20131031
Short 1 YM 15570, +12
Long 2 TF 1101.8, 1101.6, -0.6, -0.5
Long 2 NQ 3365.5, 3365.0, -2.0, +2.0
Long 2 YM 15497, +15
Long 2 YM 15504, 15501, -1, +7
Short 2 TF 1097.8, 1097.9, -0.4, +0.5
Long 1 TF 1097.8, +1.2
PM trades:
Short 1 TF 1106.9, +1.5
Long 2 TF 1102.9, 1103.1, -0.4, -0.0
Long 1 TF 1100.7, +1.0
Total YM +33
Total NQ -0.0
Total TF +2.3
The trade signals were clear at the early top today, but only managed to get one contract in the YM. Instead of staying focused on getting a 2nd there, moved to the preferred TF contract which failed to complete the signal before the ensuing collapse. I was being too careful, and should have gotten that other YM. When the signal is in, take the signal and get the fills. You came here to take calculated risks. Sometimes those trades are going to fail. That's a given. But you must show commitment to the trade model. You defined with some precision for a reason. Get in the trade. Since today's selling was following a Persistent Trend Day Down, the model called for a bullish reversal. This one failed to fulfill the model requirements, and thus was left waiting for a pullback to get in longs. The final signal came as a breakout, and as it came just at the end of the 1st Frame, I allowed myself to be filtered out of that trade call altogether. It succeeded without me, but do believe that cutting off breakout signals at some point between the 1st and Midday Frames is still good business when the 1st Frame has demonstrated volatility, yin-yang. Stay with the plan. Improve the behavior. Get focused for the entries and execute.
PM Addendum:
not dissimilar results in PM to AM, in that was short near the HOD, but with only a 1 lot, and failed to capitalize on the decline with a runner as it developed deeper than expected. "Position yourself to be surprised", was a favorite saying of my mentor, Randolph Newman. In this case, however, I cannot fault myself as badly as this morning's 1-lot positioning, as I only go into the PM session for further trades if the AM has a good profit cushion, which today, I did not. Tomorrow is Friday, but will try to be fresh and prepared, as have had no losing days either this week or last.
