2 TF 981.8, 981.7, +1.7, +1.0
Long 3 TF 981.1, 981.1, 981.1, +0.5, +1.0, -0.3
Long 1 ES 1625.75, -2.0
Long 2 YM 15013, 14099, -0, +20
Long 2 TF 978.9, 977.8, -1.4, -0.4
Long 2 TF 977.8, 977.8, -0.5, -0.5
Long 2 TF 978.1, 977.7, +0.5, +1.5
Long 1 TF 975.1, +1.0
Total NQ -1.5
Total YM +39
Total ES -2.0
Total TF +4.8
Haven't seen a Persistent Trend Day Down model seems like awhile. But did try to get short at the larger pullback mid morning, but came and went too quickly for my too-careful outlook. The counter trend bounces proved pretty good in TF, so finished up ok, but the big miss was the Opening short trade at the ORB. These always require quick recognition, as there is sometimes less than one minute from the time the setup finishes til the entry level is triggered. No hesitation allowed. Be focused. Have your coffee before the market starts. You're an intraday trader. Setups occur quickly and must be recognized and acted upon without delay.
Long 2 NQ 2972.75, 2972.25, +2.0, -1.0
Long 2 YM 15193, 15193, +7, -0
Long 3 TF 984.2, 983.4, 983.4, -0.0, +0.7, -0.0
Long 2 YM 15178, 15178, +7, +5
Long 2 NQ 2956.75, 2955.75, -2.0, -2.50
Long 2 NQ 2955.25, 2955.25, +2.0, -0.0
Long 2 TF 981.8, 981.7, +1.7, +1.0
Long 3 TF 981.1, 981.1, 981.1, +0.5, +1.0, -0.3
Long 1 ES 1625.75, -2.0
Long 2 YM 15013, 14099, -0, +20
Long 2 TF 978.9, 977.8, -1.4, -0.4
Long 2 TF 977.8, 977.8, -0.5, -0.5
Long 2 TF 978.1, 977.7, +0.5, +1.5
Long 1 TF 975.1, +1.0
Total NQ -1.5
Total YM +39
Total ES -2.0
Total TF +4.8
Haven't seen a Persistent Trend Day Down model seems like awhile. But did try to get short at the larger pullback mid morning, but came and went too quickly for my too-careful outlook. The counter trend bounces proved pretty good in TF, so finished up ok, but the big miss was the Opening short trade at the ORB. These always require quick recognition, as there is sometimes less than one minute from the time the setup finishes til the entry level is triggered. No hesitation allowed. Be focused. Have your coffee before the market starts. You're an intraday trader. Setups occur quickly and must be recognized and acted upon without delay.
Tues Jun 11 Trades & Journal
20130611
Short 1 NQ 2957.5, -3.0
Short 3 TF 978.4, 978.4, 978.7, +1.0, +1.0, -0.3
Short 1 NQ 2959.75, -2.0
Short 2 TF 979.6, 979.7, -.6, -.7
Short 3 NQ 2962.5, 2963.75, 29.63.73, -1.0, +2.0, +2.0
Short 2 YM 115127, 15127, +7, +20
Short 3 YM 15149, 15157, 15157, -0, +7, -0
Short 2 TF 983.3, 983.4, 983.3, +0.5, +0.4, -0.5
Short 1 NQ 2976.0, +4.5
Short 1 TF 985.8, -0.5
Short 1 TF 985.8, +1.0
Short 1 TF 985.9, +1.0
Total YM +35
Total NQ +2.5
Total TF +2.3
For me, breakout trades are the big mental block. And there's always an excuse not to take them when they appear to match the filters required in my Trade Plan. Today, in sharp contrast to yesterday's cold porridge, Goldie Lock's porridge was way too hot to handle, and that was my excuse for not buying several breakout levels after the reversal got started from the LOD. (low of day). And because of it's extra volatility on breakouts but lower price per pt risk, will add a rule to Trade Plan to take all 2nd trend NQ inflections at the Sequent and SubSequent levels. Perhaps that will help ease me past the mental block that has kept me taking no breakouts whatsoever. Have a Plan. Trade the Plan.
Short 1 NQ 2957.5, -3.0
Short 3 TF 978.4, 978.4, 978.7, +1.0, +1.0, -0.3
Short 1 NQ 2959.75, -2.0
Short 2 TF 979.6, 979.7, -.6, -.7
Short 3 NQ 2962.5, 2963.75, 29.63.73, -1.0, +2.0, +2.0
Short 2 YM 115127, 15127, +7, +20
Short 3 YM 15149, 15157, 15157, -0, +7, -0
Short 2 TF 983.3, 983.4, 983.3, +0.5, +0.4, -0.5
Short 1 NQ 2976.0, +4.5
Short 1 TF 985.8, -0.5
Short 1 TF 985.8, +1.0
Short 1 TF 985.9, +1.0
Total YM +35
Total NQ +2.5
Total TF +2.3
For me, breakout trades are the big mental block. And there's always an excuse not to take them when they appear to match the filters required in my Trade Plan. Today, in sharp contrast to yesterday's cold porridge, Goldie Lock's porridge was way too hot to handle, and that was my excuse for not buying several breakout levels after the reversal got started from the LOD. (low of day). And because of it's extra volatility on breakouts but lower price per pt risk, will add a rule to Trade Plan to take all 2nd trend NQ inflections at the Sequent and SubSequent levels. Perhaps that will help ease me past the mental block that has kept me taking no breakouts whatsoever. Have a Plan. Trade the Plan.
Mon Jun 10 Trades & Summary
20130610
Long 3 ES 1642.5, 1641.25, -0, +2.0 +2.0
Long 2 YM 15212, 15212, +7, -0
Long 1 NQ 2987.0, +4.0
Short 1 TF 987.3, -0
Short 1 TF 987.8, -0.3
Short 1 NQ 2999.75, -0
Short 2 ES 1646.0, 1646.0, +1.5, +1.0
Short 1 TF 990.3, +0.6
Total ES +6.5
Total NQ +4.0
Total YM +7
Total TF +0.3
Some days are better for trading than others... You take what's offered. But I did miss a breakout play that would have required some faith and patience on even a good day....today would have required far more than I had on store for a Monday morning. ...but that's no real excuse... trade your plan....
Long 3 ES 1642.5, 1641.25, -0, +2.0 +2.0
Long 2 YM 15212, 15212, +7, -0
Long 1 NQ 2987.0, +4.0
Short 1 TF 987.3, -0
Short 1 TF 987.8, -0.3
Short 1 NQ 2999.75, -0
Short 2 ES 1646.0, 1646.0, +1.5, +1.0
Short 1 TF 990.3, +0.6
Total ES +6.5
Total NQ +4.0
Total YM +7
Total TF +0.3
Some days are better for trading than others... You take what's offered. But I did miss a breakout play that would have required some faith and patience on even a good day....today would have required far more than I had on store for a Monday morning. ...but that's no real excuse... trade your plan....
Fri Jun 7 Trades & Journal
20130607
Long 2 TF 977.7, 977.3, +.08, +2.0
Short 1 ES 1631.5, -1.5
Short 2 ES 1634.5, 1634.0, -1.0, +2.0
Short 2 YM 15155, 15155, +7, -7
Short 1 TF 984.0, -0.3
Short 1 TF 983.9, -0.7
Short 1 NQ 2974.5, -2.0
Short 1 ES 1637.5, -0.75
Short 2 TF 986.6, 986.4, +1, +2.0
Short 1 YM 15194, -6
Short 2 YM 15194, 15195, -5, -6
Short 2 YM 15196, 15196, +9, -0
Total ES -1.5
Total YM -8
Total NQ -2.0
Total TF +4.8
Bad habits are very hard to break. And you'd think that someone who thinks and writes about developing trading habits would have a far easier time changing his own. Maybe it's the old story of the cobbler's children going shoeless or something, but today I traded my opinions about the market in several key places instead of the inflection breakout signals on the way up staring off the page of my own Trade Plan. Of interest to note that some of my students whose habits less ingrained have succeeded in acquiring breakout trigger habits from our ValhallaFutures lesson sessions better than the instructor giving them.... :) Want to wish all a good weekend... Work on your Trade Plan, and rehearse your Trade Plan behavior for the trade models you've identified so that you can more easily take them regardless of your trend opinion when they appear at the right edge of your video screen each day.
Long 2 TF 977.7, 977.3, +.08, +2.0
Short 1 ES 1631.5, -1.5
Short 2 ES 1634.5, 1634.0, -1.0, +2.0
Short 2 YM 15155, 15155, +7, -7
Short 1 TF 984.0, -0.3
Short 1 TF 983.9, -0.7
Short 1 NQ 2974.5, -2.0
Short 1 ES 1637.5, -0.75
Short 2 TF 986.6, 986.4, +1, +2.0
Short 1 YM 15194, -6
Short 2 YM 15194, 15195, -5, -6
Short 2 YM 15196, 15196, +9, -0
Total ES -1.5
Total YM -8
Total NQ -2.0
Total TF +4.8
Bad habits are very hard to break. And you'd think that someone who thinks and writes about developing trading habits would have a far easier time changing his own. Maybe it's the old story of the cobbler's children going shoeless or something, but today I traded my opinions about the market in several key places instead of the inflection breakout signals on the way up staring off the page of my own Trade Plan. Of interest to note that some of my students whose habits less ingrained have succeeded in acquiring breakout trigger habits from our ValhallaFutures lesson sessions better than the instructor giving them.... :) Want to wish all a good weekend... Work on your Trade Plan, and rehearse your Trade Plan behavior for the trade models you've identified so that you can more easily take them regardless of your trend opinion when they appear at the right edge of your video screen each day.
Thurs Jun 6 Trades & Journal
20130606
Long 1 NQ 2939.75, +3.0
Short 2 YM 15979, +7, +10
Long 1 TF 971.3, -0.4
Long 2 NQ 2939.75, 2939.0, -2.0, -1.25
Long 2 NQ 2936.0, 2936.25, +2.0, +5.0
Long 1 ES 16.09.25, -1.0
Long 1 TF 970.7, -0.5
Long 1 NQ 1635.25, -0.0
Long 2 TF 969.7, 969.7, +1.0, +2.0
Total ES -1.0
Total YM +17
Total NQ +6.75
Total TF +2.1
The NQ can often be the most volatile contract on the board. When fading it at what might be termed a full chaos fractal in my trade plan entry, I often get stp'd out. But how to use such volatility and excess to advantage? Take the inflection breakout triggers in the 2nd trend direction of the 1st hour frame. Today, was given just such an opp to go short as the market collapsed from the early 'Jump Ball' opening. But I balked. True, I had been short the YM at resistance near its high, but had already exited that short on initial support, and could have easily shifted my focus to the developing NQ signal. Stay focused. The purpose of having a trade plan is for seeing the potential setup models in advance as they are forming. You have a trade entry description. It has to fulfill certain requirements. It's just a quick mental checklist you have rehearsed a hundred times before. When the trade arrives, you should be prepared to take it. As an added help to getting prepared, I resolve to review my trade plan briefly before the cash NYSE market opens. Rehearse this mental preparation: "When the inflection breakout opportunity is setting up, be prepared to take the trade. Set your stop-entry, and let the market work. If this trade were not so consistently successful, it wouldn't be in my trade plan to take. Trade the plan. Stay disciplined.
Long 1 NQ 2939.75, +3.0
Short 2 YM 15979, +7, +10
Long 1 TF 971.3, -0.4
Long 2 NQ 2939.75, 2939.0, -2.0, -1.25
Long 2 NQ 2936.0, 2936.25, +2.0, +5.0
Long 1 ES 16.09.25, -1.0
Long 1 TF 970.7, -0.5
Long 1 NQ 1635.25, -0.0
Long 2 TF 969.7, 969.7, +1.0, +2.0
Total ES -1.0
Total YM +17
Total NQ +6.75
Total TF +2.1
The NQ can often be the most volatile contract on the board. When fading it at what might be termed a full chaos fractal in my trade plan entry, I often get stp'd out. But how to use such volatility and excess to advantage? Take the inflection breakout triggers in the 2nd trend direction of the 1st hour frame. Today, was given just such an opp to go short as the market collapsed from the early 'Jump Ball' opening. But I balked. True, I had been short the YM at resistance near its high, but had already exited that short on initial support, and could have easily shifted my focus to the developing NQ signal. Stay focused. The purpose of having a trade plan is for seeing the potential setup models in advance as they are forming. You have a trade entry description. It has to fulfill certain requirements. It's just a quick mental checklist you have rehearsed a hundred times before. When the trade arrives, you should be prepared to take it. As an added help to getting prepared, I resolve to review my trade plan briefly before the cash NYSE market opens. Rehearse this mental preparation: "When the inflection breakout opportunity is setting up, be prepared to take the trade. Set your stop-entry, and let the market work. If this trade were not so consistently successful, it wouldn't be in my trade plan to take. Trade the plan. Stay disciplined.
Wed Jun 5 Trades
20130605
Short 1 NQ 2971.5, -3.0
Short 2 TF 980.6, +1.0, -0.5
Short 2 YM 15128, 15134, -11, -6
Long 1 TF 971.4, +1.0
Long 1 TF 971.4, +1.6
Short 1 TF 974.5, -0.5
Short 2 TF 975.7, 975.0, -0.0, +0.5
Short 2 TF 976.5, 976.5, +1.0, +2.0
Short 2 ES 1623.25, 1623.25, +1.5, +4.0
Total NQ -3.0
Total YM -17
Total ES +5.5
Total TF +6.1
Short 1 NQ 2971.5, -3.0
Short 2 TF 980.6, +1.0, -0.5
Short 2 YM 15128, 15134, -11, -6
Long 1 TF 971.4, +1.0
Long 1 TF 971.4, +1.6
Short 1 TF 974.5, -0.5
Short 2 TF 975.7, 975.0, -0.0, +0.5
Short 2 TF 976.5, 976.5, +1.0, +2.0
Short 2 ES 1623.25, 1623.25, +1.5, +4.0
Total NQ -3.0
Total YM -17
Total ES +5.5
Total TF +6.1
Tues Jun 4 Trades & Journal
20130604
Short 1 TF 993.4, -0.5
Short 3 NQ 3003.25, 3003.25, 3003.25, +2, 0, +3.0, +5.0
Long 1 TF 881.5, -0.5
Long 1 ES 1640.75, +2.0
Short 1 TF 991.2, -0.4
Short 2 NQ 3005.25, 3006.25, -0, +4.0
Short 2 TF 993.0, 992.8, +2.0, +1.0
Long 1 ES 1639.0, -0.25
Long 1 TF 984.7, +1.0
Total ES +1.75
Total NQ +14.0
Total TF +2.6
When a position wears you down in consolidation, the mental temptation is to get out at any profit, when one finally appears, lighten up, and tighten down remaining stop-loss orders. I see nothing wrong with lightening up and tightening down, but if you survive the last position, and price definitively breaks your way, especially if its in a contract that is following a total breakdown by the leadership of the mini-Russell, its best to let your profits run on that surviving position. This is one of the hardest things to do... let your profits run. And the longer you held a position waiting for a complete turn of direction, the more interested you are in alleviating the angst emotionally by a quick exit, but the more the position is likely to trend back to the opposite end of the range and now be a big winner. The journal is an exercise in reminding yourself of what habits are better than others, what habits should be broken and replaced. Keep up your journal. Your own trades can be the best education available for your trading.
Short 1 TF 993.4, -0.5
Short 3 NQ 3003.25, 3003.25, 3003.25, +2, 0, +3.0, +5.0
Long 1 TF 881.5, -0.5
Long 1 ES 1640.75, +2.0
Short 1 TF 991.2, -0.4
Short 2 NQ 3005.25, 3006.25, -0, +4.0
Short 2 TF 993.0, 992.8, +2.0, +1.0
Long 1 ES 1639.0, -0.25
Long 1 TF 984.7, +1.0
Total ES +1.75
Total NQ +14.0
Total TF +2.6
When a position wears you down in consolidation, the mental temptation is to get out at any profit, when one finally appears, lighten up, and tighten down remaining stop-loss orders. I see nothing wrong with lightening up and tightening down, but if you survive the last position, and price definitively breaks your way, especially if its in a contract that is following a total breakdown by the leadership of the mini-Russell, its best to let your profits run on that surviving position. This is one of the hardest things to do... let your profits run. And the longer you held a position waiting for a complete turn of direction, the more interested you are in alleviating the angst emotionally by a quick exit, but the more the position is likely to trend back to the opposite end of the range and now be a big winner. The journal is an exercise in reminding yourself of what habits are better than others, what habits should be broken and replaced. Keep up your journal. Your own trades can be the best education available for your trading.
Mon Jun 3 Trades & Summary
Long 1 NQ 2985.25, -1.0
Long 1 TF 984.8, -1.4
Long 1 ES 1628.25, +2.0
Long 2 TF 982.9, 981.6, -0, +1.8
Long 2 TF 983.8, 984.6, -0.3, -0.7
Long 1 TF 981.2, -1.4
Long 2 TF 979.5, 979.5, +1.4, +4.3
Long 1 TF 986.2, +1.5
Short 1 TF 992.4, +1.5
Long 2 TF 988.8, 987.4, -2.0, -0.6
Long 2 TF 986.0, 985.5, -1.0, -0.5
Long 2 TF 985.3, 985.3, -0.7, -0.7
Long 3 YM 15149, 15149, 15151, +10, -5, -7
Long 2 ES 1624.50, 1624.25, +4.0, +1.5
Long 2 TF 980.8, 981.0, +2.0, +0.4
Total NQ -1.0
Total YM -2
Total ES +7.5
Total TF +3.6
Behavior governors are like stp-loss orders in the market. They are rules designed to trigger a halt to our trading. Having a loss limit dollar amount in your Trade Plan is one such governor. ...but have a daily profit target is one too. Today, I showed the unfortunate tendency of being drawn to the big volatility like the proverbial moth to the flame. At one point, I had over 6 TF pts in profit, but nearly gave it all back on a brutal sell-off after the HOD was in (High-of-Day). I did recover a good piece of it as the buy signals renewed, but there was no reason for me to have traded into that decline anyway. Not for technical reasons, but simply because I had hit my profit goals for the 1st Frame Session of the day, from 9:30am to 11:15am ET. I'm not a big trader. And using the signal method I employee puts a practical limit on how many signals are likely to occur within a single frame of the day. If you reach that goal at anywhere near your total allowable trades per session, step aside. Profit goals can be as valuable as loss limits. This is a business, and it is a particular affect of the gambler to trade through his profits until he's lost it all. Stay disciplined.
Long 1 TF 984.8, -1.4
Long 1 ES 1628.25, +2.0
Long 2 TF 982.9, 981.6, -0, +1.8
Long 2 TF 983.8, 984.6, -0.3, -0.7
Long 1 TF 981.2, -1.4
Long 2 TF 979.5, 979.5, +1.4, +4.3
Long 1 TF 986.2, +1.5
Short 1 TF 992.4, +1.5
Long 2 TF 988.8, 987.4, -2.0, -0.6
Long 2 TF 986.0, 985.5, -1.0, -0.5
Long 2 TF 985.3, 985.3, -0.7, -0.7
Long 3 YM 15149, 15149, 15151, +10, -5, -7
Long 2 ES 1624.50, 1624.25, +4.0, +1.5
Long 2 TF 980.8, 981.0, +2.0, +0.4
Total NQ -1.0
Total YM -2
Total ES +7.5
Total TF +3.6
Behavior governors are like stp-loss orders in the market. They are rules designed to trigger a halt to our trading. Having a loss limit dollar amount in your Trade Plan is one such governor. ...but have a daily profit target is one too. Today, I showed the unfortunate tendency of being drawn to the big volatility like the proverbial moth to the flame. At one point, I had over 6 TF pts in profit, but nearly gave it all back on a brutal sell-off after the HOD was in (High-of-Day). I did recover a good piece of it as the buy signals renewed, but there was no reason for me to have traded into that decline anyway. Not for technical reasons, but simply because I had hit my profit goals for the 1st Frame Session of the day, from 9:30am to 11:15am ET. I'm not a big trader. And using the signal method I employee puts a practical limit on how many signals are likely to occur within a single frame of the day. If you reach that goal at anywhere near your total allowable trades per session, step aside. Profit goals can be as valuable as loss limits. This is a business, and it is a particular affect of the gambler to trade through his profits until he's lost it all. Stay disciplined.
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