Smacking the ER2

"I'm afraid you've lost me with that one.....

I'm working on my discipline for following my entry and exit rules with a method I have a lot of confidence in.

Why would it be any better for me to develop a new method that has more straightforward rules just to complete the 20 trade exercise. The only reason why I’m doing this is that I think I have a good edge.

I would argue that my current trading flaws are fear based and therefore moving away from something that works for me would be three steps back.

I totally agree that the wheels are spinning big time at the moment …..… but all the issues are between my ears, and I have some time to get them right.

Thanks for the feedback"


In short: you have no edge if you can not capitalize on it consistently.

and more: you will not capitalize on it consistently continuing to do what you have done (if what you are doing is leading you into a frikin brick wall).

i never said there was a problem with your system. but since you can't execute it, it's useless.
you need to find a path that leads you to become disciplined.

 

Version,

I know what you’re saying……..but for me currently slippage is less of a danger to profits than me!!

IB slippage through my standard 0.6pt stop is only an extra 0.1pt very occasionally, with a fast move. The worst I’ve had is 0.9pts one time when there was Fed News. Maybe it could be worse with greater size than I’m playing.

In terms of walking away from the screen, to be honest I would only do this when I’m feeling twitchy and liable to start bailing for no good reason. My exits last week were generally very poor because I let myself get freaked out if the trade didn’t immediately start moving in my favour. So until I am more emotionally controlled maybe it is an idea to walk off briefly and let the edge play out (or not).

Thanks J

 

Had my chances again – a very nice day on the ER2 - a better day for exits because they were all automatic !! I managed to not watch QM/YM/NQ all day and it definitely improved my exits compared to last week’s performance – my reduced stop kicked me in the nuts today to compensate…….

S1 (S) – Entry 15:13 (681.3) - actually left trade alone – had 680 as target – missed the signal for S2 at 15:20 when it was +0.7pts – it then ran back to hit reduced stop at 681.5

S2 (L) – still in S1

S3 (L) – failed to take signal – saw it play out and did sweet FA

S4 (L) – Nice entry at 16:04 (682.4) – 682.20 acting as good support – left it alone – stopped out on my reduced stop on the exact low of 16:14 bar – then up she goes

S5 (L) – Nice entry at 16:56 (683.1) – left it alone – hit my predefined Profit Target stop at 684.3

S6 (S) – failed to take signal – lunch

S7 (S) – failed to take signal – lunch

S8 (L) – failed to take signal - saw it play out and did sweet FA

Entries – three taken – two biggies not taken though not good
Exits – all stopped out - reduced stops need looking at again (when 0.5 in profit my stop moves up from -0.6 to -0.2 from entry)
Points today +0.8pts (not including comms)

Onwards and upwards…..

 

S8 - that's what happens when you fail to take signals...

 

Indeed

 

Poor concentration and general indecision in morning session – got two nice trades nailed which turned the day around (but had plenty of misses too)……not complaining though best live day

S1 (L) – Entry 14:46 (678.9) – exited at 14:51 (679.1) on resistance at 679.30

S2 (S) – failed to take

S3 (L) – failed to take

S4 (S) – failed to take

S5 (L) – Nice entry at 16:13 (676.1) – held and got mini continuation signal at 16:30-31 exited at 16:42 (677.50)

S6 (S) – Great entry at 16:46 (677.6) - exited on minor tick up in data source – exit b/e at 16:48 (677.6)

S7 (L) – failed to take signal – lunch

S8 (L) – failed to take signal – lunch

S9 (L) – failed to take signal

S10 (L) – Great entry at 19:06 (678.5) – exploded thru 679.30 and then I got exit signal at 19:16 (680.8) – thought I might have exited too early – not anymore !!

Entries – four taken
Exits – two nice ones - one very poor
Points today +3.9pts (not including comms)

Onwards and upwards…..

 

Well I had a lesson in trend today and I well and truly flunked it – a serious down day and I managed to take 4 Longs !!

This is even though Short signals S4 & S7 said this was quite a sick market.

S1 (L) – Entry 15:11 (676.3) – went 0.7 into profit – then spiked down next bar and stopped me out at 15:16 (675.7)

S2 (L) – Entry 15:49 (675.3) I got out at 15:52 (675.5) because it couldn’t hold 675.50 level

S3 (S) – failed to take

S4 (S) – failed to take

S5 (L) – failed to take

S6 (L) – failed to take

S7 (S) – failed to take

S8 (L) – I thought a nice entry on a clean signal at 19:09 (672.2) – got steamrollered by bar 19:12 as oil spiked up - stopped (671.6)

S9 (L) – One of my favourite bottoming signals – entered at 20:26 (669.7) – after movement I put my stop to b/e – it got hit - I also ignored an exit signal at 20:46 because I thought it would run up into the close

Entries – four taken all Counter trend
Exits – nothing to say really
Points today -1pt (not including comms)

Onwards and upwards…..with the trend

 

More opportunities and a few more lessons….

Lesson 1 today – don’t f**k about with your stops…..

Lesson 2, that I need to use 1min charts alongside my main 2min chart views to highlight certain signals more clearly and get the timing of entry tighter.

Lesson 3, take the signals and leave your bias out of it

S1 (S) – failed to take – the signal was very clear on the 2min chart, but I normally use the 1min for the first 30mins until the 2min charts gets up and running – therefore missed it

S2 (L) – Entry 14:58 (670.1) got stopped out at (669.5)

NON SIGNAL - An oil price gamble trade 15:33 (669.2) stopped at 15:36 (668.6) – this is my worse trade of the week – a non-signal play

S3 (S) – failed to take

S4 (L) – failed to take – this is the signal I love but I should have been looking at 1min chart as well as 2min because the entry was clearer on 1min

S5 (L) – failed to take – same as S4

S6 (L) – Nice entry 17:57 (668.1) as price moved up I tightened stop (trying to be too clever by half) – however, I tightened it too much and didn’t leave it enough room – it moved down slightly and stopped me on the exact low of bar 18:04 – then up she goes for 1.5pts

S7 (L) – failed to take – no excuses with this one it was pretty clear

S8 (S) – failed to take – not brave enough – my bias said breakout north – my signal said weakness and entry 20:05

Entries – two taken – 1 non-signal play
Exits – well S6 was an over tightening cock-up
Points today -1.4pts (not including comms)

Onwards and upwards…..

 

Well a funny old day …the good news was that I caught the bottom nicely…the bad news was that was it….found it very hard to read in the morning session (probably the quadruple witching)

S1 (S) – failed to take
S2 (L) – failed to take
S3 (S) – failed to take
S4 (L) – failed to take – trouble following the action here
S5 (L) – Entry 17:10 (669.7) off solid 669.60 support - exited way to early (in hindsight) at 17:42 (670.50)
S6 (L) – failed to take – p***ed off after S5 exit – researching 3 / 10 min charts
S7 (L) – failed to take - still researching

Entries – one – a good one though !!

Exits – this kind of trade needs to be held for 5-6 pts not 0.7pts - I will check out 3 & 10 min charts because S5 looked like a good hold on those charts. I suspect that my edge & me maybe more suitable for positional plays rather than 1-2min scalps….

Points today +0.7pts (not including comms)

Onwards and upwards…..

 

Jessop,
What you need is an automated trade executor such as ninjatrader, buttontrader, zeroonlinetrader

automated stops, automated entries.


Kiss your problems goodbye.