20140630
Short 1 NQ 3836.25, -1.5
Short 2 YM 16740, 16738, +7, +10
Long 1 YM 16719, +12
Short 1 TF 1184.0, +1.0
Long 2 TF 1182.7, 1182.8, -0.5, +0.5
Short 1 NQ 3843.5, -1.0
Short 1 TF 1184.9, -0.3
Short 1 TF 1185.1, +1.3
Long 1 TF 1183.6, -0.7
Long 2 TF 1182.9, 1183.2, -0.5, +0.7
Long 1 TF 1182.2, -0.6
Long 3 TF 1181.4, 1181.4, 1184.5, +0.7, +0.5, +0.9
Total NQ -2.5
Total YM +29
Total TF +3.0
There's a good question to ask yourself when reviewing the days trades and market action. What were you thinking at the turns? ...or put another way, what were your prejudices at the places that turned out just minutes later to have been the better market opportunities of the day? That's why writing a journal immediately after your trading is better than waiting even an hour, let alone a whole day. .....because you can't remember emotional states that well. They don't linger on, and they are supplanted by the next one erasing the previous one. But if the opportunities in question arrives within the scope and entry models of your trade plan, then something must have kept you out of the trade. What was that thing..? ...that impression? .....that prejudice?
For those of us who have at least conquered some of those prejudices, and have learned to take the trades from our trade plan as they appear at the right edge of the video screen, that important self-improvement question can use a little tweaking. What were you thinking at the places where a runner should have been established instead of exiting with such a nominal profit at the junctures that ended up producing the most important excursions of the frame? And if you are at this point in your trading, you may be able to find the door to the next level of profits you seek to ascend from nominal but already consistent profits to highly rewarding and outstanding daily returns. Let's repeat that question more often during the day. Let's review the day with that question in mind after the end of the first frame has revealed the real excursions from those that were only nominal blips. Let's write that question down on a yellow sticky and put it up on the monitor. And after a few days, let's rewrite it on a blue or pink or any other color sticky so as to keep that consideration freshly before us at all times. Improvement never comes easy. It usually must be goaded along in drips and stumbles. Get focused on it. ...and if it turns out that the best excursions in the day are appearing without triggering a solid resemblance to entry models in your plan, then you need a new Trade Plan, or at least an aptly improved one.
Fri Jun 27 Trades & Journal
20140627
Short 1 TF 1173.3, -0.6
Short 2 TF 1177.9, +0.7, +1.5
Long 1 NQ 3817.25, -1.5
Long 1 TF 1174.2, +1.0
Long 1 YM 16714, +15
Short 1 TF 1177.8, -0.0
Short 1 YM 16748, +7
Total NQ -1.5
Total YM +22
Total TF +2.6
The consequences of taking small 1-lot positions means you have no money management strategy, and the risks of making such positions into runners means you might lose your initial profits from the trade if the budding trend fails to run. Today again, but especially yesterday's first TF short entry, the 1-lot taken meant I missed the ensuing full excursion. Thereafter, as that same full excursion turned into a burning hot impulsive bear collapse, I was left looking for the next trade against the same trend I would have profited immensely by, had I had a runner with which to participate. There are certainly plenty of trades to take using the fractal study we call Serial Sequent within the 1st Frame of the day, but each extra trade taken is a fresh risk, and those signals that produced such great excursions are mostly wasted. Missing, as I did, from a premature 1-lot exit what turned out to be an impulsive in-trend excursion, left me counter-trend trading the violent thrusts of a bear climax... not an easy way to continue in profits, or to make up for the profits I missed by not having the extra units 'running'. Re-examine what is worthy of a 2nd contract that is currently not spelled out specifically enough in the Trade Plan. Whether better to add to the risk of the current position at hand with an additional contract, or add to the risk a bit later by having to take more trades at new junctures is the question. The answer should like in how good those early trade entry models are in the first place vs those at begin to appear as trends reach near-but-perhaps-not-quite-finished climactic finish. ...and a good weekend to all....
Short 1 TF 1173.3, -0.6
Short 2 TF 1177.9, +0.7, +1.5
Long 1 NQ 3817.25, -1.5
Long 1 TF 1174.2, +1.0
Long 1 YM 16714, +15
Short 1 TF 1177.8, -0.0
Short 1 YM 16748, +7
Total NQ -1.5
Total YM +22
Total TF +2.6
The consequences of taking small 1-lot positions means you have no money management strategy, and the risks of making such positions into runners means you might lose your initial profits from the trade if the budding trend fails to run. Today again, but especially yesterday's first TF short entry, the 1-lot taken meant I missed the ensuing full excursion. Thereafter, as that same full excursion turned into a burning hot impulsive bear collapse, I was left looking for the next trade against the same trend I would have profited immensely by, had I had a runner with which to participate. There are certainly plenty of trades to take using the fractal study we call Serial Sequent within the 1st Frame of the day, but each extra trade taken is a fresh risk, and those signals that produced such great excursions are mostly wasted. Missing, as I did, from a premature 1-lot exit what turned out to be an impulsive in-trend excursion, left me counter-trend trading the violent thrusts of a bear climax... not an easy way to continue in profits, or to make up for the profits I missed by not having the extra units 'running'. Re-examine what is worthy of a 2nd contract that is currently not spelled out specifically enough in the Trade Plan. Whether better to add to the risk of the current position at hand with an additional contract, or add to the risk a bit later by having to take more trades at new junctures is the question. The answer should like in how good those early trade entry models are in the first place vs those at begin to appear as trends reach near-but-perhaps-not-quite-finished climactic finish. ...and a good weekend to all....
Thurs Jun 26 Trades & Journal
20140626
Short 1 TF +1.2
Short 2 TF 1174.1, 1173.1, -1.6, -0.7
Long 2 NQ 3804.25, 3804.25, +2.0, -2.0
Long 2 YM 16710, 16712, +7, -7
Long 3 TF 1169.5, 1169.6, 1169.8, +1.5, -0.7, -0.7
Long 3 NQ 3790.5, 33790.5, 3790.5, +2, +5.0, +7.0
Short 2 ES 1939.5, 1940.25, -1.5, -0.0
Short 3 TF 1170.2, 1170.6, 1170.3, 1170.6, -0.9, +0.7, -0.8, -0.6
Short 2 NQ 3802.0, 3801.5, +2.0, +4.5
Long 1 NQ 3796.0, +5.0
Short 1 TF 1171.9, -0.6
Short 1 TF 1171.8, -0.1
Total YM, -0
Total ES -1.5
Total NQ +25.5
Total TF -3.4
There is an important point to viewing and trading more than one contract simultaneously. Not all contracts are making lows and highs and pullbacks at the same place. Thus not all sectors offer the same opportunities. On most days, the signals in the TF are more consistent and more indicative of the turns and the breakouts. Today, not so much. But retaining the other contracts within the Trade Plan prevents a myopic market view, as well as offering different levels of risk and opportunity. Sometimes it may seem that the additional concentration to other contracts only bleeds profits off from the winning trades. ...but there is no way to tell in advance which contract will offer the greater percentage of winners. Today only reminds me how important this diversification is, both in comprising the complete signal picture of the days technical events, and cushioning the losing trades with the winners of the better performer.
Short 1 TF +1.2
Short 2 TF 1174.1, 1173.1, -1.6, -0.7
Long 2 NQ 3804.25, 3804.25, +2.0, -2.0
Long 2 YM 16710, 16712, +7, -7
Long 3 TF 1169.5, 1169.6, 1169.8, +1.5, -0.7, -0.7
Long 3 NQ 3790.5, 33790.5, 3790.5, +2, +5.0, +7.0
Short 2 ES 1939.5, 1940.25, -1.5, -0.0
Short 3 TF 1170.2, 1170.6, 1170.3, 1170.6, -0.9, +0.7, -0.8, -0.6
Short 2 NQ 3802.0, 3801.5, +2.0, +4.5
Long 1 NQ 3796.0, +5.0
Short 1 TF 1171.9, -0.6
Short 1 TF 1171.8, -0.1
Total YM, -0
Total ES -1.5
Total NQ +25.5
Total TF -3.4
There is an important point to viewing and trading more than one contract simultaneously. Not all contracts are making lows and highs and pullbacks at the same place. Thus not all sectors offer the same opportunities. On most days, the signals in the TF are more consistent and more indicative of the turns and the breakouts. Today, not so much. But retaining the other contracts within the Trade Plan prevents a myopic market view, as well as offering different levels of risk and opportunity. Sometimes it may seem that the additional concentration to other contracts only bleeds profits off from the winning trades. ...but there is no way to tell in advance which contract will offer the greater percentage of winners. Today only reminds me how important this diversification is, both in comprising the complete signal picture of the days technical events, and cushioning the losing trades with the winners of the better performer.
Wed Jun 25 Trades & Journal
20140625
Short 1 YM 16771, +20
Short 2 NQ 3801.0, 3800.5, +2.0, +4.0
Long 3 TF 1167.0, 1167.2, +0.7, -0.7
Long 2 TF 1166.5, 1167.0, +3.5, +0.5
Total YM +20
Total NQ +6.0
Total TF +4.0
The Trade Plan must make accommodations for the frame of day. Since at this stage of my career I only trade the 1st Frame, many of the Midday and Last Hour considerations fall by the wayside, outside my purview. On days like today, there are certainly no regrets for that, as the volatility is mostly released in the early going from the singularity we label the ORB, Opening Range Bar. But looking back on days like yesterday, we have to realize that the biggest, boldest moves often come much later than the 1st Frame. That's fine. Have a plan and stick with it. Suffer no regret at trades outside those limitations, and if / when venturing out into the later frames, be sure your trade entry models accommodate the market's propensity to reverse the initial trend and extend significantly the excursions of the second. What worked as counter trend in the first trend, usually becomes fodder for stp-outs in the second. Adjust your Trade Plan accordingly.
Short 1 YM 16771, +20
Short 2 NQ 3801.0, 3800.5, +2.0, +4.0
Long 3 TF 1167.0, 1167.2, +0.7, -0.7
Long 2 TF 1166.5, 1167.0, +3.5, +0.5
Total YM +20
Total NQ +6.0
Total TF +4.0
The Trade Plan must make accommodations for the frame of day. Since at this stage of my career I only trade the 1st Frame, many of the Midday and Last Hour considerations fall by the wayside, outside my purview. On days like today, there are certainly no regrets for that, as the volatility is mostly released in the early going from the singularity we label the ORB, Opening Range Bar. But looking back on days like yesterday, we have to realize that the biggest, boldest moves often come much later than the 1st Frame. That's fine. Have a plan and stick with it. Suffer no regret at trades outside those limitations, and if / when venturing out into the later frames, be sure your trade entry models accommodate the market's propensity to reverse the initial trend and extend significantly the excursions of the second. What worked as counter trend in the first trend, usually becomes fodder for stp-outs in the second. Adjust your Trade Plan accordingly.
Tues Jun 24 Trades & Journal
20140624
Short 1 NQ 3806.5, -1.5
Short 2 YM 16845, 16845, +7, +14
Long 2 TF 1176.9, 1176,8, -0.6, -0.5
Long 1 TF 1176.8, +3.0
Short 2 TF 1183.6, 1183.6, +0.5, +1.0
Short 1 NQ 3819.25, -1.5
Short 1 TF 1187.0, -0.5
Short 1 TF 1188.3, -0.3
Short 3 TF 1188.3, 1188.3, 1188.3, +0.6, +0.5, +1.0
Short 1 YM 16880, +5
Total NQ -3.0
Total YM +26
Total TF +4.7
A number of low volatility days to deal with lately, followed today by an early vertical climb with scant and shallow pullbacks. Today, sticking to the Trade Plan with pre-10am News management rules bumped me out of longs just before the news explosion, but a nice pullback to the tick lap at least got me back in 1/2 position. Better management would have captured far more of that excursion, but I succumbed to taking the nice sounding round number of +3 for a profit, when the whole 2nd TF trend was waiting to be ridden all the up.
We too often have a tendency to want to be sure of making up for our most recent stp-outs when landing in a position worth far more than the mere recapture of those losses. There are just too many cross currents of emotions at such points to reduce the better outcome to a simple set of rules: getting stp'd out of 2 contracts, I tend to go back only in 1. Landing in the budding reversal with 1 means there is no real management strategy to take partial profits. Trailing a stp on a 1-lot position means staying back far enough to risk recovery from losses while giving the new position enough space to breathe, etc., etc. One is reminded of one of Andy Warhol's many famous quotes in such circumstances, "I want to be a machine," and just so the Trader needs often to be more purely mechanical, and leave the creativity to the planning and insight periods when the markets are closed for business and the trade platforms are safely unloaded from our screens.
Short 1 NQ 3806.5, -1.5
Short 2 YM 16845, 16845, +7, +14
Long 2 TF 1176.9, 1176,8, -0.6, -0.5
Long 1 TF 1176.8, +3.0
Short 2 TF 1183.6, 1183.6, +0.5, +1.0
Short 1 NQ 3819.25, -1.5
Short 1 TF 1187.0, -0.5
Short 1 TF 1188.3, -0.3
Short 3 TF 1188.3, 1188.3, 1188.3, +0.6, +0.5, +1.0
Short 1 YM 16880, +5
Total NQ -3.0
Total YM +26
Total TF +4.7
A number of low volatility days to deal with lately, followed today by an early vertical climb with scant and shallow pullbacks. Today, sticking to the Trade Plan with pre-10am News management rules bumped me out of longs just before the news explosion, but a nice pullback to the tick lap at least got me back in 1/2 position. Better management would have captured far more of that excursion, but I succumbed to taking the nice sounding round number of +3 for a profit, when the whole 2nd TF trend was waiting to be ridden all the up.
We too often have a tendency to want to be sure of making up for our most recent stp-outs when landing in a position worth far more than the mere recapture of those losses. There are just too many cross currents of emotions at such points to reduce the better outcome to a simple set of rules: getting stp'd out of 2 contracts, I tend to go back only in 1. Landing in the budding reversal with 1 means there is no real management strategy to take partial profits. Trailing a stp on a 1-lot position means staying back far enough to risk recovery from losses while giving the new position enough space to breathe, etc., etc. One is reminded of one of Andy Warhol's many famous quotes in such circumstances, "I want to be a machine," and just so the Trader needs often to be more purely mechanical, and leave the creativity to the planning and insight periods when the markets are closed for business and the trade platforms are safely unloaded from our screens.
Mon Jun 23 Trade Summary
20140623
Long 1 TF 1182.7, -1.4
Short 1 ES 1953.5, -1.0
Short 1 TF 1183.4, -0.4
Short 1 TF 1183.4, -0.5
Short 2 TF 1184.6, 1184.6 -0.0, -0.6
Short 2 TF 1185.3, 1185.3, +1.5, +2.0
Short 2 NQ 3793.0, 3793.25, -1.25, -1.5
Long 1 YM 16825, +17
Long 1 TF 1180.6, +0.8
Short 1 TF 1180.4, -0.4
Short 2 TF 1180.0, 1180.0, +0.4, -0.4
Long 1 TF 1178.9, -0.5
Short 2 TF 1178.4, 1178.4, +0.4, -0.4
Long 1 ES 1950.25, +0.5
Total ES -0.5
Total YM +17
Total NQ -2.75
Total TF +0.5
Long 1 TF 1182.7, -1.4
Short 1 ES 1953.5, -1.0
Short 1 TF 1183.4, -0.4
Short 1 TF 1183.4, -0.5
Short 2 TF 1184.6, 1184.6 -0.0, -0.6
Short 2 TF 1185.3, 1185.3, +1.5, +2.0
Short 2 NQ 3793.0, 3793.25, -1.25, -1.5
Long 1 YM 16825, +17
Long 1 TF 1180.6, +0.8
Short 1 TF 1180.4, -0.4
Short 2 TF 1180.0, 1180.0, +0.4, -0.4
Long 1 TF 1178.9, -0.5
Short 2 TF 1178.4, 1178.4, +0.4, -0.4
Long 1 ES 1950.25, +0.5
Total ES -0.5
Total YM +17
Total NQ -2.75
Total TF +0.5
Fri Jun 20 Trades & Journal
20140620
Long 4 TF 1176.9, 1176.9, 1177.0, +0.7, +1.5, -0.5, -0.0
Short 1 TF 1178.6, -0.3
Short 1 TF 1178.7, +1.2
Short 1 YM 16874, -4
Long 1 NQ 3793.25, -2.0
Long 2 NQ 3792.0, 3792.0, -1.25, -1.25
Long 1 TF 1177.3, -0.5
Short 2 TF 1176.7, 1176.7, +0.4, +0.5
Long 1 TF 1176.2, +1.0
Short 1 TF 1178.2, -0.3
Total YM -4
Total NQ -4.5
Total TF +3.7
Let myself be affected by the early shaky action, dumping extra units so as to remain small. ....only to find myself frustrated that I had no 2nd unit to ride the fuller excursions. But the biggest weakness was failure to take a breakout that was just recently added to the Trade Plan. I let the approaching end-of-frame filter be a rationale to avoid it ... only to see it pay off big just as the model prescribed. My constitution is usually weaker on Friday's. Am more eager to get off the floor with any nailed down profits, to avoid the angst of a losing Friday. The Friday thing not much of a concern. ...but since I so rarely add anything to the Trade Plan, I must prove the Plan's authority by being more determined to act on those new models. Get rested. Stay disciplined. cya all next week... a good weekend to all...
Long 4 TF 1176.9, 1176.9, 1177.0, +0.7, +1.5, -0.5, -0.0
Short 1 TF 1178.6, -0.3
Short 1 TF 1178.7, +1.2
Short 1 YM 16874, -4
Long 1 NQ 3793.25, -2.0
Long 2 NQ 3792.0, 3792.0, -1.25, -1.25
Long 1 TF 1177.3, -0.5
Short 2 TF 1176.7, 1176.7, +0.4, +0.5
Long 1 TF 1176.2, +1.0
Short 1 TF 1178.2, -0.3
Total YM -4
Total NQ -4.5
Total TF +3.7
Let myself be affected by the early shaky action, dumping extra units so as to remain small. ....only to find myself frustrated that I had no 2nd unit to ride the fuller excursions. But the biggest weakness was failure to take a breakout that was just recently added to the Trade Plan. I let the approaching end-of-frame filter be a rationale to avoid it ... only to see it pay off big just as the model prescribed. My constitution is usually weaker on Friday's. Am more eager to get off the floor with any nailed down profits, to avoid the angst of a losing Friday. The Friday thing not much of a concern. ...but since I so rarely add anything to the Trade Plan, I must prove the Plan's authority by being more determined to act on those new models. Get rested. Stay disciplined. cya all next week... a good weekend to all...
Thurs Jun 19 Trade Summary
20140619
Short 1 YM 16820, -9
Long 2 NQ 3799.25, 3799.25, +2.0, -0.0
Short 1 TF 1181.5, +1.2
Long 1 NQ 3798.5, -1.0
Long 1 TF 1179.3, -0.5
Long 3 TF 1177.8, 1177.8, 1177.8, +0.5, -0.0, -0.3
Long 1 NQ 3792.0, +3.5
Long 1 TF 1177.8, +1.0
Long 2 NQ 3792.0, 3791.75, -1.0, -1.0
Short 1 TF 1178.9, +1.5
Long 2 TF 1175.6, 1175.4, +1.0, +1.1
Short 1 TF 1178.6, +1.6
Total YM -9
Total NQ +2.5
Total TF +7.1
Short 1 YM 16820, -9
Long 2 NQ 3799.25, 3799.25, +2.0, -0.0
Short 1 TF 1181.5, +1.2
Long 1 NQ 3798.5, -1.0
Long 1 TF 1179.3, -0.5
Long 3 TF 1177.8, 1177.8, 1177.8, +0.5, -0.0, -0.3
Long 1 NQ 3792.0, +3.5
Long 1 TF 1177.8, +1.0
Long 2 NQ 3792.0, 3791.75, -1.0, -1.0
Short 1 TF 1178.9, +1.5
Long 2 TF 1175.6, 1175.4, +1.0, +1.1
Short 1 TF 1178.6, +1.6
Total YM -9
Total NQ +2.5
Total TF +7.1
Wed Jun 18 Trade Summary
20140618
Short 1 NQ 3776.75, +3.0
Long 2 NQ 3774.5, 3773.0, -3.0, -1.5
Long 2 TF 1169.0, 1169.0, +0.4, +0.6
Short 1 TF 1169.4, -0.2
Long 2 NQ 3767.75, 3767.75, -1.5, -1.5
Long 2 YM 16716, 16716, -1, -1
Short 2 NQ 7373.25, 7372.5, -1.25, -2.0
Long 2 YM 16708, 16708, -3, -2
Short 1 NQ 3775.75, +3.0
Long 1 YM 16679, -0
Total YM -7
Total NQ -4.75
Total TF +0.8
Short 1 NQ 3776.75, +3.0
Long 2 NQ 3774.5, 3773.0, -3.0, -1.5
Long 2 TF 1169.0, 1169.0, +0.4, +0.6
Short 1 TF 1169.4, -0.2
Long 2 NQ 3767.75, 3767.75, -1.5, -1.5
Long 2 YM 16716, 16716, -1, -1
Short 2 NQ 7373.25, 7372.5, -1.25, -2.0
Long 2 YM 16708, 16708, -3, -2
Short 1 NQ 3775.75, +3.0
Long 1 YM 16679, -0
Total YM -7
Total NQ -4.75
Total TF +0.8
Tues Jun 17 Trades & Journal
20140617
Long 2 NQ 3767.25, 3766.25, +2.0, +5.0
Short 1 NQ 3772.25, -2.0
Short 3 TF 1163.9, 1164.8, 1164.8, -1.5, +0.7, +0.7
Short 2 NQ 3777.5, 3778.0, -2.0, -1.0
Short 2 YM 16708, 16709, -7, +7
Short 2 TF 1169.7, 1169.3, +07, -0.9
Short 3 TF 1172.5, 1172.2, 1172.1, +1.0, +0,7, +0.7
Short 1 TF 1172.1, +1.0
Long 1 ES 1930.5, -1.5
Long 1 NQ 3779.25, -1.0
Long 2 TF 1169.1, 1168.8, -0.8, -0.6
Long 2 NQ 3778.5, 3778.5, -2.0, -2.0
Short 2 TF 1168.3, 1168.6, +1.5, +0.7
Total ES -1.5
Total YM -0
Total NQ -3.0
Total TF +3.9
One of the best secrets to being in a fade that is not working is trade management. Stay willing to exit one unit at small enough profit to meet a small pullback price, but large enough to allow an equal stop-loss adjustment to pay for the 2nd unit. This simple trick can cover a lot of mistakes. But a mistake is not when you trade the plan. A mistake is when you ignore the plan and enter because you believe price has gone far enough. ...and an even greater mistake, but one usually ignored by traders, is the consideration to trades that should have been taken and weren't because you thought price could not breakout from the current level and refresh the whole trend. Today, I ignored those levels in the 2nd trend direction, which was the downside. I just couldn't believe the market would give it all back. Remember the 2nd corollary: "....most of the opportunity that is missed in the markets is missed by traders who couldn't concede that the market would go the expected distance, but in the opposite direction." Place-card the inflection areas WHILE they are setting up. Consider that there is two sides to your proposed entries at such levels: In, with stp-rev back out and back into the same direction that brought you to the inflection level. Yes, it's true, many breakouts are duds. You must pay the price of embarrassment when you short a low or buy a high when entering one. But the payoffs from the best inflections are far better. Get in the game. Manage your losses, and get the most when the breakouts are impulsive. This is why you come to the markets. Have a game. ID the game's entry models. Get in the game, but trade according to your Plan and none other.
Long 2 NQ 3767.25, 3766.25, +2.0, +5.0
Short 1 NQ 3772.25, -2.0
Short 3 TF 1163.9, 1164.8, 1164.8, -1.5, +0.7, +0.7
Short 2 NQ 3777.5, 3778.0, -2.0, -1.0
Short 2 YM 16708, 16709, -7, +7
Short 2 TF 1169.7, 1169.3, +07, -0.9
Short 3 TF 1172.5, 1172.2, 1172.1, +1.0, +0,7, +0.7
Short 1 TF 1172.1, +1.0
Long 1 ES 1930.5, -1.5
Long 1 NQ 3779.25, -1.0
Long 2 TF 1169.1, 1168.8, -0.8, -0.6
Long 2 NQ 3778.5, 3778.5, -2.0, -2.0
Short 2 TF 1168.3, 1168.6, +1.5, +0.7
Total ES -1.5
Total YM -0
Total NQ -3.0
Total TF +3.9
One of the best secrets to being in a fade that is not working is trade management. Stay willing to exit one unit at small enough profit to meet a small pullback price, but large enough to allow an equal stop-loss adjustment to pay for the 2nd unit. This simple trick can cover a lot of mistakes. But a mistake is not when you trade the plan. A mistake is when you ignore the plan and enter because you believe price has gone far enough. ...and an even greater mistake, but one usually ignored by traders, is the consideration to trades that should have been taken and weren't because you thought price could not breakout from the current level and refresh the whole trend. Today, I ignored those levels in the 2nd trend direction, which was the downside. I just couldn't believe the market would give it all back. Remember the 2nd corollary: "....most of the opportunity that is missed in the markets is missed by traders who couldn't concede that the market would go the expected distance, but in the opposite direction." Place-card the inflection areas WHILE they are setting up. Consider that there is two sides to your proposed entries at such levels: In, with stp-rev back out and back into the same direction that brought you to the inflection level. Yes, it's true, many breakouts are duds. You must pay the price of embarrassment when you short a low or buy a high when entering one. But the payoffs from the best inflections are far better. Get in the game. Manage your losses, and get the most when the breakouts are impulsive. This is why you come to the markets. Have a game. ID the game's entry models. Get in the game, but trade according to your Plan and none other.
Mon Jun 16 Trades & Journal
20140616
Long 1 TF 1156.3, +2.0
Short 1 ES 1929.75, -1.0
Short 1 TF 1160.7, -0.5
Long 1 TF 1161.8, -0.4
Short 1 ES 1932.75, -0
Long 2 TF 1160.0, 1159.6, +0.7, -0.7
Long 2 NQ 3775.25, 3775.25, +2.0, +4.0
Long 2 TF 1157.9, 1158.1, +1.5, +0.5
Long 1 TF 1156.8, +1.3
Total ES -1.0
Total NQ +6.0
Total TF +4.4
The Trade Plan can often conflict with intuitive insight. But this discrepancy must be used for a longer term benefit. Lifting the ban against intuitive tape reading because you're just so sure you know what the market is trying to do betrays an admission that in reality, the market can surprise you at any point. Today's high was just such a place for that conflict today. The signal to buy that last breakout was definitely thin with the momentum already pointing down and the Pivot Ledge from the all-session frames staring dead ahead. But I have worked very hard to put breakout triggers first into the Plan, and then into practice, that I deemed it more important to take a 1-lot according to the plan than introduce intuition into the regime. Once introduced, it's so hard to get rid of... and before you know it, you are back to tape reading full-time. Don't let yourself drift back to tape reading. Stick to your Trade Plan. And instead, at those places where you believed your intuitive insight trumped the effectiveness of your Trade Plan, dwell on conditions after the market day is over to study the landscape for a possible filter that should have been there to restrict the Plan at the proper places. Stay disciplined...
Long 1 TF 1156.3, +2.0
Short 1 ES 1929.75, -1.0
Short 1 TF 1160.7, -0.5
Long 1 TF 1161.8, -0.4
Short 1 ES 1932.75, -0
Long 2 TF 1160.0, 1159.6, +0.7, -0.7
Long 2 NQ 3775.25, 3775.25, +2.0, +4.0
Long 2 TF 1157.9, 1158.1, +1.5, +0.5
Long 1 TF 1156.8, +1.3
Total ES -1.0
Total NQ +6.0
Total TF +4.4
The Trade Plan can often conflict with intuitive insight. But this discrepancy must be used for a longer term benefit. Lifting the ban against intuitive tape reading because you're just so sure you know what the market is trying to do betrays an admission that in reality, the market can surprise you at any point. Today's high was just such a place for that conflict today. The signal to buy that last breakout was definitely thin with the momentum already pointing down and the Pivot Ledge from the all-session frames staring dead ahead. But I have worked very hard to put breakout triggers first into the Plan, and then into practice, that I deemed it more important to take a 1-lot according to the plan than introduce intuition into the regime. Once introduced, it's so hard to get rid of... and before you know it, you are back to tape reading full-time. Don't let yourself drift back to tape reading. Stick to your Trade Plan. And instead, at those places where you believed your intuitive insight trumped the effectiveness of your Trade Plan, dwell on conditions after the market day is over to study the landscape for a possible filter that should have been there to restrict the Plan at the proper places. Stay disciplined...
Fri Jun 13 Trades & Journal
20140613
Long 2 NQ 3777.5, 3778.5, +3.0, +2.0
Long 1 YM 16730, +3
Long 1 TF 1159.0, -0.2
Long 1 TF 1156.4, +1.0
Long 1 TF 1155.7, -0.5
Long 2 NQ 3762.5, 3762.25, -1.5, ,-1.25
Short 1 NQ 3758.0, -2.0
Short 2 YM 16680, 16682, -7, -10
Short 2 TF 1154.3, 1154.4, +0.7, -0.6
Short 2 YM 16693, 16697, -8, -4
Short 1 TF 1155.6, -0.6
Short 1 TF 1157.3, -0.5
Short 4 TF 1158.8, 1158.6, 1158.5, 1158.8, +1.1, +1.2, -0.5, +1.0
Long 1 TF 1155.5, -0.3
Long 2 TF 1154.6, 1154.2, +1.0, +0.5
Total YM -26
Total NQ +0.25
Total TF +3.3
The most common Day Model is Test-n-Reject. My Trade Plan looks for it everyday. But even when it shows, sometimes the action is brutal. A V-Bottom is hit or miss. Today, I missed. The 2nd trend tends to be truer, and as such, shorting it can cause multiple stp-outs. Stay cool while its getting away from you. Hold onto cash if the signals are murky. The 2nd trend ends eventually reveal themselves, and if you haven't spent too much capital trying to find, it, its much less likely to repeat a V-Top having made a V-Bottom. Far more likely, the top will then retest and form a large topping pattern, frustrating your attempts to go the other way with it, as the after-shocks of impulse energy that got it up there reverberate into some kind of complex pattern. But your brain has been incorrectly trained from the V-Bottom lows to fear missing the same kind of reversal at the other end. Don't let your brain be trained by the turn of the first trend. Remember markets tend to flip in impulse to correction, and from fast action into grind. Let your brain be trained by historical outcomes, not the emotions of misreading the most recent turn. Stay relaxed, stay focused. Let the market be what it wants. Besides, it's Friday the 13th !!
Long 2 NQ 3777.5, 3778.5, +3.0, +2.0
Long 1 YM 16730, +3
Long 1 TF 1159.0, -0.2
Long 1 TF 1156.4, +1.0
Long 1 TF 1155.7, -0.5
Long 2 NQ 3762.5, 3762.25, -1.5, ,-1.25
Short 1 NQ 3758.0, -2.0
Short 2 YM 16680, 16682, -7, -10
Short 2 TF 1154.3, 1154.4, +0.7, -0.6
Short 2 YM 16693, 16697, -8, -4
Short 1 TF 1155.6, -0.6
Short 1 TF 1157.3, -0.5
Short 4 TF 1158.8, 1158.6, 1158.5, 1158.8, +1.1, +1.2, -0.5, +1.0
Long 1 TF 1155.5, -0.3
Long 2 TF 1154.6, 1154.2, +1.0, +0.5
Total YM -26
Total NQ +0.25
Total TF +3.3
The most common Day Model is Test-n-Reject. My Trade Plan looks for it everyday. But even when it shows, sometimes the action is brutal. A V-Bottom is hit or miss. Today, I missed. The 2nd trend tends to be truer, and as such, shorting it can cause multiple stp-outs. Stay cool while its getting away from you. Hold onto cash if the signals are murky. The 2nd trend ends eventually reveal themselves, and if you haven't spent too much capital trying to find, it, its much less likely to repeat a V-Top having made a V-Bottom. Far more likely, the top will then retest and form a large topping pattern, frustrating your attempts to go the other way with it, as the after-shocks of impulse energy that got it up there reverberate into some kind of complex pattern. But your brain has been incorrectly trained from the V-Bottom lows to fear missing the same kind of reversal at the other end. Don't let your brain be trained by the turn of the first trend. Remember markets tend to flip in impulse to correction, and from fast action into grind. Let your brain be trained by historical outcomes, not the emotions of misreading the most recent turn. Stay relaxed, stay focused. Let the market be what it wants. Besides, it's Friday the 13th !!
Thurs Jun 12 Trade Summary
20140612
Short 1 YM 16830, +20
Short 1 NQ 3790.0, +3.0
Short 2 NQ 3793.0, 3793.25, +5.0, +2.0
Short 1 TF 1162.8, -0.3
Short 1 TF 1163.2, +1.2
Short 1 TF 1163.4, +1.2
Short 1 TF 1163.5, +2.0
Long 1 NQ 3786.25, +3.0
Total YM +20
Total NQ +13.0
Total TF +4.1
There is no rush to leave the current month's contracts on roll-over day, especially if trading the ICE TF. Volume in the TF remains better in the current contract all day anyway. The CME is a different story, and by the end of the 1st hour, volume in the expiring contract tends to wane badly. Stayed with the plan today, although remained with 1-lots mostly, sacrificing better profits for some weakness and lack of confluence between contract signals. Stay focused.
Short 1 YM 16830, +20
Short 1 NQ 3790.0, +3.0
Short 2 NQ 3793.0, 3793.25, +5.0, +2.0
Short 1 TF 1162.8, -0.3
Short 1 TF 1163.2, +1.2
Short 1 TF 1163.4, +1.2
Short 1 TF 1163.5, +2.0
Long 1 NQ 3786.25, +3.0
Total YM +20
Total NQ +13.0
Total TF +4.1
There is no rush to leave the current month's contracts on roll-over day, especially if trading the ICE TF. Volume in the TF remains better in the current contract all day anyway. The CME is a different story, and by the end of the 1st hour, volume in the expiring contract tends to wane badly. Stayed with the plan today, although remained with 1-lots mostly, sacrificing better profits for some weakness and lack of confluence between contract signals. Stay focused.
Wed Jun 11 Trades & Journal
20140611
Long 1 TF 1164.7, +1.5
Short 2 TF 1167.8, 1167.5, +0.7, -0.4
Short 1 NQ 3801.75, +5.0
Long 2 TF 1165.8, 1, 1165.5, -0.0, -0.5
Long 1 TF 1163.3, +0.7
Short 2 TF 1166.2, 1166.0, +1.4, +0.5
Short 1 TF 1166.6, -0.6
Short 2 TF 1167.8, 1167.6, +1.4, +0.5
Total NQ +5.0
Total TF +5.2
Generally suffered from a lack of faith today. My trading seemed shaky, and I was reluctant to hold several positions into their better development, therefore missing most of the excursion. Big divergences and big gap openings can be very distracting and tend to rattle one's commitment. One especially annoying failure in the Trade Plan was my avoidance to take a breakdown inflection in the 2nd Trend, that clearly fit my Entry Model requirements. Since I'm a bit tired today, I'll go back over those trading errors a bit closer later, and try to identify exactly where my head was at the time of better management opportunities. Stay focused....
Long 1 TF 1164.7, +1.5
Short 2 TF 1167.8, 1167.5, +0.7, -0.4
Short 1 NQ 3801.75, +5.0
Long 2 TF 1165.8, 1, 1165.5, -0.0, -0.5
Long 1 TF 1163.3, +0.7
Short 2 TF 1166.2, 1166.0, +1.4, +0.5
Short 1 TF 1166.6, -0.6
Short 2 TF 1167.8, 1167.6, +1.4, +0.5
Total NQ +5.0
Total TF +5.2
Generally suffered from a lack of faith today. My trading seemed shaky, and I was reluctant to hold several positions into their better development, therefore missing most of the excursion. Big divergences and big gap openings can be very distracting and tend to rattle one's commitment. One especially annoying failure in the Trade Plan was my avoidance to take a breakdown inflection in the 2nd Trend, that clearly fit my Entry Model requirements. Since I'm a bit tired today, I'll go back over those trading errors a bit closer later, and try to identify exactly where my head was at the time of better management opportunities. Stay focused....
Tues Jun 10 Trades & Journal
20140610
Long 2 NQ 3795.0, 3795.0, +2.0, +3.0
Short 1 YM 16918, +20
Long 1 TF 1169.9, -0.0
Long 2 NQ 3789.75, 3789.75, -1.5, -1.5
Long 2 TF 1166.3, 1166.6, +1.0, +1.7
Short 1 TF 1169.1, +1.4
Short 1 TF 1169.3, -0.5
Total YM +20
Total NQ +2.0
Total +3.6
Not all turns in intraday swings come with signals. Sometimes, price just grinds on. There is strong temptation when no other signal at hand to tape read and trade on intuition, on what the market seems to be trying to do. Don't trade on intuition and what the market seems to be trying to do. Stay disciplined. Better to miss trades, or even have a flat day, than win on intuition and risk introducing that fatal disease into your regime.
Long 2 NQ 3795.0, 3795.0, +2.0, +3.0
Short 1 YM 16918, +20
Long 1 TF 1169.9, -0.0
Long 2 NQ 3789.75, 3789.75, -1.5, -1.5
Long 2 TF 1166.3, 1166.6, +1.0, +1.7
Short 1 TF 1169.1, +1.4
Short 1 TF 1169.3, -0.5
Total YM +20
Total NQ +2.0
Total +3.6
Not all turns in intraday swings come with signals. Sometimes, price just grinds on. There is strong temptation when no other signal at hand to tape read and trade on intuition, on what the market seems to be trying to do. Don't trade on intuition and what the market seems to be trying to do. Stay disciplined. Better to miss trades, or even have a flat day, than win on intuition and risk introducing that fatal disease into your regime.
Mon Jun 9 Trades & Journal
20140609
Long 1 NQ 3796.0, -2.0
Short 2 TF 1169.7, 1169.5, -0.4, -0.5
Short 2 ES 1950.0, 1949.75, -0.0, +0.25
Short 4 TF 1172.1, 1171.9, 1171.8, 1172.0, -0.5, +1.2, -0.3, -0.3
Short 1 TF 1173.0, -0.7
Long 2 TF 1170.2, 1170.1, +1.4, +1.0
PM Trades:
Long 3 TF 1170.4, 1170.8, 1170.2, -0.5, -0.1, -0.4
Long 2 TF 1169.6, 1169.6, +1.0, +2.0
Total NQ -2.0
Total ES +0.25
Total TF +2.9
Two Persistent Trend Days Up in a row is very rare, so an eventual reversal was likely. But that doesn't mean it is always easily found. And today, had to return at the Transition Time in order to book even a minimal day's profit. ....some days are better for trading than others.... ...and when the signals are sloppy and the action grinding you down, best to remember to keep the losses small, avoid feeling revenge or irritation, and just wait... ...even if it means waiting for another day. Stay disciplined.
Long 1 NQ 3796.0, -2.0
Short 2 TF 1169.7, 1169.5, -0.4, -0.5
Short 2 ES 1950.0, 1949.75, -0.0, +0.25
Short 4 TF 1172.1, 1171.9, 1171.8, 1172.0, -0.5, +1.2, -0.3, -0.3
Short 1 TF 1173.0, -0.7
Long 2 TF 1170.2, 1170.1, +1.4, +1.0
PM Trades:
Long 3 TF 1170.4, 1170.8, 1170.2, -0.5, -0.1, -0.4
Long 2 TF 1169.6, 1169.6, +1.0, +2.0
Total NQ -2.0
Total ES +0.25
Total TF +2.9
Two Persistent Trend Days Up in a row is very rare, so an eventual reversal was likely. But that doesn't mean it is always easily found. And today, had to return at the Transition Time in order to book even a minimal day's profit. ....some days are better for trading than others.... ...and when the signals are sloppy and the action grinding you down, best to remember to keep the losses small, avoid feeling revenge or irritation, and just wait... ...even if it means waiting for another day. Stay disciplined.
Fri Jun 6 Trades & Journal
20140606
Long 1 YM 16864, +20
Long 1 TF 1159.3, -0.0
Short 2 TF 1181.8, 1181.6, +0.5, -0.7
Short 1 ES 194575. -0.75
Short 1 NQ 3790.25, +3.0
Short 2 YM 16898, 15900, +10, +5
Long 1 ES 1944.75, +1.0
Short 1 NQ 3788.0, +2.0
Total ES +0.5
Total NQ +5.0
Total YM +35
Total TF -0.2
Funny how conscious I was all week of finishing on a positive note after having had such a bad Monday. ...how the losses linger and the profits are quickly forgot... Today, I gave up the TF ORB breakout play at break even after it acted so whippy from the get go, only to watch it soar minutes later.. Was already in the YM with the same trade, but it's the TF that makes the profit goals each day, not the YM. In any case, did at least get back mostly on track after Monday with profitable days thereafter. Getting back in sync is the best means to recovering from losses, not 'getting even'. Wish all a good weekend.... Stay focused. Recapture the discipline.
Long 1 YM 16864, +20
Long 1 TF 1159.3, -0.0
Short 2 TF 1181.8, 1181.6, +0.5, -0.7
Short 1 ES 194575. -0.75
Short 1 NQ 3790.25, +3.0
Short 2 YM 16898, 15900, +10, +5
Long 1 ES 1944.75, +1.0
Short 1 NQ 3788.0, +2.0
Total ES +0.5
Total NQ +5.0
Total YM +35
Total TF -0.2
Funny how conscious I was all week of finishing on a positive note after having had such a bad Monday. ...how the losses linger and the profits are quickly forgot... Today, I gave up the TF ORB breakout play at break even after it acted so whippy from the get go, only to watch it soar minutes later.. Was already in the YM with the same trade, but it's the TF that makes the profit goals each day, not the YM. In any case, did at least get back mostly on track after Monday with profitable days thereafter. Getting back in sync is the best means to recovering from losses, not 'getting even'. Wish all a good weekend.... Stay focused. Recapture the discipline.
Thurs Jun 5 Trade Summary
20140605
Short 1 TF 1132.5, -0.0
Short 2 YM 16755, 16755, +5, +17
Long 2 ES 1925.0, 1925.25, -1.5, +1.0
Long 1 TF 1128.6, -0.5
Long 1 TF 1127.8, -0.5
Long 2 TF 1126.9, 1126.9, +0.7, -0.9
Long 1 TF 1126.6, +2.5
Short 1 TF 1129.2, -0.1
Short 1 TF 1129.3, -0.4
Short 1 TF 1132.7, +1.5
Total YM +22
Total ES -0.5
Total TF +2.3
Short 1 TF 1132.5, -0.0
Short 2 YM 16755, 16755, +5, +17
Long 2 ES 1925.0, 1925.25, -1.5, +1.0
Long 1 TF 1128.6, -0.5
Long 1 TF 1127.8, -0.5
Long 2 TF 1126.9, 1126.9, +0.7, -0.9
Long 1 TF 1126.6, +2.5
Short 1 TF 1129.2, -0.1
Short 1 TF 1129.3, -0.4
Short 1 TF 1132.7, +1.5
Total YM +22
Total ES -0.5
Total TF +2.3
Wed Jun 4 Trades & Journal
20140604
Long 2 NQ 3721.5, 3721.5, -0.0, -1.0
Long 2 TF 1119.4, 1119.4, +1.0, +2.0
Long 2 TF 1117.9, 1117.9, +0.7, -0.7
Long 2 TF 1117.0, 1116.9, +0.7, +4.0
Short 1 TF 1122.2, +1.0
Long 1 TF 1121.5, +1.0
Total NQ -1.0
Total TF +9.7
Most days are not Persistent Trends Up or Down. So best to accommodate with a Trade Plan of entry models the more typical Day Model pattern of Test-n-Reject. I remain determined, however, to play the momentum breakout trades when the fairly exacting breakout models I require for my Plan do, in fact, appear. ...there just weren't any today I can reprimand or congratulate myself for facing. As for making up Monday's losses, no one trading day is meant ever to have as a goal the erasing of previous losses. The goal is just to get back in sync. Trade what's in front of you. Trade the entry models as they appear at the right edge of the video screen and no other. Be the Plan, and the losses will be erased as the profits take care of themselves.
Long 2 NQ 3721.5, 3721.5, -0.0, -1.0
Long 2 TF 1119.4, 1119.4, +1.0, +2.0
Long 2 TF 1117.9, 1117.9, +0.7, -0.7
Long 2 TF 1117.0, 1116.9, +0.7, +4.0
Short 1 TF 1122.2, +1.0
Long 1 TF 1121.5, +1.0
Total NQ -1.0
Total TF +9.7
Most days are not Persistent Trends Up or Down. So best to accommodate with a Trade Plan of entry models the more typical Day Model pattern of Test-n-Reject. I remain determined, however, to play the momentum breakout trades when the fairly exacting breakout models I require for my Plan do, in fact, appear. ...there just weren't any today I can reprimand or congratulate myself for facing. As for making up Monday's losses, no one trading day is meant ever to have as a goal the erasing of previous losses. The goal is just to get back in sync. Trade what's in front of you. Trade the entry models as they appear at the right edge of the video screen and no other. Be the Plan, and the losses will be erased as the profits take care of themselves.
Tues Jun 3 Trades & Journal
20140603
Short 1 TF 1120.1, -0.1
Short 1 TF 1126.3, -0.3
Short 1 TF 1127.2, -0.4
Short 1 ES 1921.75, +1.0
Long 3 TF 1123.6, 1123.7, 1123.8, +1.0, +1.0, +0.8
Long 1 TF 1119.9, +1.3
Total ES +1.0
Total TF +3.3
Mostly traded within the Plan today, but did miss one critical inflection breakout that could have made for a much better day. Maybe just a touch gun shy from yesterday's poor performance, and always like to avoid two losing days in a row. The inflection trade model missed is one am only moving into the trade plan after many weeks consideration.... plus the blistering opportunity lost in yesterday's early collapse. At some point... who knows when... the bear will surely return, and as they have a tendency to fall much more impulsively than they rise, another 1st trend breakout strategy could at least add to the meager list of breakouts and momentum trades currently in the Plan. Stay focused. Re-commit to the Plan. Commit to the changes within the Plan.
Short 1 TF 1120.1, -0.1
Short 1 TF 1126.3, -0.3
Short 1 TF 1127.2, -0.4
Short 1 ES 1921.75, +1.0
Long 3 TF 1123.6, 1123.7, 1123.8, +1.0, +1.0, +0.8
Long 1 TF 1119.9, +1.3
Total ES +1.0
Total TF +3.3
Mostly traded within the Plan today, but did miss one critical inflection breakout that could have made for a much better day. Maybe just a touch gun shy from yesterday's poor performance, and always like to avoid two losing days in a row. The inflection trade model missed is one am only moving into the trade plan after many weeks consideration.... plus the blistering opportunity lost in yesterday's early collapse. At some point... who knows when... the bear will surely return, and as they have a tendency to fall much more impulsively than they rise, another 1st trend breakout strategy could at least add to the meager list of breakouts and momentum trades currently in the Plan. Stay focused. Re-commit to the Plan. Commit to the changes within the Plan.
Mon Jun 2 Trades & Journal Addendum
20140602
Short 2 YM 16727, 16727, -3, -3
Long 1 TF 1131.4, -0.5
Long 2 TF 1129.5, 1129.4, -0.7, -0.5
Long 2 TF 1128.2, 1127.8, -1.4, -0.7
Long 2 NQ 3724.5, 3724.5, +2.0, -1.0
Long 1 ES 1919.75, -1.5
Long 2 TF 1125.8, 1125.9, +1.0, -0.5
Long 2 TF 1122.8, 1122.7, +1.0, -0.5
Long 2 NQ 3718.25, 3718.25, -2.25, -2.25
Long 3 YM 16690, 16690, 16690, -7, -7, -7
Long 2 TF 1120.3, 1120.3, -0.5, -0.5
Long 3 YM 16679, 16679, 16681, +10, +10, +7
Short 1 TF 1119.5, -0.5
Short 3 TF 1125.8, 1126.0, 1126.6, -1.3, -1.1, -0.5
Total YM -0
Total ES -1.5
Total NQ -3.5
Total TF -7.2
Big stretches both ends today exceeded all my trade signals and made this the worse trading day for quite awhile. And feeling the need to 'get even', allowed myself to get sucked into trading after both my loss quota and frame limitations should have kicked me out for the day, nearly doubling my losses instead of getting even. Today was indeed challenging, but there was no reason but weakness to pile it on at the end... Now, one day's loss limit was nearly made into 2 in one day. Shake it off and come back tomorrow. That's what traders do.... Resolve to restore the discipline of the behavior triggers. Any trade plan must accommodate losing days. When things settle, must re-examine my trades and my motives. But excess in the face of unusual volatility and adversity was the biggest mistake. Regain focus. Return to the Plan.
Addendum: It only took getting up from my desk and away from my screens to better examine my motives for exceeding my loss limits today. I was reluctant to give up a long winning streak, in fact, the longest in my career. And two of the best months I've ever had in total profits back to back inflicted me with a notion of arrogance and invincibility. It's as if any habits, even winning streaks, can have a deleterious effect on trading. Whether it be the seeking of glory or arrangement of profits and stops for greater security...all affect your trading to some degree. We can never quite become pure killing machines, but that is what the Trader strives for. He must leave the emotions to the Analyst and the Accountant and the relative comfort they are confined to by not being allowed to trade our accounts.... Stay strong. As for any changes to the Trade Plan as a result of today's action, there are none immediately. However, I did ignore a potential breakdown play what would ahve triggered a short entry just a quarter or third the way down, shortly after the opening. A Serial Sequent rule invites this trade entry, but as breakouts are the least of my plan, this one, like many others, is not included. Must review the frequency of this one's occurrence to see if it should be added to the Plan.
Short 2 YM 16727, 16727, -3, -3
Long 1 TF 1131.4, -0.5
Long 2 TF 1129.5, 1129.4, -0.7, -0.5
Long 2 TF 1128.2, 1127.8, -1.4, -0.7
Long 2 NQ 3724.5, 3724.5, +2.0, -1.0
Long 1 ES 1919.75, -1.5
Long 2 TF 1125.8, 1125.9, +1.0, -0.5
Long 2 TF 1122.8, 1122.7, +1.0, -0.5
Long 2 NQ 3718.25, 3718.25, -2.25, -2.25
Long 3 YM 16690, 16690, 16690, -7, -7, -7
Long 2 TF 1120.3, 1120.3, -0.5, -0.5
Long 3 YM 16679, 16679, 16681, +10, +10, +7
Short 1 TF 1119.5, -0.5
Short 3 TF 1125.8, 1126.0, 1126.6, -1.3, -1.1, -0.5
Total YM -0
Total ES -1.5
Total NQ -3.5
Total TF -7.2
Big stretches both ends today exceeded all my trade signals and made this the worse trading day for quite awhile. And feeling the need to 'get even', allowed myself to get sucked into trading after both my loss quota and frame limitations should have kicked me out for the day, nearly doubling my losses instead of getting even. Today was indeed challenging, but there was no reason but weakness to pile it on at the end... Now, one day's loss limit was nearly made into 2 in one day. Shake it off and come back tomorrow. That's what traders do.... Resolve to restore the discipline of the behavior triggers. Any trade plan must accommodate losing days. When things settle, must re-examine my trades and my motives. But excess in the face of unusual volatility and adversity was the biggest mistake. Regain focus. Return to the Plan.
Addendum: It only took getting up from my desk and away from my screens to better examine my motives for exceeding my loss limits today. I was reluctant to give up a long winning streak, in fact, the longest in my career. And two of the best months I've ever had in total profits back to back inflicted me with a notion of arrogance and invincibility. It's as if any habits, even winning streaks, can have a deleterious effect on trading. Whether it be the seeking of glory or arrangement of profits and stops for greater security...all affect your trading to some degree. We can never quite become pure killing machines, but that is what the Trader strives for. He must leave the emotions to the Analyst and the Accountant and the relative comfort they are confined to by not being allowed to trade our accounts.... Stay strong. As for any changes to the Trade Plan as a result of today's action, there are none immediately. However, I did ignore a potential breakdown play what would ahve triggered a short entry just a quarter or third the way down, shortly after the opening. A Serial Sequent rule invites this trade entry, but as breakouts are the least of my plan, this one, like many others, is not included. Must review the frequency of this one's occurrence to see if it should be added to the Plan.
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