20131016
Short 2 YM 15251 15249, -3, -5
Short 1 TF 1087.4, -1.4
Short 1 TF 1089.6, -1.4
Short 3 TF 1090.2, 1090.2, 1090.5, +2.0, +1.1, +1.0
Long 1 TF 1088.0, +1.2
Long 2 TF 1087.4, 1087.2, +1.2, +0.5
Total YM -8
Total TF +4.2
Breakout players have been well rewarded lately with all the bull impulse moves. Normally, these only appear a few times a month, and the rest is swing time. But these are appearing back to back and such things in the markets cause a feeling of being left out. The rest of the time, breakout players can get whacked so easily, as breakouts are prone to fail on far more days in a month--normally--than do succeed. In any case, our Trade Plan got us into sync quickly with the big swings that appeared in the TF after a 2nd exhaustion signal. We remain a student of the market, and as such, continue to examine breakout triggers in detail. The Plan is always open for improvement, but never to chase an idea that worked recently but fails most of the time. We'll continue to look at structure for breakout triggers rather than pure price, and believe the best breakout techniques are yet to be developed into Technical Event Models. Stay tuned.... and stay disciplined. !!
