Trade Summary
20130829
Short 2 YM 14823, 14823, +7, -7
Short 2 TF 1018.1, 1018.1, -0.5, -0.5
Short 3 TF 1018.8, 1018.8, 1019.3, +0.7, -0.0, +1.0,
Short 2 YM 14838, 14838, -7, -7
Short 2 TF 1021.0, 1021.0, -0.4, -0.4
Short 2 TF 1022.0, 1022.9, -1.4, -0.6
Short 3 TF 1023.1, 1023.1, 1023.0, +1.0, +0.7, -0.3
Short 2 TF 1027.1, 1027.2, +1.0, +0.5
Short 2 TF 1027.3, 1027.4, -0.2, +0.5
PM trades:
Short 3 TF 1024.8, 1025.4, 1025.5, -0.0, +1.4, +0.5
Total YM -14
Total TF +2.4
Vertical markets the most difficult to trade. Very shallow pullbacks in the early drive, and was left with counter trend short signals at resistance and structural levels only. These barely paid their way to a net b/e state. I filter out from my Trade Plan breakouts to the initial trend direction on such days, as they can often come right back in your face. But a shallow pullback at the 10:30am Trend Check did hit an initial support number that would have positioned for the 2nd leg and a huge payoff. I balked and was left without an in-sync trade entry for the morning. As I post this journal, TF is making the best short signal so far today here at the Noon Hour, but I've closed the books and will just have to wait til tomorrow. Good trading. Stay disciplined.
PM Addendum
Although missed the Noon hour high and was shy of a fill on a trade call for retest of same, did find a short on retest later on well within Trade Plan. My entry a bit early, but the signal remained valid, so added to position and worked out of the less attractive fill. Have always found most the more accepted adages and trade axioms to be of little use, and in fact a deterrent to taking positions more precisely at the turns. "Never short a new High, sell a new Low" is one of those axioms. Tell that to a floor trader. That's where his profits come from. And "never add to a losing position" is also of little use if that position is still being built within the validity of the same signal setup. As long as the signal is still valid, a better fill price opportunity, is, well a better fill opportunity. And money management strategies like taking a 2nd and 3rd contract for a quick partial exit can help reduce or altogether eliminate the risk of the trade, as the position is reduced to a net break/even stp-loss strategy. For those attempting to trade futures without using auto OCO orders, this would all be impossible.
