ES Journal - Support/Resistance - From scratch

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xburbx

I am writing this journal to document my trading as a complete newbie. I decided to pick up and learn trading about 1 month ago and have been researching non stop. I have chosen to start with ES and will base my style off of ESResistance and BRV's info on another forum. It seems to be the most direct and pure form. I am still learning trade management, determining good S/R lines and everything else really. Hopefully through researching and following the above traders, I can become profitable. I will be trading on a sim until I am profitable for atleast 3 months. I will post my levels and trades daily. Below are the pieces of software I have lined up.

IQCharts
Ninja Trader with MBTrading
Quotetracker

Tomorrow I will post where I would put my PP and S/R lines and see if they are close to ESResistance's. Please keep the "newbie" flaming to a min as I am fully aware I will make mistakes that might seem obvious to others.
 
Quote from xburbx:

I am writing this journal to document my trading as a complete newbie. I decided to pick up and learn trading about 1 month ago and have been researching non stop. I have chosen to start with ES and will base my style off of ESResistance and BRV's info on another forum. It seems to be the most direct and pure form. I am still learning trade management, determining good S/R lines and everything else really. Hopefully through researching and following the above traders, I can become profitable. I will be trading on a sim until I am profitable for atleast 3 months. I will post my levels and trades daily. Below are the pieces of software I have lined up.

IQCharts
Ninja Trader with MBTrading
Quotetracker

Tomorrow I will post where I would put my PP and S/R lines and see if they are close to ESResistance's. Please keep the "newbie" flaming to a min as I am fully aware I will make mistakes that might seem obvious to others.
More...

Great coincidense -- I was just thinking about posting some YM charts using NT with a DTN.IQ feed

mind if I piggy back your thread?
 
Here are the two charts for Oct 21. I used 1 weeks worth of data on a 1 hr chart and a 4 hour chart. I have the following

1hr chart / 4 hr

R1 - 993.65
PP - 941.75
S1 - 879.27

I started with the 4hr, picked the lines and then confirmed with the 1 hr. I am open to any suggestions on the lines. I will look to go over my thoughts on how I will be looking at trade management via the resources in the first post.
 

Attachments

No offense mate but was wondering why you are trying to determine Daily pivots? That info is readily available in a number of sites (Like www.Mypivots.com) and is also an indicator in Ninja Trader (Daily/weekly).

I think it is good to work on the support and resistance lines, so good on ya for that!


T_182
 
No offense taken at all. I was under the impression that PP could vary like R/S even though both can be calculated. Am I wrong? All suggestions are greatly appreciated.
 
ESRisistance pointed out an error I was making, so here are the adjustments for Oct 22 on a 1hr chart. I started with a 4hr chart looking at about 7 days worth of data and then confirmed on the 1hr with 7 days and then took it down to 2 days.
 

Attachments

Well after stressing out about picking accurate S/R levels to ESResistance, I finally was able to bring it in and get really close. My mistake was that I was focusing on every LL and HH and not considering the leves that acted as both S/R as much as I should have been. I did take a trade on the sim last night at 944.25 @ 25.33. I will detail my trades more and how I handle my station tomorrow. ESR has been very patient in helping me with questions. Thanks
 
My levels are set today and I will be waiting to take a couple of sim trades. I have been studying ESR's trades that he has been taking and I feel comfortable if the trade presents itself. I am using Ninja Trader with the SUPER DOM and have some atm strategies I am playing with. Below are the levels I selected.

882.
890
894
897.5
918
926.75
927.75
943.5
953.5
964
971.25

I will post later when I take a trade and the outcome
 
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