20140729
Short 2 NQ 3967.0, 3967.0, +2.0, +2.0
Long 2 YM 16936, 16938, +13, +6,
Short 1 TF 1139.3, -0.5
Short 1 TF 1140.6, -0.5
Long 2 TF 1141.6, 1141.6, +0.7, +0.6
Long 1 NQ 3970.75, -1.0
Long 1 TF 1141.2, +1.6
Short 2 TF 1144.7, 1145.0, +1.0, +0.7
Short 1 TF 1146.0, +0.5
Short 1 TF 1145.7, +0.7
Total NQ +3.0
Total YM +19
Total TF +4.8
One of the most difficult aspects of taking breakouts is the consideration given to the resistance or support price faces just upon breakout. Why get involved in a position that is about to hit a wall? But often, price dances around just shy of that same support/resistance number with a bit of complexity in wave structure that can serve as a 'pre-breakout' pause pattern. This concept can serve as a sort of setting stone for price to get better footing on, as if it needed a fulcrum for better leverage. I past on such a breakout today that should have been in my Trade Plan except for the fact that I had just hit my minimum quota as the 1st Frame was coming to an end. That's not a bad practice to quit at such times, but does come in conflict with another market behaviorism that I have failed to take advantage of a lot, and mentioned it just the other day here in the journal: that of missing a larger potential turn just as the market comes out of the 1st Frame. I don't have a firm resolution to this quandary as of just yet, but will continue to cite it here in the journal and perhaps reach a better conclusion as to how to proceed in such cases.... a last trade before the final wire versus a trade opp that although involves a breakout, could be coming at a major swing point in the day. Resolving this conflict should come in the form of a rule. Once in play, rules tend to eliminate thinking. No thinking allowed while trading.... Stay disciplined. Stick to a plan. Make the Trade Plan clear enough to follow in most all market circumstances.
