20210528
Short 5 MNQ 13703.75, 13703.75, 13703.75, 13703.75, 13703.75, -2.5, -2.5, -2.5, -2.5, -2.5,
Long 5 MNQ 13707.75, 13707.75, 13707.75, 13707.75, 13707.75, -4.0, -4.0, -4.0, -4.0, -4.0,
Short 5 MNQ 13726.0, 13726.0, 13726.0, 13726.0, 13726.0, -3.0, -3.0, -3.0, -3.0, -3.0,
Short 10 MNQ 13729.0, 13729.0, 13729.0, 13729.0, 13729.0, 13730.25, 13730.25, 13730.25, 13730.25, 13730.25,+5.0, +5.0, +5.0, +5.0, +5.0, +10.75, +10.75, +10.75, +10.75, +10.75,
Total MNQ +31.25
Trading is full of imperfect execution. ...both in Technical Event Confluence, and in target acquisition. But even if your day if full of comprise, a Trade Plan still keeps your impulses and imperfect judgements intact if it is maintained with some discipline.
In general, a Trade Plan should keep you away from the crowd. Thus, I rely on Signal Confirmation, not Price Confirmation via pattern or bar pattern triggers, sometimes referred to as 'setups'. Awaiting trend confirmation almost always puts you in with the majority. The majority use some variation of the original Charles Drummond l-2-3 pattern trigger, made famous by Ken Roberts and his use of it the physical commodities, and the Joe Ross renaming it as the Ross Hook in the smaller time frames for intraday futures trading. (Although it uses a different method, Mark Fisher's ACBD 15 min OR can be included in general as a breakout system that relies on price confirmation, but the stop-outs are even more brutal to the bank account.
It's avoidance of stop-outs relies on the presence of the Persistent Trend Day pattern, a day model that occurs roughly only some 4 days out of the 21 day trading month.
)
Most of the time this kind of trigger-into-trend confirmation is nothing more than the market reloading itself with traders who have freshly hooked themselves into positions in the wrong direction. Thus the market is fed further as these traders are subsequently stopped out.
Instead, if you consider that confirmation can come alternatively as disparate technical signals arriving in confluence at certain places of exhaustion--both in structure and in momentum, then the places deeper into the reversal where so those using techniques listed above will be finally tripped into the market on the assumption of reversal confirmation, can be used to exit partial positions by those of us who chose Signal Confirmation instead of Price Confirmation as our entry triggers. We're getting part of our position out as profits where these breakout traders are just getting in. This keeps us well out of the crowded company of 90% of the majority of traders.
But on days when a true confluence of technical events afford clear entry opportunities, those of us looking for extremes to fade still suffer our share of stop-outs, and then rely on trade entry concepts that are, for the most part, incomplete as to the desired totality of possible confluence.
It's once again Memorial Day... a time to remember all those who have come before, and especially those who fell, making the ultimate sacrifice that the rest of us could enjoy the benefits of freedom, here in the greatest nation the history of civilization has yet produced. I salute them all, and proclaim with them loudly "Freedom First!!!" There is no peace without it. ...and God bless all ....