Tuesday, June 4, 2013

+3pt Gap + Globex Momentum = Open Rally to the 1644 by 1st Ti.

Today we had a + 3pt Gap off the heels of globex momentum. The 5:00 News released continued its support into the open prompting professional buying for a 6pt rally by the 1st Ti. 
Recap Notes:
Trade Selection -  Good Trading, Good Entries, Good Exits.
Sequence 1 1S1K IOk today we had globex momentum off 5:00am News which moved into the pre-open with support on the 5m as well a a solid 15/5 cycle. I was able to get on board for a solid move, exiting into the rally leaving some cash on table as expected. Done for the day early.

ADJUSTMENTS & OBSERVATIONS:

Limit your Exposure - Limiting Exposure preserves profits and takes the excessiveness away, i may miss a few entries, leave money on the table and exit a bit early but over time this has been the bases of consistent gains for me.

Work on correcting the following - 
  1. Taking the highest probability sequences, stick to what you know. 
  2. Trust your block bars when they appear.
  3. Give the sequence time to play out, if its clean in your favor 15 bars are a good timing point. 
  4. NEVER TRADE AGAINST 15minute Block Bars. 
  5. Protect your profits, Don't go entering *UQ* sequences.
  6. If the day starts off rough, be patient and think about stalling at a reasonable gain or loss. Don't try to push it when things are going bad. Get lighter on losing streaks and bigger on win streaks.
  7. Keep the size down for now until i can get my win % back up my normal range.
Managing the Day - I have been violating a simple understanding - More Than 3-4 Sequences Per Day is Too Much!! Stay within the 90 Grind and call it unless their is an obvious breakout.