Trade Summary
20130918
Short 2 YM 15448, 15448, -6, -7
Short 2 TF 1063.0, 1063.2, +1.1, +0.4
Short 1 TF 1062.0, +0.7
Long 2 TF 1059.9, 1059.8, -0.3, -0.5
Short 2 TF 1060.3, 1060.3, +0.4, +1.0
Long 2 YM 15424, 15423, +7, +10
PM Trades
Short 1 TF 1070.6, -1.4
Short 2 TF 1072.0, 1072.0, +0.5, +1.4
Short 1 TF 1072.1, +1.0
Total YM +4
Total TF +4.3
The YM short stop-out was within the management plan, but the TF stop out was a trade I outside of my plan, that I fudged thinking support would hold without structure. It's annoying to miss out on a trade that your intuition and expectations call for even though the trade model is broken or absent. But usually, you pay for that intuition either immediately, or later when you think you're just unbeatable that day. You aren't. When a model fails to gel, or falls apart and does not hold, exit immediately, even at the risk of missing a winner. Stay within your trade plan. Stay disciplined. Today is a much anticipated FOMC day, so will at least come back for that expected volatility and monitor possible trade model setups.
PM Addendum:
The best trade for the PM was the retest of the LOD, pre-FOMC. My excuse for not being in that was absence from the screen, but would have to admit that I would have taken the profits for that entry, even a runner, before the news release, but not because my management called for it.... Shorts at the HOD post news were well within structure, but the 1st entry just too soon for the volatility needed to complete a short term high. The retest was also a trade model entry, and so am glad to have traded within the plan during such volatility. The Trade Models remain the same, regardless of volatility, but entries are far more challenging. Tomorrow, Philly Fed will also provide possible pre-news setups, and being that those outcomes far less volatile than FOMC, is easier to overcome mental blocks of holding a potential runner into the news release itself. Stay focused.....
