Thank you, vinc and Laissez Faire!
To answer your questions vinc, I enter as soon as I see a break of support or resistance. The large time frames I use do not quite warrant waiting for a close as price may have advanced significantly by then. On a sidenote, I see that I have been drawn into a bad short position and could be stopped out by tomorrow. We are still primarily in a stable uptrend in the broader perspective, so looking for shorting opportunities will most likely result in little proceeds. Shorting below 1260 should be a more sensible proposition (if the ES ever gets there again). Nevertheless, attached is a snapshot of what I was seeing at the time of the trade.
The reason why I started using Rainbow Moving Averages is because I wanted to easily distinguish minor pullbacks from a more severe turnaround. This time I failed to hold off and traded my old method by taking the first break of support. My take is that this tactic worked very well during prior months because the market was ranging. Now we are shifting into an uptrend so that breaks of minor support zones will not follow through. The RMA should help significantly in determining the path of least resistance from now on.
To answer your questions vinc, I enter as soon as I see a break of support or resistance. The large time frames I use do not quite warrant waiting for a close as price may have advanced significantly by then. On a sidenote, I see that I have been drawn into a bad short position and could be stopped out by tomorrow. We are still primarily in a stable uptrend in the broader perspective, so looking for shorting opportunities will most likely result in little proceeds. Shorting below 1260 should be a more sensible proposition (if the ES ever gets there again). Nevertheless, attached is a snapshot of what I was seeing at the time of the trade.
The reason why I started using Rainbow Moving Averages is because I wanted to easily distinguish minor pullbacks from a more severe turnaround. This time I failed to hold off and traded my old method by taking the first break of support. My take is that this tactic worked very well during prior months because the market was ranging. Now we are shifting into an uptrend so that breaks of minor support zones will not follow through. The RMA should help significantly in determining the path of least resistance from now on.
I used the expired contracts still available in Interactive Brokers, but they don't date back infinitely. I remember eSignal does not offer sufficient historical data either.
The best and the most authentic source I have heard is "tickdata.com". You should start a new thread and ask people for recommendations on best quality intra-day data for ES from its inception.