20160210
Long 1 TF 965.1, +1.0
Short 1 TF 971.5, +1.0
Short 1 TF 975.2, +1.0
Total TF +3.0
Anticipated news can make the market action appear jittery and stutter-step at the turns. ...thus it was today in the early going with Fed Chairman Yellen scheduled at the hour. It's not like a simple econ report that is released-and-done-with. Testimony can drag on and so position commitments are halfhearted. ...at least that's what I keep telling myself was the reason for dumping positions with so small a gain each time. Consequently, I left a day's profit goal on the table with two of my three positions, otherwise easily gained. Action is deceiving. Take the position for the signal it offered and forget about the action. Trading on price action is the act of opening the door on intuition. 'Price action' is all the rage now. Having given up on sacred science like Elliott Wave and Fibonacci, Steidlmayer's Market Profile and now even algorithmic high-frequency entries, the traders have returned to plain intuitive 'tape reading', which discredited by blown out accounts years ago, has been brushed up with the new coat of verbal paint called 'price action'....no doubt soon to be discredited again by similar results. Trade with a Plan. Look for entry models from disparate technical elements that arrive simultaneously at the right edge of the video screen regardless of the oft deceptive appearance of 'price action'. Then, manage the outcome.
