20200313
Long 1 ES 2546.0, -1.25
Long 1 ES 2543.0, -2.0
Long 1 ES 2540.0, -0.25
Long 1 NQ 7459.25, -2.75
Long 2 NQ 7458.25, 7459.75, +21.75, +40.25
Total ES -3.5
Total NQ +59.25
"When it goes up fast, it seldom lasts." My mentor in the early days had a gift for reducing the often dramatic and emotional into the simplest terms.... often making you feel completely stupid for having been duped by the most forceful of market actions. But today, that simplistic characterization cut a two-edged sword. The 'goes up fast' part can, of course apply in either direction. And a lock limit move up tends to mesmerize one's trend appraisal no less than does a lock limit down. "What in the world is the news?" you immediately ask. But it really doesn't matter. What matters is what, if anything, can you do with the market's position vis-a-vie the news. And as mouth watering a gap up was today's opening prices were, nothing in the ORB patterns allowed me to execute a Trade Plan approved short entry for the ride down.
But what about that ride down? If 'it goes down fast', wouldn't is just as likely be positioned to 'seldom last'? And just so did Trade Plan models appear in 3 of 4 contracts to fade the 1st trend extremes that occurred just less than 30 minutes after the opening. That's all that matters... not the news, the assessment of the news, the disappointment in the news, the additional information to the news nor any of the news about the news. If it's in your entry model criteria, take the trade. If not, wait til it is.
