re
entries and exits.
I use limit orders on pullbacks for that atr-pullback set-up (for ES). Very recently I have not been getting filled and have a back-up plan that gets me into YM on a swing trading rule using parabolics. For instance, on Friday -- I had a limit order to buy ES but it missed trading there by a tick. The market did pullback by about 1 ATR but not far enough to fill my limit order.. But I have seen that movie before and I liked the pattern so I entered a 'buy-stop' on YM based on a 2-min parabolic break-up (parabolic input parameters were re-set to 0.15/0.15 fwiw). This way I get a position on for the pattern I see if ES doesn't let me in. This is a 'feel' game at this point as I may scratch the YM for a trivial loss if it doesn't carry. I like using buy and sell stops on YM and don't feel it is giving up too much because of the tick value is low relative to the tick range (a few ticks on YM isn't so crucial when its $5 per tick and trades 150+ ticks in range per day -- whereas a few ticks on ES can be crucial at $12.50 per pop trading maybe 80-100 ticks (20-25 pts) on a good day)...
ES is definitely cleaner with YM acting more like RUS lately --- but YM using buy/sell stops is kind of cool as you can often catch a buy/sell program and join in early and instantly go 'in the money' by 15-20 ticks which gives you room to evaluate the action. If your buy stop triggers and ES reverses before YM -- you can exit YM and look to 'market order' back in -- often at a better price than your last exit -- if you like the action in ES...
yes, you can out-think yourself on this stuff so I only do this kind of thin in situations where the market seems to be acting real spikey -- like it was late last week -- not letting you in on your usual set-ups. spikey is good for buy/sell stops and not good for pullbacks.
I spend most of my time watching ES -- but I trade YM more than ES at the end of the day.