Price on the ER2 has been trading within an approximately 20 pt range for the last 5 days without a lot of volume .I'll wait for a signal . I see congestion on the daily and weekly on the ER2 , ES and NQ .
Still watching the ER2 , NQ and ES on a daily chart . Still waiting to enter the weekly downtrend . I'll wait for my DS to be overbought on the daily chart for a signal to short . If the trend changes or I dont get a signal I plan to continue waiting . I decide to use the daily stoch as a target in that if I enter I'll try to stay in and follow the weekly trend for as long as possible while protecting my position in a reasonable manner . If the daily stoch shows oversold then I'll exit .
I am still watching for a signal to short into the weekly downtrend on the indexes . I did have a signal on the 12 min. to short into the 60 min. downtrend The 12 min. DS was overbought at 812 hrs today 3/2 and entered short with a sell stop when price made a lower low on the 12 min. on the ER2 687.3 with a tight stop of 1.3 pts above the high at 812 hrs . I plan to stay in until the 60 min. is oversold and will move my stop in my favor in a sensible manner .
I moved the stop to 683 ( 3 ticks above the PL ) at 942 . The stop got hit pretty quick and I'm out +4.3 pts .
If the 1436 bar on the 12 min closes red with the DS below 20 I'll place a buy stop above that candle . The reason is there is a lower low in price and price is near the bottom of my downtrend channel . I'll use a tight stop below the candle low 2 ticks .
The 1436 12 min. candle closed red with the DS closing 13.7 . I have a buy stop at 677.7 and I'll lower it if the next bar has a lower high until I'm filled . This will be countertrend and I'll try to capture as much profit as I can reasonably .
OK I'm long now at 676.8 with a 1.7 pt stop ( 2 tick below entry candle low ) . If price trades above the S1 (678.17 ) then I'll move the stop up to 677.5 . If that holds , I'll hold overnight if need be .
OK I'm still long and moved the stop up to 682.2 ( 5 ticks below the PL ) locking in 5.4 pts profit. I'll hold on and see what happens overnight . This is using the triple screen Dr. Elder methodology with the intermediate timeframe taking signals with a slow stochastic . I'm looking for a longer timeframe trend ,in todays case a 60 min. ,and entering when the 12 min. DS shows me a limit level in the direction of the 60 min. trend . The modification I made is that a countertrend trade is taken if the intermediate timeframe shows a limit level against the trend and only if there is a lower low or higher high in price . These are all on a simulator and I am working out an edge That I feel confident using with a live account .
The long stops out +5.3 pts . Price rallied on very low volume but overall still looking bearish . I'll watch the 12 and 60 min. again today for a while looking for overbought on the 12 min but if price makes a lower low I'll look for oversold to go long again .
If the 1412 12 min. DS closes below 20 with a red candle I'll try a long with a trailing buy stop 1 tick above the red candle and trail it down if not filled . The reason is lower low price .