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

[ESResistance]

63.00 provided a very nice bounce, however I was unable to get a fill. Hoping that the 72.75 area can offer some Resistance it has worked a couple of times this am, so the odds are slightly reduced.

 

[vertigo3]

ESR, can you please give date and chart type (daily, weekly, 240min, etc.) description of where you saw 63.00-62.00 as support.

good eye, but where is/was it.

 

[ESResistance]

Went waaaaaaaay back to 2003 11/23

You can see a lot of wicks hitting the 61-63 area.

 

[vertigo3]

thanks.

the great time machine marches backward.

was that a daily chart of continuous contract?
who is your data provider?

 

[ESResistance]

72.75 just worked Great!

I use Trade station. That was a 4hr chart on the continuous contract, using 24hr data.

Just covered long.

 

[ESResistance]

Hi everyone

Attached are todays numbers

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

 

[metro]

Depends on time frame - if you use a 15 min Dow chart and bought bought it when RSI went form under 30 to over 30 and sold over 70 you would not have to look at a price chart or support / resistance.

 

[fearless9]

Quote from ESResistance:

72.75 just worked Great!

I use Trade station. That was a 4hr chart on the continuous contract, using 24hr data.

Just covered long.

ES

If you are ever going to get your "pay to view" blog up and running at the expense of ET you will need to place real time trades and stops.

regards
f9

 

[ESResistance]

Thanks for the advice...

BUT

This info is free for all and will remain so.

EDIT: I tried trading and posting real time and found it to be a hindrance to my own trades.

I am not here to prove myself as a trader, Just wanted to offer some insight into a methodology that I believe can help you and others find high probability areas for trades.

 

[vertigo3]

I think you have to take ESR at his word unless proven otherwise.

currently he is offering price levels that he finds are important and that work for him.

trading and posting trades is difficult.

I am only here on the pages of ET when I either have a longer term swing trade in place or have no trades on.

I tried to post some of the short-term trades I do. to post and manage the trades, it is not worth it. It is not worth the aggravation of someone calling you a sham, especially if you're in a trade, it does not unfold the way you expected it to, you close out the trade at a price level that is neither your target nor your stop and because you posted the exit "after the fact" you lose credibility.

I'd rather lose ET credibility than real money.