: $150.00 +3.00 ES points
Total trades: 4 [1 scratch]
Execution score: 100.0%
Opportunity cost: +$0 +0 ES points
day that seemed it will provide some great trading opportunities due to the gap open at the
opening of the cash market, but then lulled people to sleep by around
There was some movement during the middle of lunch, creating
some hope for volatility. But then the "lull you to sleep" phase 2 kicked
in for another 2 hours, and by the time the ES broke out from the
descending triangle, many were caught sleeping.
And what I hope will
soon become a boring broken record commentary -- I had another day where the execution to my trading plan was perfect. As a reminder, this execution score does not
include missed trades (I had at 2 missed trades that could have made
+4.00, due to an order that was off by 1 or 2 ticks). But based on
those trades that I did take, I could not have executed them any better.
Interesting comments from the prior post
Beyond my thought already written above, I believe there's a wide range
between being a pure discretionary trader vs. a pure mechanical system
trader, with many points in between. Each one of us is different, and
based on our strengths and weaknesses, there is probably an area on the
discretionary vs. mechanical scale that works best for you.
Therefore, I think both Benny and Anonymous have great points. There
are some traders where if you ask them why they took a particular setup
(which made money), but then avoided another nearly identical setup
(which lost money), they would probably tell you that the 2nd one just didn't
"feel" right. By spending thousands of hours reviewing charts and
trades, they have probably developed a "system" within their mind that
can never be explicitly transcribed into a mechanical system.
I'm far from that level, although there are times when my
subconscious tells me (or yells at me) to either take a trade or avoid a
trade. I'd say it's a bit more than 50% correct, so perhaps I'm
starting to develop and refine that inner voice. And through time,
maybe I can actually get to the point where I can quantitatively
measure and prove (via my opportunity costs metric) that I can consistently
outperform the system.
That's when I'll know that maybe it's time I can start breaking some of my rules from my trading plan/system on a regular basis. Or maybe I'll never reach that stage. Speaking of which....
Rogue Grove's view of today's market
Some key highlights from the market action today.