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

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i found!

on mypivots.com ,they consider close at 3.15 ~ 3.20 Etime, a kind of fixing, and they consider open at 3.30.for the next day.

is it exact?seems strage any way
 
ESResistance,

Are you essentially looking for the 'loss of steam' when price reaches a level?

Asking as you seem to pay, or have paid some attention to candlesticks, are you looking for one of the more bearish reversal patterns, or just a general reduction in movement to that level?

And your entries, are they just generally areas to enter....or do you have a flatout mechanical entry that you look for?
 
Quote from forrestang:

ESResistance,

Are you essentially looking for the 'loss of steam' when price reaches a level?

Asking as you seem to pay, or have paid some attention to candlesticks, are you looking for one of the more bearish reversal patterns, or just a general reduction in movement to that level?

And your entries, are they just generally areas to enter....or do you have a flatout mechanical entry that you look for?
More...

I look for the bulls to make their last stand before the bears take over and vice versa. Usually this results in a high volume and fast spike outside of the bands on the one minute charts around my area. I base my entry upon that.

The areas I post are what I believe are areas of interest to the market, I look for certain symptoms of reversal, like price being at an extreme, the $tick at an extreme. And as you put it a "loss of steam" in price action at the crest of the spike.

Elements of how I trade are discretionary if I see my edge diminishing I exit as close to BE as possible. My entries are based upon a combination of $tick extreme, price extreme, and reading price action.

I dont really pay much attention to candle sticks, I think if you have spent some time learning something you naturally give it some attention, mainly they help me read market action, but they are not a major part of my method.

Learning to read the market does take some time and energy, but I fervently believe that ANYONE with the drive and determination. Who decides I will succeed, I can succeed! Can do this, and be very successful.

Before I started with real money I wanted to have 3 months of profit on the simulator. This took me a while to achieve. Its important not to be in a race to make money, you will only feel pain if you are. Take your time, this is a business, you have to build your base.
 
Quote from ESResistance:

Learning to read the market does take some time and energy, but I fervently believe that ANYONE with the drive and determination. Who decides I will succeed, I can succeed! Can do this, and be very successful.

Before I started with real money I wanted to have 3 months of profit on the simulator. This took me a while to achieve. Its important not to be in a race to make money, you will only feel pain if you are. Take your time, this is a business, you have to build your base.
More...

ES, thank you for taking the time to share your knowledge with those of us in the learning process.

About how long did it take you on the sim before you were able to go live? I ask because that's exactly what I'm doing now and it certainly isn't easy :confused:
 
After you had 3 months profit when you went to real money did anything change? Obviously you are still making money but did it affect you mentally or had you ironed all that out before hand. What about things you had not considered before going live from a mental stand point?

Thanks for being such an open book here. It is rare indeed.

Paul

Quote from ESResistance:

I look for the bulls to make their last stand before the bears take over and vice versa. Usually this results in a high volume and fast spike outside of the bands on the one minute charts around my area. I base my entry upon that.

The areas I post are what I believe are areas of interest to the market, I look for certain symptoms of reversal, like price being at an extreme, the $tick at an extreme. And as you put it a "loss of steam" in price action at the crest of the spike.

Elements of how I trade are discretionary if I see my edge diminishing I exit as close to BE as possible. My entries are based upon a combination of $tick extreme, price extreme, and reading price action.

I dont really pay much attention to candle sticks, I think if you have spent some time learning something you naturally give it some attention, mainly they help me read market action, but they are not a major part of my method.

Learning to read the market does take some time and energy, but I fervently believe that ANYONE with the drive and determination. Who decides I will succeed, I can succeed! Can do this, and be very successful.

Before I started with real money I wanted to have 3 months of profit on the simulator. This took me a while to achieve. Its important not to be in a race to make money, you will only feel pain if you are. Take your time, this is a business, you have to build your base.
More...
 
Quote from verdo:

yes vertigo I understand but, when using 24 hrs data, my software gives me 1193 dor the pivot, so my question is : what time do you choose for the close and open?
for the close, my soft gives a last price at 23h25 , is it the good one?
More...

i dont have the same experience, on a wednesday, but my pivots mess up on monday if they are auto-generated, because of the sunday after hours trading. best thing do do is go to your daily chart of the ES and use the high low and close to calculate pivots by hand, unless you software gets fixed. there are alot of free sites out there that do this.
 
Quote from pclark:

After you had 3 months profit when you went to real money did anything change? Obviously you are still making money but did it affect you mentally or had you ironed all that out before hand. What about things you had not considered before going live from a mental stand point?

Thanks for being such an open book here. It is rare indeed.

Paul
More...

OK one important point with your first account, when you put that money into your account for the first time, please remember to kiss it goodbye. Because more than likely you wont see it again! I lost my first account, infact I lost my first 2 accounts they were not big accounts by anymeans but boy did it hurt. I was in such a hurry to implement what I had learned and to start rolling in the money that I made typical emotion filled mistakes, like revenge trading, over leveraging in order to make back a loss, moving my stop so that my loss would be 3 times bigger than my potential win, on the hope the trade would turn around. Silly emotion filled mistakes.

That is when I decided I have to be successful on the sim for 3 straight months first before going live again, I also read Trading in the Zone and listened to seminars on trading psychology,

But for sure! Going to real money is where you make it or break it.

I had spent quite a while working on 3 months straight profitability. This time had helped me work out my method and importantly it made me very efficient with my trading platform (very important I think). I approached sim trading very seriously and thought of it as my money (its never quite the same but you have to try to make it as real as possible.) I have always been very competitive so I believe this created a level of emotionalism in the trade as close as I could get to trading real money.

By the end of the sim period
1. I was very efficient and quick with my trading platform
2. I knew my method very well, and had developed the necessary skills to trade that method
3 i had built my emotional tolerance as high as I could without using real money.
4. I had developed confidence in my ability
5. i was no longer in a race to make money.

Now when I moved over to the real $$$ from my reading, talking to other traders and my own blow out experience I realised that one of the biggest problems facing traders is undercapitalisation. If your risking 5%+ of your account in a single trade you are on a road to ruin. That the kind of leverage that has major psychological implications. I NEVER risk more than 1% of my accountin any trade. So if you have a $5000 account you should only be trading 1 contract at most.

That helps keep the demons at bay and also because you are building your contract size slowly but steadily you really ease into the increase in contract size, it has fewer emotional implications as the process is gradual.

With regards to things I had not considered before going live. I was really scared in my first ever trade. I wasnt risking a large amount, infact I would spend more than that on a good night out. But for me this was the start of something big, and it had to start on the right foot. My first trade couldnt be a loser! That was a really tough trade.

Its very important to view trading as a marathon.... take your time. As I have said many times before, anyone can do this. You just have to keep focused when things get tough.
 
Thank you!!!

Quote from ESResistance:

OK one important point with your first account, when you put that money into your account for the first time, please remember to kiss it goodbye. Because more than likely you wont see it again! I lost my first account, infact I lost my first 2 accounts they were not big accounts by anymeans but boy did it hurt. I was in such a hurry to implement what I had learned and to start rolling in the money that I made typical emotion filled mistakes, like revenge trading, over leveraging in order to make back a loss, moving my stop so that my loss would be 3 times bigger than my potential win, on the hope the trade would turn around. Silly emotion filled mistakes.

That is when I decided I have to be successful on the sim for 3 straight months first before going live again, I also read Trading in the Zone and listened to seminars on trading psychology,

But for sure! Going to real money is where you make it or break it.

I had spent quite a while working on 3 months straight profitability. This time had helped me work out my method and importantly it made me very efficient with my trading platform (very important I think). I approached sim trading very seriously and thought of it as my money (its never quite the same but you have to try to make it as real as possible.) I have always been very competitive so I believe this created a level of emotionalism in the trade as close as I could get to trading real money.

By the end of the sim period
1. I was very efficient and quick with my trading platform
2. I knew my method very well, and had developed the necessary skills to trade that method
3 i had built my emotional tolerance as high as I could without using real money.
4. I had developed confidence in my ability
5. i was no longer in a race to make money.

Now when I moved over to the real $$$ from my reading, talking to other traders and my own blow out experience I realised that one of the biggest problems facing traders is undercapitalisation. If your risking 5%+ of your account in a single trade you are on a road to ruin. That the kind of leverage that has major psychological implications. I NEVER risk more than 1% of my accountin any trade. So if you have a $5000 account you should only be trading 1 contract at most.

That helps keep the demons at bay and also because you are building your contract size slowly but steadily you really ease into the increase in contract size, it has fewer emotional implications as the process is gradual.

With regards to things I had not considered before going live. I was really scared in my first ever trade. I wasnt risking a large amount, infact I would spend more than that on a good night out. But for me this was the start of something big, and it had to start on the right foot. My first trade couldnt be a loser! That was a really tough trade.

Its very important to view trading as a marathon.... take your time. As I have said many times before, anyone can do this. You just have to keep focused when things get tough.
More...
 
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