ES Journal - 2015

[Autodidact]

Yes. But what you might find interesting is that my chart was posted before the fact, not in hindsight, and that it outlined two trade set ups. The short set up exactly as outlined. Your added annotations are mere distractions.

Because sometimes price action is ideal, as it was today.

 

[fortydraws]

Correct, and such process is not always as pretty as the chart diagram the poster whos chart I edited, suggested.

But today it was. In fact - it always is. Price can only do one of two things at support/resistance. It will only vary in the particulars, which you so brilliantly pointed out.

 

[fortydraws]

Because sometimes price action is ideal, as it was today.

So you are doing what? Protecting everyone from me? lol

 

[eurusdzn]

Have not visited this thread for 40 pages. This is disappointing. The SLA guys have taken over
what used to be traders working trades each day. School is in session. Jeez.

 

[Autodidact]

But today it was. In fact - it always is. Price can only do one of two things at support/resistance. It will only vary in the particulars, which you so brilliantly pointed out.

Incorrect, it can also act undecided and consolidate issuing fake signals.

 

[dbphoenix]

Incorrect, it can also act undecided and consolidate issuing fake signals.

"It" does not do anything; traders do. The price action tells you whether traders are undecided. Which is the point of having rules. If one understands what he's looking at and has a trading plan, those rules will keep him out of unproductive trades -- fake signals -- and put him in and keep him in productive ones.

 

[dbphoenix]

Slight modification.

Long NQ 4314.50 limit, stop market 4300, size divisible by 5 with three targets, first and second above 2015 highs, third above all time highs.

If you're referring to a trade that you plan to take, this is what "in advance" and "ahead of time" are all about, even though you're trying to catch a falling knife.

 

[fortydraws]

Incorrect, it can also act undecided and consolidate issuing fake signals.

You really could benefit from Richard Schabacker's Trading Course. It is now living free and on the web: http://www.traderslaboratory.com/forums/wyckoff-forum/18335-off-topic-posts-7.html#post197566

"One more point remains to be discussed in connection with the practical application of our support and resistance study, and that is the action of prices when they approach such a level. A quick inspection of the various chart examples we have used to help our understanding of these phenomena, indicates that prices may do one of two things – they may either halt and build a pattern of congestion lasting for some time before the level is finally penetrated, or they may ‘‘bounce’’ back into a reversal movement of more or less importance.There seems to be no dependable guide to forecasting which type of price action will follow the attainment of a critical support or resistance level. (In fact, we have seen that occasionally there will be no halt of any consequence in the current movement, but that is the exception rather then the rule). ... And then we must watch to see what sort of pattern develops on the individual chart of the stock which has reached this critical level." R.W. Schabacker

 

[fortydraws]

Have not visited this thread for 40 pages. This is disappointing. The SLA guys have taken over
what used to be traders working trades each day. School is in session. Jeez.

Interestingly, if the OP and his minions were to leave "the SLA guys" alone and stop making demands upon them, then the SLA guys would no doubt leave this thread alone.

 

[bigsnack]

Have not visited this thread for 40 pages. This is disappointing. The SLA guys have taken over
what used to be traders working trades each day. School is in session. Jeez.

Yeah man, long gone are the days of old, with ammo and volente and whatnot. Just endless run on babbling and vague charts now...