Using a Support / Resistance grid for entry numbers does not mean that when one of a cluster of support numbers is reached, that those lower down might be the ones that actually turn the market. Friday's
sharp plunge did exactly that. Although other signals were there for the first in a series of support numbers to hold, the spike went through two of them before turning on the lowest. Simply waiting for a single reversal bar before entering would have avoided an early entry that got the morning's trades off to a poor start, and kept the trading account from reaching a normal profit goal for the 1st frame of the day.
Trade Summary
20120427
Long 2 TF 813.8, 813.8, -1.4, -1.4
Long 3 TF 812.0, 812.0, 812.0, +1.0, +.9, +2.0
Long 2 ES 1493.75, 1394.25, +1.5, +0.25
Total ES +1.75
Total TF +1.1
