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Indicators are liars! Support and Resistance Trading for the S&P emini
- Thread starter ESResistance
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Quote from juve:
lol,
thats cool, I have a buddy I call the walking code book...anyways i will google somethings later on...
thanks gain f9
juve,
If you are to survive the learning years and move on to make lots and lots of lovely money you must fully understand the market you are trading.
It is not a matter of coding or candlesticks versus bars or indicators versus PA, whether volume works or not.
It is a matter of understanding.
All the other stuff (technicals) will follow easily once you comprehend what you are seeing.
regards
f9
Quote from pismo10:
Really.....9:53am, a nice 2.5 point bounce off 1143.5. Perfect.
P
1143.75 was yesterday's low, an area where we expect hesitation.
However the longs were absent from the bid-ask spread in the preceding 40,000 contracts and so all we go was a counter trend bump .. tradeable I agree but only for a quick few tics.
When price is about to turn you can see the longs accumulating their position like 10:08/09.
Sometimes they are overwhelmed but your enter is so close to your stop (2 or 3 tics) and your expectancy is in the order of 7:1 on a 3 tic stop.
Look more closely and there are a couple more relationships that can be applied to reduce your risk even further.
Remember that in a trending market, whilst you are waiting for a relatively safe turning point to trade, you should be in the market following the trend.
So, yes you can have your cake and eat it as well.
regards
f9
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