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

[forrestang]

Quote from ESResistance:

Hey Sandy actually got that level from 2003!

Its amazing how historical price can work so well!

A perfect example for you that happened fairly recently, I swing trade fx also and used levels from the early 80s to catch the top on the AUDUSD, I was barely past my 1st bitrhday when that level was last hit!

Its amazing how powerful S/R can be.

Wait, so how often do you go through and update via 1 and 4 hour charts?

I was noticing, that when I was throwing up your levels this morning, that many of them are the same. But 1 or two of them had changed by a few ticks.

So do you have a collection of levels, and you just use those levels depending on were price is? Updating daily?

 

[ProfLogic]

Quote from stoneface:

File attachment too big

Nice share bars.

 

[ESResistance]

Quote from forrestang:

Wait, so how often do you go through and update via 1 and 4 hour charts?

I was noticing, that when I was throwing up your levels this morning, that many of them are the same. But 1 or two of them had changed by a few ticks.

So do you have a collection of levels, and you just use those levels depending on were price is? Updating daily?

Yep pretty much. I adjust my levels to try and document the areas with the highest probability, sometimes I make little adjustments to improve my probabilities.

 

[ESResistance]

Hi everyone

Please find attached todays levels.

Always remember to use the numbers as a guideline for potential areas of high probability plays

Always use a set up based upon your system to enter a trade.

Good trading all

 

[ESResistance]

Whats going on?

My prices have been paused at 68.00 for over 10 mins now.

Market too hot and they shut it down?

Never seen anything like this.

 

[verdo]

hello es

market up limit

 

[ProfLogic]

Don't you love a manipulated market . . . infuse capital to "save ourselves", ban short selling and finally limit the rally they caused . . .

 

[ESResistance]

Well you learn something new everyday... I didnt know their was an up limit, only a down limit.

Just as a I wrote that... Ransquawk just announced that their is a limit up ONLY in the overnight session.

Interesting times...

 

[ESResistance]

Whats funny is that we are supposed to be in a "free market". The very ideal that Capitalism is based upon.

This is almost Socialism lol.

 

[ProfLogic]

Quote from ESResistance:

Well you learn something new everyday... I didnt know their was an up limit, only a down limit.

Just as a I wrote that... Ransquawk just announced that their is a limit up ONLY in the overnight session.

Interesting times...

Yup, just like support and resistance are fixed and real points that are only relative to single chart entities not general areas where tops and bottoms are created.

Learn something new everyday . . .