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How do traders know when a top is approaching? They don't - They wait patiently for their signals to confirm the resulting lower high and short the arse off it. J

ePandit, I am a beginning trader with 2 years real trading experience. I have a positive expectancy edge, that I totally believe in. I have pretty good risk management controls. I have plenty of capital. I have a good trade plan & detailed diary. But I have FEAR of losing money...

IT4M, There are very,very few ET traders I read up on. But for those I do none of it is for strategy - its all for mental/attitude/perspective stuff. Whilst searching for RM, check out Banjo - he talks a whole lot of sense too - worth a read. Cheers J

IT4M, I agree that there seem to be many advantages in index futures, including leverage & limited manipulation. My edge only exists in the index futures, so I have no real desire to move to stocks. The other reason I steer clear of stocks is that I hate the idea of some analyst dork...

Please can you try this out on both the NQ & ES :p Seems a rather random strategy IMHO. Good luck

I agree 100% with Austin. The Juice is a real seduction....but it will freak out weak hands. The key thing with ER2 is be more generous with your stops - move out to 5-10 min TFs & watch both NYSE & NASDAQ market intermals like a hawk. Cheers J

Hi John, Nice journal. I'm a big fan of Market internals too. Have you ever used pivot levels. Check out the Monthly R1 level failure from Friday that closed right on the Monthly PP level. Today's Weekly PP failure was pretty clear too. Two beautiful ER2 sessions. Cheers J

From my perspective the indicators that lead NQ & ES, at critical junctures, also drive the ER2. ER2 seems to react to either NYSE or Nasdaq leading indicators. The best signals are when all key indices line up – I watch ES, NQ alongside ER2. DYOR Cheers J

No positive expectancy edge & FEAR of losing money, being wrong, missing out & leaving money on the table.

Yes - everything has to have a 10min signal as a minimum.........a 60min channel/monthly pivot level touch or even a 60min signal are a very nice bonus.

I started off 18 months ago with the 1 minute chart (sometime even 30 seconds at the open) and gradually moved up through 2, 3 and 5 minutes to end up at 10min & 60min (plus 120min/240min views). I just keep channels on my charts for the same reason I use pivots - they seem to have enough...

NQ also channels pretty well when in the mood......thus the exit at 1547.75 yesterday.

I managed to lose my copy of TDT on a skiing holiday in April.....TITZ was my favourite of the two - but both top reads.

Exactly - whatever floats your boat..... Personally I don't get along with any indicators - even BBs or MAs. I know my fears hold me back (particularly taking money off the table too early) - but that's the challenge pushing those boundaries back little by little. I'm a big Mark D fan...

NQ-E, I use daily, weekly, monthly pivot point levels. Weekly & Monthly ones I find are particularly good R/S levels IMHO. Daily ones are not too shabby either. However, I won't take a trade based purely on NQ bouncing off Weekly S1 etc UNLESS there is a market internals signal. I...

Hi NQ-E, Nice thread.... I find the use of daily, weekly & monthly pivot levels in NQ a great reference for 10min & 60 min TF signals using "various market internal signals". Yesterday was a classic example of bouncing off weekly & monthly levels (monthly 1535 in particular). I took 10...

It was very juicy indeed JJ....it helped that there was daily, weekly & monthly pivot support around 1267.50 - I can't believe I only managed to hold for 3 pts (daily S1 target) from 1269.25. BTW - Nice thread 4RE Cheers J

IT Management Consultant Good: the day rate and social's of team working Bad: the lack of challenge after 20 years of "same problem just different company" J

Bogey - try an ATR based stop level. I've traded the ER2 for quite a while and started with 1pt stops - but realised based on my results that a stop out was not always " a true failure point for the trade" just a comfort level I had on loss. I now use ATR(10) on the TF of choice as my stop level.

Got eaten alive trying to catch a bottom, especially after I missed my opening short. Not many days you are positive (just !!) with 5 losers to 2 winners. Exits too early on the last two trades. Learnt a lot .....