Trade Summary
20140313
Short 4 NQ 3715.5, 3715.5, 3716.0, 3716.5, -0.0, +2.0, +2.0, +2.0
Short1 NQ 3716.75, -0.25
Long 1 TF 1191.1, +2.0
Long 1 TF 1189.9, -0.7
Long 3 TF 1189.0, 1189.1, 1188.8, +1.5, +0.7, +0.7
Long 1 YM 16348, -7
Long 1 TF 1186.1, -0.5
Long 2 TF 1185.2, 1185.4, -0.3, -0.5
Long 2 TF 1184.7, 1184.4, -0.7, -0.4
Long 3 TF 1184.4, 1184.4, 1184.5, +1.0, +1.0, +0.7
Long 1 TF 1184.9, +1.5
Total YM -7
Total NQ +5.75
Total TF +6.0
The best trades on a Persistent Trend Day are in-trend. And today, I balked at the inflection level breakdown entry that would have captured the 2nd leg of the bear action. I couldn't get past the momentum indicator being so low. But in reality it had enough room to spare and in fact, was reaching a level where price could actually accelerate into a short term oversold status. I just balked. And as a consequence, found myself counter trend trading away my profits with stp-outs until I finally hit on the right combination of technical minutia to trigger into reversal long positions. This was not a great example of trading. The better way to have finished the morning was to have taken the breakdown play, in-trend. Don't give back your profits counter trend trading as a means to 'getting even' with having missed the in-trend play. Remember the 2nd Corollary to the Douglas Premise: "Most of the opportunity that is missed in the markets is missed by traders who couldn't concede that the market could go the expected distance, but in the opposite direction."
