Indicators are liars! Support and Resistance Trading for the S&P emini

[verdo]

Hello Es

america is sleeping!

can you publish your worksheet for today?

I draw my own lines and it would be interesting to compare .
I had 65 , 70.5 , 72, and this last one seems to work nicely

 

[ESResistance]

Some thoughts for today from a question I received earlier.

Success in trading comes from 3 elements I believe, (in order of importance)

1. Trade Management/Risk Minimisation

2. Mechanical Trade entry (i.e. being efficient with your dealing station)

3. And lastly Trade entry

Whenever I have posed this order to other traders its always aroused debate, I believe that the reason why 90% of people fail in this business is because they place Trade entry and Profits top of that order. The few that make it focus on controlling their risk, managing their trade and being mechanically very efficient with their dealing station.

 

[johnpinochet]

Quote from ESResistance:

Hi everyone

Todays numbers September 9th!

If you want the numbers sent to you via email, join our Newsletter at

http://www.spamblog.com/

Please be sure to check your junkmail filters just incase.

What is the email address/subject of the email we will receive?

 

[sandygray66]

Quote from ESResistance:


.........2. Mechanical Trade entry (i.e. being efficient with your dealing station)......

Aamar -

Would you mind explaining a bit further on what you mean here, specifically what a "dealing station" is. Is that Brit-speak for trading platform?

Thanks.

 

[epetrov]

Buy near resistance, sell near support, this is the conventional wisdom No 4, I guess ...

 

[epetrov]

Oooops,
Buy near support, sell near resistance - I wanted to say, this is the conventional wisdom No 4, I guess ...
How do you trade trending periods?

 

[ESResistance]

Quote from sandygray66:

Aamar -

Would you mind explaining a bit further on what you mean here, specifically what a "dealing station" is. Is that Brit-speak for trading platform?

Thanks.

Yes Trading Platform : )

 

[stoneface]

In Chinese, we call it a "Casino". =)

 

[ESResistance]

Quote from stoneface:

In Chinese, we call it a "Casino". =)

lol

Long at 48.25 based on 47.75 area. Trade is now risk free.

Good question Petrov,

I have a method that I use on these kinds of mega trnd days, which I will document for you all when I have the time.

But essentially...

1. I use S/R levels to go counter trend (based on a good set up).
2. If we get a retracment to a S/R level I will use that to go with the trend.
3. In a strong trend I use "dynamic" S/R will detail this for you all soon.

apologies if any typos trying to manage trade at same time.

 

[sandygray66]

Quote from stoneface:

In Chinese, we call it a "Casino". =)

LOL....to be perfectly honest, when I first saw "dealing station" my immediate mental image was of a black jack table in a casino!