Friday, January 26, 2007

Jan 26 trade summary


Well, I held onto my short for the open and made back 1/3 of my loss from yesterday. ER2 had bullish divergence compared to ES all day. I only traded the morning, so I didn't see any of the afternoon rally in ER2. On Thursday I picked the wrong day to try out my new idea of scaling into trades.(I used buy stops to add to my long position only when the trade had moved into the black, however, the trend was against me, and I should have been adding to a short instead of a long). I've been using buy/sell stops, and they seem like they are not working for me. I normally use stops to exit my trades, but I'm getting better at just seeing the order flow and knowing when to cut the trade before the price travels to my stop. Also, scaling into trades hasn't been working either, I'm getting fills 0.2pts below my designated price, instead I should just enter the trade I want right then and stop using these types of orders. I think I need to be more aggresive in my trading in the morning and take the signals I get without hesitation. I think I'm going to use paintbar sound alerts to tell me when to enter trades so I become more systematic in my trades; moreover, this was my plan 2 weeks ago, however I haven't really been looking at the indicator at all. I'm mainly watching my ER2 tick chart, range chart with S/R lines and indicators, and NYSE and AMEX TICK. I think I need to start watching order flow for better timing my entries and exits.
Goals:
1.Setup paintbar indicator sound alert, enter on its signal.
2.Analyze AMEX/NYSE TICK, time periods, and MP levels
3.Analyze trades for better placement of scaling into/out of trades.

I feel like if I was trading stocks I wouldn't ever have big losses because the stops are easier to place without having to worry about noise like ER2 displays.

Note: The ES morning short trade worked just as I thought because there was no volume support underneath.

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