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.
