Smacking the ER2

Thanks Kevin.

BTW - what timeframe and typical nos of trades a day do you have with your 8 contracts.

Cheers

 

Jessop

i use by minute charts 2, 8 and 24. plus tick charts 100 and 400. Often i trade between 8 and 15

 

Another nice bear session – but unfortunately I only had time for one trade….. but still a very nice one. Another great day for the signals and the trend was fairly clear when I jumped into the trade just before 8pm (3pm). I again didn’t have a clear entry signal for the first hour and I’m considering using the 2 minute chart in the first 30 minutes (work in progress).

S1 (L) – at work
S2 (L) – at work
S3 (S) – at work
S4 (L) – at work
S5 (L) – at work
S6 (S) – at work

S7 (S) – at the screen from just after 7 and could see some weakness emerging so got in at 19:51 (642.9) but held onto it past the ideal exit signal point at the start of the 20:35 bar closing at 637.5. I seem to find shorts easier to hold because they seem to move more cleanly and decisively.

S1- n/a
S2- n/a
S3- n/a
S4- n/a
S5- n/a
S6- n/a
S7- 1/2 (1 for the entry, 0 for the exit because it was late)
Rules Hit Rate = 1/2 = 50%
Points today +5.4pts (not including comms) ….

Onwards and upwards……….

 

A very poor day for concentration in the form of researching 120 min swing signals and from the mother-in-law and her broken laptop. Got stopped a lot today which is not surprising given the nature of the day.

648 level on the ER2 is a significant level going back 4 months and was the real battle ground today.

S1 (S) – signal not taken – saw the weakness but used 3pm news as an excuse I think not to take it

S2 (S) – nice entry at 15:40 644.9 watched it go 2pts + then got stopped out at 643.9 (on my b/e +1.0 stop)

S3 (L) – signal not even seen – mother-in-law distractions – not very professional

S4 (S) – great entry at 647.6 – quite nervous that it was going to b/out through 648, but all the indicators looked weak – closed just after exit signal for 646.7

S5 (S) – signal half seen – but researching 120 min charts

S6 (S) – entry at 647.1 and price dropped 1pt – then bounced around back up to my b/e stop

S7 (L) – continuation long signal - good entry again 647.6 and it kept retesting 648 and when it broke through went 1pt and then came back to hit my b/e stop closing me out at 647.5

S1- 0/2
S2- 2/2
S3- 0/2
S4- 2/2
S5- 0/2
S6- 2/2
S7- 2/2
Rules Hit Rate = 8/14 = 57%
Points today +1.8pts (not including comms) ….

Onwards and upwards……….

 

Yes nothing worse than a broken mother-in-law, ummm.... mean broken laptop, yeah thats what I meant to say!

 

Love it. That's going straight into my top 10 reasons for a bad day trading

 

A bad start that turned into a good day, despite poor rules following. Got very frustrated with the 7pt drop at the open. I knew it was very weak on my higher TF charts but couldn’t find a 5min entry. Then spent a lot of time researching the higher TF charts with the 5min charts. As a result I saw but missed S1, S2 & S3. The good news was that I could see the move up at 18:00 was weak and was looking for more downside before S4 got me in for a nice move down.

I’m happy that the higher TF charts will keep me in trend more often, show me overbought/oversold conditions better and give me a clearer context to the 5min reversal/continuation signals.

S1 (L) – signal not taken
S2 (S) – signal not taken
S3 (L) – signal not taken

S4 (S) – great entry at 644.8 – I had confidence to hold it longer because of higher TF charts (inc. continuation signal) – held through the PB and test of 642.2 and then 641 went quickly too. Very, very tempted to exit in the 19:50 bar, but all the indicators said more downside so I held tight. Then I closed for 641.1 without any real exit signal – a panic exit. Then it dropped 1.5 pts just to rub my nose in it. Exit signal was at 20:30.

S1- 0/2
S2- 0/2
S3- 0/2
S4- 1/2
Rules Hit Rate = 1/8 = 12.5% (not good )
Points today +3.7pts (not including comms) ….

Onwards and upwards……….

 

jessop,
impressive signal, could you shed light on it how you generate those signals? don't need to be specific, just in general what kind of indicators or chart pattern you use,

thx

 

Jet,

I did say in post 1 that this wasn't about the method, but the psychology. But I am willing to tell you what the entry/exit signals aren't based on:

1) Any price based indicators

2) Any moving averages

3) Any EW twaddle....btw EWers remind me of intelligent people who smoke...they know its bad for them but they keep doing it anyway......if in doubt there's an alternate count about

4) I don't use candle definition in my signals - but will be careful where certain ones appear

5) Lower High, Higher Low, 1-2-3 reversal type stuff - although that all makes perfect sense to me.

However, I'm learning that its the control of fears that make a real trader.... but the better the system the better your probablities of making it.

 

Came home from work a bit later than normal today and a little bit more brain dead.
I got the charts up just after 7:30pm and saw what I had missed. The longer TF charts said that S5 was a very strong short signal – but I decided to ignore that and jump straight into a long!!

S1 (S) – signal not taken - at work
S2 (S) – signal not taken – at work
S3 (S) – signal not taken – at work
S4 (S) – signal not taken – at work
S5 (S) – signal not taken – at work

S6 (L) – it was a valid signal but given that S5 was such a strong short it was high risk. Entry at 637.5 it went up 0.8 pts and then dropped through the floor – stopped out for 636.4.

S1- n/a
S2- n/a
S3- n/a
S4- n/a
S5- n/a
S6-2/2
Rules Hit Rate = 2/2 = 100% (I took the entry and exit was automatic – but 100% doesn’t quite seem right here !!)
Points today -1.1pts (not including comms) ….

Onwards and upwards……….