Well after my little epiphany over the weekend, I really tried to focus on 2 things:

1.) To really focus on finding plays with 3+ Convergence
2.) Then when I find them, see if I am able to go for more than just 2-ticks (either via 2tr, or Trend plays)

I also did a PnL distribution by time of day and found the following:

* My least profitable trades are made between 9:30-10:00 am and 11:15-12:00pm E.S.T.
* My most profitable trades are made between 10:00-11:00am and 12:00-2:15pm

That is a pattern that seemed to repeat itself again today. Its almost as there is this part inside me that finds a way to sabotage the first X # of trades I make in the morning; Only then am I able to get in the right frame of mind to begin the climb out of the hole I’ve dug for myself. But today, I was able to climb out of a -2.57 R-Unit hole and reach my net daily goal of 1.20 R-Units.

In an effort to come up with better (and more profitable) targets on those plays where I have the requisite 3+ Convergence, I tried something new today. It was a strategy I picked up in last month’s issue of TradersMag called Flash Formation Fractals. I wish there was a place I could point to other than the magazine for reference, but a Google search produces 0 results in English. This is a Link to the Article, But as you can see, it’s a .pdf document in Dutch…which means Google can’t translate it.

I’ll be highlighting the basics that I gleamed from the TradersMag Article (which WAS published in english) in today’s review.