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

[fearless9]

ESResistance,

I am idlely curious as to your motivation for opening this thread.

There is no hidden agenda in my question other than my own curiosity.

regards
f9

 

[ESResistance]

In my haste to get the last message out i missed a level at 41.25 which seems to have worked nicely. 43.50 was blown apart. I didnt have a set up for that level, so I am hoping it is the same for you guys

 

[traderyin]

Quote from fearless9:

ESResistance,

I am idlely curious as to your motivation for opening this thread.

There is no hidden agenda in my question other than my own curiosity.

regards
f9

Have you try trading by yourself in your own trading room? It gets pretty boring from time to time.

 

[ESResistance]

Quote from fearless9:

ESResistance,

I am idlely curious as to your motivation for opening this thread.

There is no hidden agenda in my question other than my own curiosity.

regards
f9

I have done well in trading, its given me a freedom that very few people get to experience in life.

I want to demonstrate how ridiculously simple trading can be, that you can know where you want to trade many hours if not days before.

That ANYONE who is willing to be disciplined can do this.

AND finally to warn people off the need to indulge in Indicator Voyeurism!

Keep it simple.

 

[piezoe]

Quote from ESResistance:

I have done well in trading, its given me a freedom that very few people get to experience in life.

I want to demonstrate how ridiculously simple trading can be, that you can know where you want to trade many hours if not days before.

That ANYONE who is willing to be disciplined can do this.

AND finally to warn people off the need to indulge in Indicator Voyeurism!

Keep it simple.

Thanks, ES! Your posts are intelligent and appreciated.

 

[fearless9]

Quote from ESResistance:

I have done well in trading, its given me a freedom that very few people get to experience in life.

I want to demonstrate how ridiculously simple trading can be, that you can know where you want to trade many hours if not days before.

That ANYONE who is willing to be disciplined can do this.

AND finally to warn people off the need to indulge in Indicator Voyeurism!

Keep it simple.

gracias
regards
f9

 

[ESResistance]

Quote from ESResistance:

The market is not giving up with a fight, 46.25-47.50 did provide a bounce, depending on where you positioned yourself it should have been enough to take profit of around a point or exit BE.

Below this area we have support at around

43.50

38.00

and 33.00

Please be sure to take profits quickly and look for a set up according to your system at these levels. The down trend is ferocious so be careful out there.

After initially getting their butts kicked with some heavy dumping 43.50 and 38.00 did work well.

43.50 support level became resistance and offered a potential 2 points with 1 tick of heat.

38.00 worked well on 2 occasions as support offering 3 point + rewards on both occasions.

This is the reason why i specify just a number and not whether it is support or resistance, S can become R and R can become S. It is is good to think of it as just a number rather than trying to pidgeon hole that number with either/or.

It may seem as though my method is purely Counter Trend, it is only Counter THE IMMEDIATE Trend, that is an important distinction. On mega trending days like today I have on many instances used a previous support level as resistance in order to jump in with the prevailing downtrend of that day and ridden that trade till day end.

 

[pclark]

ES is it possible for you to post a chart with lines drawn like you would do it and speak about the different levels as you see them on the chart? That would help me greatly. It doesnt have to be current. It can be in the past. I just want to try and get a better idea of what you are seeing and how you draw it out. Thanks...

Paul

 

[theboxer]

Good thread... no one has even begun to insult anyone yet... and in no less than 10 pages!

 

[Champion]

Quote from ESResistance:

Because Indicators are liars!

Quote from ESResistance:

What I advocate is .. the LIMITED use of indicators only as confirmation.

Well which is it? The first assertion is garbage. The second assertion shows very limited or short experience of using markets.

If you knew anything much, you would know that the chart configuration you use has everything to do with how effective (or not) an indicator can be.

As for S&R its vague - its stuff for amateurs.