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Mission Plan: 2013.04.01.283-293 Theaters of Operation: Mike Six Echo Mike Three, November Quebec Mike Three, Yankee Mike Mike Three.
Pre-Mission Prep
06:50 Starting pre-mission prep...Going through checklist...
Standing by...
08:50 Standing aside until report is released.
Sortie #289
09:20 Short M6E.
Short after test/pierce of YR FE, OR MM, and Shooting Star-like / Spinning Top candle formation. Target is 50% OR.
09:37 Target reached. +15 ticks.
Sortie #290
09:59 Short NQ.
Short after multiple tests of YC and 50% YR. Target is YL.
10:14 Price came within 2 ticks of my target and bounced back up.
10:21 Resisting the urge to trail a stop...
10:27 If I had been trailing a stop at the high of each bar, I would be stopped out at 2806.50 now with +9 ticks profit.
11:11 Price came back down to within 1 tick of my exit order.
11:27 Target reached. +24 ticks.
Prep for re-tasking and next sortie.
Sortie #291
10:33 Short YM.
Short after pullback to YL. Target is 04/01 NC.
10:53 No Joy. -15 ticks.
Prep for re-tasking and next sortie.
Sortie #292
11:21 Short YM.
Short after retest of YL and Bearish Engulfing pattern that closed below YL. Target is FE.
11:52 Price came within 1 tick of my target and bounced back up hard.
12:26 Price bounced back up to my entry and has tested lower again, but I think YM is bottoming here.
However, I won't move my stop, and in fact I'm modifying my target lower to 04/01 NC (as in trade #291) because if price does decide to come back down the LOD, I think it will try for the NC.
12:39 It did go for NC and then MM as did NQ.
12:39 Target reached. +40 ticks.
AAR
Objective: Follow mission plan with extreme prejudice.
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Outcome: Followed the basic framework I have right now. It was another good day.
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Observations: With my longer-term approach M6E/6E has quickly become less appealing due to its choppy action during the US Futures RTH session.
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I'll watch it some more, but I'm probably going to have to eliminate it. Additionally, with my different approach, I may be able to trade "bigger" products like NQ and YM after all. I'll just have to see how things go.
"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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I'm interested to read your foray into multiple instruments.
Studying YM, NQ and 6E together should provide a more holistic view of the market and a more complete picture before placing a trade. Sometimes you will see YM acting relatively weak compared to NQ and ES which can make you rethink your long trade. You may also want to follow the FDAX closely as well. I will never place a trade without considering the FDAX, ES, NQ and YM/TF as a collective group. This simple concept alone has kept me out of countless losing trades.
Mission Plan: 2013.04.04.293-323 Theaters of Operation: November Quebec Mike Three, Yankee Mike Mike Three.
Pre-Mission Prep
07:50 Starting pre-mission prep...Going through checklist...
Standing by...
09:15 Standing aside until after Bernanke speaks.
09:23 Not happy about doing this because I didn't take short setups on both YM and NQ and they're working out beautifully. ****! Aggravating! This is the "missing out" part of Phase 2, PFC! It may be aggravating, but you have to let it go and prep for the next opportunity! And focus on the fact that your method is working like a well cared-for M4 Carbine - it will take care of you if you respect it and take care of it. You're building trust in it and in yourself!
Sortie #293
09:59 Short NQ.
Short after test of OR 50% and YC. Don't like that the entry bar is so large. Target is OR MM.
12:20 NQ is not looking like it wants to go down.
13:15 NQ has really come back hard on me. I've stayed in because I just didn't see any good setup in the opposite direction. I'm feeling pretty stupid here.
13:29 No Joy. -37 ticks.
Prep for re-tasking and next sortie.
Sortie #294
10:02 Short YM.
Short after test of YR 50%, OR 50%, Shooting Star. Target is OR FE.
12:20 Price came within 5 ticks of my target.
13:15 YM has really come back hard on me. I've stayed in because I just didn't see any good setup in the opposite direction. I'm feeling pretty stupid here.
13:24 No Joy. -25 ticks.
Prep for re-tasking and next sortie.
Sortie #295
13:42 Short NQ.
Short on retest of YC, OR 50% and bearish engulfing pattern. Target is ORL.
14:19 Target reached. +17 ticks.
Mission complete. RTB for AAR.
14:30 New entry cut-off time. Finished for the day.
AAR
Objective: Follow mission plan with extreme prejudice.
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Outcome: Followed my rules but today was a little tough to get through.
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Observations: I missed nice setups on both NQ and YM this morning because I was standing aside for Bernanke's speech. I did the right thing, but I wasn't too happy about it. Then I let two of today's three trades come all the way back to stop me out after decent MFE's. I feel pretty stupid, but what I like about the way I'm looking at price action is that I can already see where I can make corrections/improvements in my execution and choices. For example, one thing I know for sure is that I shouldn't have taken such a mediocre entry in NQ. The candle was far too large and it was at a poor level.
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I've decided to proceed with the approach I've been using over the past two days and today, and so I'll be expanding my sample size a bit so I can start getting experience with it. This Phase 2 is about learning how to deal with being wrong and missing out, but it's time to get back to reinforcing consistency as well.
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This is similar to going into battle - I have to learn how my weapons work, and how I work, through consistent training so I can develop the trust in my weapons, and myself, that I'll need to survive. This also allows me to find the weak links and deal with them.
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I've also decided to stick with NQ and YM for my markets. I'm used to the hours and some of the behaviors of the indexes, so I think it will be good for me stay with them for the time being.
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I'm modifying my trade log spreadsheet to track the NQ and YM trades that I've taken and eliminating the M6E data, so my stats will only include the NQ and YM trades that I've taken, and will be taking.
"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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Mission Plan: 2013.04.04.293-323 Theaters of Operation: November Quebec Mike Three, Yankee Mike Mike Three.
Pre-Mission Prep
07:40 Starting pre-mission prep...Getting mind right...Going through checklist...
SitRep
08:15 Indexes have tanked after a poor Non-Farm Employment Change report, so I'll be looking at a big gap down on my RTH charts.
08:40 Price has powered higher after the gap down and it is so tempting to want to get on the move up, but my stops would be huge and this just isn't an appropriate setup. I just have to stand by and wait for a better opportunity.
Sortie #296
09:22 Long YM. YM retested ORL, had a strong bull candle close nearly halfway into prior bear candle and above OR Mid.
09:26 Feeling very nervous about this.
09:30 Stop moved to low of last M10 (entry bar) low, because this bar was a strong bull candle, and if price comes back this far down, I don't want to be in it anymore.
09:45 Still feeling quite a bit of anxiety. That's understandable PFC, but this isn't about being right or wrong on this trade! Just follow the Mission Plan and when we have our AAR we can look for ways to improve it if necessary. Don't forget, this is NOT about proving how brilliant your are! This is a learning process, so stay open to learn what's available!
09:58 Stop moved to last swing low - again, if price comes back this far I want to be out and waiting for a new setup. My risk on this trade is minimal now, so just relax and let it do whatever it's going to do.
10:03 Target reached. +36 ticks.
Prep for re-tasking.
Sortie #297
09:26 Long NQ. NQ bull candle with long lower tail closed well into prior bear candle and above OR Mid.
09:30 Stop moved to low of last M10 (entry bar) low, because this bar was a strong bull candle, if price comes back this far down, I don't want to be in it anymore.
09:35 A Shooting Star appears to be forming at ORH. This may be my undoing, but I've seen this create a bear trap many times, so I just have to wait.
09:45 Still feeling quite a bit of anxiety.
09:53 NQ has broken out of OR pretty solidly, so now I'm wrestling with the anxiety of not wanting to let the profits I have now evaporate, but I want to stick with my original target. Why are you having so much doubt today PFC? It's not necessary! What happened yesterday is not important. You learned from it and you've made some changes. But that doesn't mean you should abandon your confidence in your plan. Stick with it and only exit if you see REAL signs of a turnaround!
09:58 Stop moved to last swing low - again, if price comes back this far I want to be out and waiting for a new setup. My risk on this trade is minimal now, so just relax and let it do whatever it's going to do.
10:18 Stop to BE+1. If price comes back this far down I don't want to be in.
10:20 Stop to low of last M10 bar. Price has exceeded OR FE and I'm comfortable taking profits here if it pulls back.
10:26 Trailing stop hit. +26 ticks.
Prep for re-tasking.
Mission complete. RTB for AAR.
13:30 New entry cut-off time for Friday's. Finished for the day.
AAR
Objective: Follow mission plan with extreme prejudice.
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Outcome: Did a much better job today of waiting for a decent setup and taking profits, although I was nervous at times.
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Observations: The market really moved late in the session, but per my rules I was already finished for Friday (13:30CT).
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I'm still pleased with the way price is reacting around my important levels.
"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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of staying out of your own way, of keeping your head in the game, of trusting your process and creating an environment where positive results are encouraged and likely. Keep it up.
NQM3 (June 2013 E-Mini NASDAQ) = November Quebec Mike Three based on the current military phonetic alphabet, plus just want to give props to your province!
-AT
"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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