20140306
Short 2 NQ 3735.25, 3735.75, -1.5, +2.0
Short 2 NQ 3735.5, 3736.25, -1.5, +1.25
Short 2 NQ 3736.5, 3736.75, +4.0, +2.0
Long 2 TF 1204.2, 1204.2, +0.5, -0.5
Long 3 NQ 3736.25, 3736.25, 3725.25, +3.0, +2.0, +2.0
Long 2 TF 1203.7, 1203.7, -1.4, -1.4
Short 1 TF 1204.4, -0.1
Long 2 TF 1204.7, 1204.7, +0.4, -0.5
Short 2 TF 1204.9, 1204.7, +0.5, +1.0
Long 2 NQ 3730.0, 3729.75, +3.25, +2.0
Long 2 TF 1203.2, 1204.4, +0.5, +0.2
PM trades:
Short 2 TF 1204.1, 1204.1, +0.5, +0.7
Total NQ +18.5
Total TF -0.3
A Trade Plan is designed first to identify the plentiful appearance of certain technical models whose outcome is very consistent. Without such a plan, you flounder with tape reading and intuition guided by an oft too random selection of technical trade tools. But sometimes your Trade Plan does not perform according to the typical model outcome. At such times, you have a Trade Management Plan that limits your losses. Today, TF traded outside the parameters of typical model outcome, but I took the trades I was supposed to take, and cannot fault a plan that works with good consistency. However, losses in the TF did compel me to exit trades in the NQ a bit earlier than intended as a way to insure that I would cover losses in the TF. Every trade should ideally stand on its own. ...easier said than done...! Stay focused.
PM Addendum: Sometimes it pays to be in front of the screen all day. Today would have been one of those days, as the model that failed to appear in the AM frame for the TF contract appeared in the PM frame at the piano drop low. I didn't return till the subsequent bounce was hitting resistance and was a short at that moment had become counter trend to the reversal. But that's ok. In general, since starting to limit trades to the 1st Frame, I've generally had better overall weekly results, and a more relaxed disposition to trading. With Serial Sequent, the opening action with its greater overall volatility is now accessible and shows better production. Stay disciplined.
