20150721
Short 2 YM 1 17907, 17909, +7, +7
Short 2 TF 1263.2, 1263.2, +0.4, +2.0
Short 2 NQ 4677.5, 4677.25, +2.0, +7.0
Long 1 TF 1259.8, -1.4
Long 3 TF 1256.1, 1256.1, 1256.3, +0.7, +0.7, -0.7
Long 1 TF 1259.5, -0.5
Long 2 TF 1271.7, 1252.0, -0.5, -0.0
Long 2 TF 1250,6 1250.6, -0.4, -0.4
Long 3 TF 1247.7, 1247.7, 1247.5, +0.7, +1.0, +0.7
Total YM +14
Total NQ +9.0
Total TF +2.3
Numbers from a support / resistance grid--or as we call it: the Pivot-Exhaustion Grid--can play a double role. As some junctures, if price fails to hold at some, more critical levels, a 2nd trend or leg can ensue, and often in an impulsive, range expanding pattern. Those are the best breakouts to find, as they present opportunities for quick gains. Those trades can also lend a great deal of satisfaction to trading. It makes you feel you are in the cognoscenti, or even one of Minority Report's 'precogs', with prescience of what's about to happen. This can be very dangerous to your health, as the feeling of gratification that comes from picking the right breakouts is so strong that it draws you back to places where such trades only fail and cause you losses. Nature loves to hide, and the poorer performing breakouts far too often arrive with the kind of action that brings too many to the expectation of the breakout. Therefore, the best breakouts tend to come in disguise of support/resistance numbers that look too formidable to break, and therefore are far less expected. Take note of your head at such junctures. "Most of the opportunity that is missed in the market is missed by traders who could not concede that the action would go the expected distance--but in the opposite direction."
