20161027
Long 1 NQ 4869.25, -1.0
Long 1 TF 1201.4, -0.5
Long 2 TF 1201.0, 1201.1, +1.2, +1.5
Long 1 NQ 4863.0, +5.0
Long 1 TF 1200.8, -0.7
Long 3 TF 1199.4, 1198.7, 1198.7, -0.0, -0.0, -0.0
Long 3 TF 1197.4, 1196.5, 1196.5, -0.0, -0.0, -0.0
Long 2 TF 1195.3, 1195.5, +2.3, +1.0
Long 1 NQ 4846.0, -1.0
Long 2 TF 1195.1, 1195.2, +0.7, +1.0
Long 1 TF 1293.8, -0.1
Total NQ +3.0
Total TF +6.4
'Price Action', as it is so called, can be very deceiving. It seems to say one thing while delivering quite the opposite. That my losses did not more equal my profits must fairly be admitted to luck more than skill. I entered too early on buy-stop's at critical structure and price levels, only to have those levels smashed by after-shocks once my price was filled. That a -1.4 stop-loss was enough to survive those initial aftershocks was surprising at the time. But always stick to plan. When filled, an auto-trade management platform should fill your protective stop some default distance from the entry level. Mine is 1.4 for the TF, 3 for the NQ, 1.75 for the ES and 12 for the YM. If price goes my way initially, I cut those stp's down. As I am usually buying in a falling market, a price reaction often favors such daring entries leaving a candle tail just below. I can then cut the stop to that candle tail and see if it holds. Exit one of two contracts at some default profit, say +0.7 to +1.0 for the TF, and you've paid for the trade should a more significant turn not come. But today, price didn't go much in my favor after entries in several critical places. ...but didn't quite stop me out either. Instead, the Trade Plan stipulates that if the entry did not produce a favorable reaction in my direction, and yet nearly-but-not-quite stops me out, bring your default target quickly to break-even and just step aside. If the structure and other trade entry model aspects are still in place after this initial price erosion, then consider re entering closer to the fresh price extreme on a retest for a better relative fill. If that retest fails, however, or if the after shock destroyed the wave structure needed for the model, then wait for another model altogether. Keep to the Plan. In the heat of the moment, that's all you actually have. Assuming you know what the market is trying to do based on your appraisal of 'Price Action' is the very worst thing you can rely on for trade entry.
