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Rules: I had a contradiction today in 2 markets (GC, ES). I missed a trade and went with another. I did not have a clear parameter to guide me. I realized I needed to clarify my rules so I'd know which trade to take. Typically, I am able to remain patient and wait for a setup. However, if 2 contradictory setups occur simultaneously, I have a very difficult time making a decision.
Updated Trading Strategy Rules: Only trade in the direction of the current excess breakout condition.
(A) Long: Excess Breakout Bar long then can only take long positions. Look to enter on b/o of excess breakout bar high, or retracement to VAL.
(B) Short: Excess Breakout Bar short then can only take short positions. Look to enter on b/o of excess breakout bar low, or retracement to VAH.
Once the trade direction parameter is set, you cannot change it until the opposite trade direction parameter is met. Ideally, this will keep you aligned with current market sentiment and keep you from entering and reversing multiple times throughout the day.
Monday 3/5/12 No Trading Today I had to go to a job this morning so I was not able to trade. Nevertheless I decided to do my morning market prep to maintain a continuity of market awareness.
