20180413
Long 4 RTY 1559.2, 1559.3, 15585, 1558.6, +.3, +.2, , -0.7, -0.7
Long 1 NQ 6692.5, -3.0
Long 2 NQ 6685.25, 6683.0, -3.0, -3.0
Long 2 YM 24516, 24509, -12, -12
Long 3 NQ 6677.75, +3.0, +3.0, -3.0
Long 4 RTY 1555.5, 1555.5, 1555.5, 1555.5, -1.5, -1.5, -1.5, -1.5
Long 6 RTY 1554.3, 1554.3, 1554.3, 1554.3, 1554.3, 1554.3, -1.5, -1.5, -1.5, -1.5, -1.5, -1.5
Long 2 NQ 6670.0, 6670.0, +7.0, -1.5
Long 2 NQ 6645.25, 6645.25, -2.25, -2.25
Long 6 RTY 1551.1, 1551.1, 1551.1, 1550.4, 1550.4, 1550.4, +2.0, +2.0, +2.0, +3.0, +3.0, +3.0
Short 1 NQ 6660.5, +10.0
Total YM -24
Total NQ +5.0
Total RTY -0.9
The nature of market action and pattern model is most usually revealed in Rule of Alternation. In the 60 minute, All Session bars, a grinding, stutter-step rally was punctuated today in the 1st Frame by a vertical, impulsive collapse. I wasn't prepared for this alternation, if I had been, I'd have been diligently examining the Inflection Levels for break-down short entry opportunities. The market places these break-down levels at precisely the same Sequent Levels that prescribe the reversal opportunities for fading the initial frame's order flow. So unless the Trader is ready to stop-n-reverse his positions at these levels, it's going to be a painful morning fading the trend.
If all first trend fade opportunities fail, as they usually do not, then on such days as this there are the First Chance Texaco pullbacks, that usually offer speeding and impulsive action back WITH the prevailing trend, and a chance not only to recover initial fade losses and get healthy, but also to move into profits for the day's trading business goals. .....unless, like me today, losses are so deep that a goal of break-even might be just daunting enough to take small positions on pullbacks just enough to get even...and call it a day. Today, I missed the First Chance Texaco opportunity to short the RTY in-trend altogether. I blinked. It disappeared into the dust. I was well prepared, however, for the NQ's first chance to fill up the tank at my Texaco station of choice, but hardly got a $5 dollar bill out of the pump and jumped out way early at the first sign I had nearly broke even for the day. ...not an exemplar display of trading skill... Be prepared for the action to alternate. If the action is slip-slide liquidation in the early going, be ready when it alternates into wider swing opportunities. Keep some powder dry for a bounce on which to finally get in trend. Pullback from any notion of revenge trading....that you can finally find the turn on such days is nothing more than luck, and will ill serve your cause when the real opportunities finally present themselves where your losses have hit their daily limits.
...but there's always next week....
And a good weekend to all othewise...
