20160810
Short 1 NQ 4793.0, +5.0
Short 1 YM 18500, +20
Long 1 TF 1224.9, -0.2
Short 1 TF 1224.3, -0.7
Short 1 TF 4791.25, +4.0
Short 2 TF 1228.0, 1228.1, -0.0, +1.4
Total YM +20
Total NQ +9.0
Total TF +0.5
Breakouts can be tricky. Picking the ones that will break clean into impulse is, of course, the goal. That aim acknowledges that most do not break clean, and in fact, simply act as hooks for reversals into the opposing trend. It's those very hooks that I depend on most of the time in order to capture fills at extreme price levels where exhaustion is likely. But many of these same supposed exhaustion levels are potential inflections. And if those appear with the right set of qualifiers and filters, a successful breakout can be I.D'd. Today, I got hooked, and although it didn't cost that much, being filled on a short at the Low-of-Day in the early frame is always a humbling experience. Nothing in the market makes you look more stupid.....
