Monday, May 21, 2007

Charting Issues

Monday 5/21/2007 ES Futures

How did it go

Got off to a bad start. My charts decided to give me grief this morning. For some reason Investor/RT (IRT) does not like one of my charts. My chart that breaks candles down for every 1000 contracts traded has been giving me troubles off and on for too long now. This is the chart I use to help time my entries. This morning my Volume Break Down showed no values for the last few days and the start of the morning.

I tried to fix the problem and ended up missing just more than the first hour of trading. Big mistake as there was still good price movement today and I let theses issues throw me off.


Trade Narrative

Just missed it - I missed two long signals at better than 1528.00 entry price. The first signal would have finished as a profitable trade. The second signal was showing signs of working too. I was not real excited to join the trade late over 1 point above the entry as price action seemed quiet with lighter than average volume. I was trying to decide if the up tend was going to continue and I missed another entry as price ticked through 1528.00 and continued higher.

I was starting to decide to not trade this "light volume" price action and missed a couple of good long price swings. Frustrations with my charts just before the session open got the better of me today.


Lessons Learned or Still Needing to Reinforce

I should not have let myself get drawn into trying to resolve what appears to me to be a bug in the chart program I use. The issue only effects history and has been working for new real time data added to the chart. Save these issues for after trading hours.

Still, I should have better trusted my signals and got myself back on track. I would have had a couple of good trades late in the morning. I backed off for the day as my mistakes tend to be made most often in the midday and afternoon portions of the session. This means I need to focus in the early morning to build initial profits for the day.


Trade Wise, Trade Well
John

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