20140715
Short 2 NQ 3930.5, 3951.5, -2.0, -2.0
Short 2 TF 1164.7, 1164.7, +0.7, +1.7
Long 2 TF 1160.2, 1159.2, -0.0, -0.4
Long 2 NQ 3923.75, 3923.75, +2.0, +3.0
Long 2 TF 1153.1, 1152.9, -0.7, -0.5,
Long 3 TF 1152.9, 1153.3, 1152.8, +1.2, +2.0, +1.2
Long 1 YM 16973, -7
Long 1 TF 1147.3, -0.5
Long 1 NQ 3897.5, +6.0
Total YM -7
Total NQ +7.0
Total TF +5.2
If Test-n-Reject is indeed the more common Day Model, then at the very least it deserves more complexity and a more patient exit strategy once a 1st trend reversal has gotten started. Today, although positioned for it, I missed most of the selling excursion because I let go that position too early, and didn't give the deserved complexity any respect. I took the safe exits on the early shorts instead. The tendency when recognizing having made that error, would be to try and correct it while making subsequent trades as the trend you vacated continues. But if then forced to find counter-trend trades, this error-correction thing only adds to your mistake as the 'safe exits' to initial resistance is exactly the right thing to do in a counter-trend position. I've made that over-corrective or miss-corrective mistake plenty of times before, and today, at least can say that I didn't add to the mistake of exiting too soon in-trend by trying to exit too late in counter-trend. I guess improvements to trading can come in small increments.... ...but must find keys to an earlier awareness of the potential Day Model, as such would have benefited Day Model exit outcomes much better. Be prepared. Consider your exit strategies BEFORE the trade is filled. Question all 'easy' habits and those that make you feel more comfortable.
