Well, I didn't expect I was going to be able to trade today, but I got back early to trade the last hour. Today was good for the short time I traded and considering I'm not very good trading the last hour. I'm glad that I had 2 stops hit even though the price ended up reversing at this point and going back my way, because it is something I need to start doing to prevent big losing days, plus it is quick and easy to put in stops using Book Trader.
P/L= $208 (5 ER2 RT, 4 YM RT = 9 round turns)
Accumulated ticks scalped (First entry minus first exit, in sequence)
ER2= 1.7pts (-0.4 3min, 1.4 4min, 0.4 5min, -0.1 8min, 0.4 4min = 1.7pts)
YM= 12pts (-11 6min, 12 12min, 4 5min, 7 7min= 12pts)
I want to start analyzing my entries and exits to perfect my placement of stops and profit targets, so I'm going to try to add the "Acccumulated ticks scalped" as a part of my trade summary. I would also like to add the hold time on each trade as part of my analysis (I want to hold winners about 6min and cut losers by 3 min).
Here's another interview with Lee Leibfarth a professional ER2 trader, from Traderinterviews.com.
Market observations:
I never really looked at the value levels on NYSE A/D, I just looked at the chart patterns, but today I noticed that the market reversed again at the key time of 7:30, which corresponded to about a 0.50 value on NYSE A/D. It turns out 0.50 has been a good support and reversal area on NYSE A/D for some time now, and I will do some more research on this value area, as well as other value areas on NYSE A/D.
Today's Charts:
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