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Took my one point. Missed two points @1277 by a quarter.

Great post 4RE! The work you do on this thread is much appreciated.

4RE, I have taken an amateur's look at the last 2 days of trading. Was wondering what you think of my S+R levels? I would like to develop an eye for S+R. Long 1274.75 to 1278.50 Short 1263.25 to 1258.75 I have attached the chart but don't have a program to mark it up. The exit points...

Romik, I am intrigued by this. Do you have any links or posts you could refer me to? Thanks, pkts

Yes, the bid ask spread is usually 0.25 (or $12.50) I have also only recently started trading futures. IMHO the most important attribute for a successful trader is discipline. When you're disciplined, you put the odds in your favor. And hope you lose a little money right off the bat. It'll...

Thanks for the additional advice yesterday 4RE, Made a profit on your first buy. In at 1265.75, sold half for a point, sold rest for half a point. Looking back I should held the second half for the extra point but I am new to this and would rather err on the side of caution. Thanks again...

I just read the doc you posted, I had forgotten about it. It made sense to me, its helpful to understand the psychological reasons behind S+R. I'll take a look at the Elder book, thanks for the recommendation. With my mistakes on the last 3 days of trading the S+R levels, I might have to sim...

Thanks for the input 4RE, I'll keep those points in mind. I've ordered the Douglas book, looking forward to reading it.

I entered the short @1273 but exited for a half point loss. The ES didn't shoot down when it broke thru 1273, in fact, it vacillated above 1273 for about 10-12 minutes before it finally shot down for the 2 points. I thought that the point of the breakout was for the stock to make a quick move...

Sorry for all the posts! :D Just glancing at the Bollinger Bands, they seem a good indicator of a bounce but sometimes (during big declines like the one from 1295-1275) they give a false signal. Are there any other studies you can watch that might confirm the bollinger bands signs? Or is it...

Can anyone comment on the negative factors of using the bollinger bands for trading? I was looking at the chart for today (posted below) and it seems that if you bought all the touches, you would have made money on 3 of 4. It can't be that easy! Are there other qualifiers?

4RE, I'd be interested in examples. I'm guessing you are talking about the touch at 1275 about an hour into trading?

Hey 4RE, I noticed that the ES hit the long target and popped up a quarter and then dropped. What do you attribute the failure to? Anemic volume? I'll be very interested to see what your S and R is for Tuesday based on this action. BTW, your recent posts have been very educating. I am...

Hey 4RE, Thanks for the log, I'm enjoying seeing how another trader runs things. A couple of questions: 1. Do you have to watch the system or can you set it mechanically? I took a look at the S and R for today. If I had mechanically traded it, I would have been stopped out. What do you...

Well, there's a sign, down 50 pips into market close. What do you guys think, is this the start of a new trend? BTW, I am a noob. Shorted EUR this afternoon before the decline so while I'm happy about the 50 PIPS (is that a normal/decent profit? - whats a usual range?) I don't understand why...