20140512
Short 2 TF 1120.2, 1120.5, -0.5, +1.0
Short 1 YM 16640, +10
Short 2 TF 1122.9, 1122.8, +0.7, -0.7
Short 2 TF 1123.5, 1124.3, -1.4, -0.5
Short 3 TF 1125.3, 1125.2, 1125.6, -0.7, -0.6, -0.4
Short 2 TF 1129.8, 1129.8, -0.7, -0.7
Short 4 TF 1130.5, 1130.5, 1130.5, 1130.6, -0.3, -0.3, -0.3, -0.3
Short 4 TF 1130.2, 1130.2, 1130.2 1130.2, +1.5, +1.5, +2.0, -0.6
Long 2 NQ 3594.75, 3594.75, +2.0, -0.0
Long 1 YM 16623, +15
PM trades:
Long 1 TF 1126.9, -0.1
Long 1 TF 1126.9, +1.2
Total NQ +2.0
Total YM +25
Total TF -0.2
Big gap-ups are hard to buy. Even when fading the gap is a known death trap most of the time, contrary to many a day trader's trade plan, that awareness doesn't make entering a trade as gap-n-go any easier. But today, I had little excuse because the TF's ORB Pennant was clearly in my trade plan as a buy entry, and would have positioned me to have at least captured part of the explosive trend that I only fought to fade most of the way up, and was unable to find buy entries for with its total lack of 1st frame pullback action. Thus, I was left with losses because I failed the plan. And nothing was better positioned for a Persistent Trend Day Up than the TF contract today, especially with all the bearish divergence it has displayed in the daily frame while unable to spark a true broad market sell-off. If it can't start a trend down, it has nowhere to go but up. Nothing stays the same for long... The early breakout trades take total focus and willingness to risk the probabilities that they work more often than they fail, and often work best when least desirable or believable. Get serious at the open. Put your game face on. Stay disciplined.
Addendum:
The 1st Chance Texaco setup here in the PM at least got me healthy, but approached it with so little confidence that was unable to hold it as potential runner. Persistent Trend Day Models are always a challenge, and having missed the Opening Breakout model, this day not offering so much more to work with, as is typical of this day model. Stay focused.
