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

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Quote from ESResistance:

Hi Paul

Thanks for your message, I have received a few pms like this...I know when you are learning something new, it may appear hard. But truly this is one situation where what you see is what you get.

I have 1 Screen with a 1 hr chart showing about a months worth of data. On that screen I have the levels I posted in todays worksheet.

Instead of me handing you the fish, I want you to try doing this for me (I promise I am not fobbing you off but this will really help your learning) I want you to get a 1hr chart up and draw those levels on and then tell me (you can do it by PM if you like) why you think I chose those levels.

I promise you this will make it so much clearer.

All we are looking for is where price has reacted in the past. It is not complicated. So please do not think it is my friend.
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Hi ES,
I also think that if you show to the people how to use the horisontal S/R this will be of much more use. I have this problem myself. Of course everyone has to do its homework after that. That's natural.
Showing some charts is not submiting a fish.
There are two questions, I think:
1. Where are the S/R lines (easyer one I think)?;
2. How to trade these areas (more complicated for me)?
Looking forward to your feedback.
 
Quote from epetrov:


Showing some charts is not submiting a fish.
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That has to be the quote of the century :D

I am going to stick to what I originally said which is if anyone wants to send me their chart with the levels marked up I will happily go through it with them.

Now just for some clarity I ONLY have the S/R levels on my 1hr chart. NO PIVOTS, NO SUMMARY, NO FIBONACCIS OR MARKET PROFILE.

ONLY THE NUMBERS IN THE BLACK "S/R LEVELS" COLUMN APPEAR ON MY CHART. EVERYTHING ELSE IS JUST PART OF MY CONFLUENCE THINKING PROCESS

If you put those numbers up on your chart you will have exactly what I have. I have practically given you my charts, all you have to do is draw the lines at the numbers guys.

Paul - My friend you are thinking way too much, it really is that simple. Just a few lines at the price levels in the black column. Forget all this major, minor stuff for now and keep it very very simple.
 
Quote from St.ignorant:

ES, interesting thread. Thank you. Do you think your approach can be used for stocks, too?
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ANYTHING

Support and Resistance is the most widely used technical analysis tool. You can use it in every possible market, I learnt it from an fx guy.

So whether you trade crude futures or the grains. Support and Resistance is your friend.
 
Lots of questions out there I can see the levels becoming lost in a sea of posts, this is the link to my blog where I will post the levels everyday

http://www.spamblog.com/

For some reason the image of the worksheet does not enlarge at the moment, If you right click on it and then click "save picture as" you can save it to your computer and hopefully it should be full sized. I reccomend printing it out, drawing up the levels on your chart and watching what happens.

EDIT: Just checked and it does not come up full sized.

This is an annoyance because it was working great only a couple of days ago, I'm guessing that blogspot must be having some kind of problem with Picasa.
 
Quote from Anekdoten:



I agree about indicators, they should be illegal.

Anek
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That's a load of bull, sorry, no matter what method you use - it's money management that makes or breaks a method. I wonder how would you perform without money management, simply keying off support, resistance, volume (as you do).
 
Quote from JSSPMK:

That's a load of bull, sorry, no matter what method you use - it's money management that makes or breaks a method. I wonder how would you perform without money management, simply keying off support, resistance, volume (as you do).
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Who ever said Money Management was not a key variable of the whole equation or will you assume i don't think it is because I did not mention it on my previous post? Hey, you did not mention discipline isn't it as important ? :D

Did I ? If so, please quote me. I'm sure the AHG journal has plenty of emphasis of Money Management but thank you for the cheap shot my friend.

So you make your MACD work with MM and I'm happy for you, in the meantime, enjoy your crutches some of us travel by jets.

Good trading.

Anek
 
Quote from Anekdoten:

Who ever said Money Management was not a key variable of the whole equation ?

Did I ? If so, please quote me. I'm sure the AHG journal has plenty of emphasis of Money Management but thank you for the cheap shot my friend.

So you make your MACD work with MM and I'm happy for you, in the meantime, enjoy your crutches some of us travel by jets.

Good trading.

Anek
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I didn't say you don't use it, all I said is that money management is key, no matter what method is being used, so to say indicators are worthless=you did not have a suitable money management plan at the time. I am not arguing over what's best, not at all, all I am disputing is your rather childish bashing of indicator usage. A true competitor would try & prove that it can be done, not shout that it can't be done, loser attitude my man.
 
Quote from JSSPMK:

I didn't say you don't use it, all I said is that money management is key, no matter what method is being used, so to say indicators are worthless=you did not have a suitable money management plan at the time. I am not arguing over what's best, not at all, all I am disputing is your rather childish bashing of indicator usage. A true competitor would try & prove that it can be done, not shout that it can't be done, loser attitude my man.
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Indicators do nothing but slow you down and.or give you bias which is a cancer.

It's just my opinion, I am entitled one or am i not ?

Thank you.

Anek
 
Quote from Anekdoten:

Indicators do nothing but slow you down and.or give you bias which is a cancer.

It's just my opinion, I am entitled one or am i not ?

Thank you.

Anek
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If course you are entitled to an opinion :)
 
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