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.
