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

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Hi everyone

Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs and summary are for confluence and information.

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
 

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Quote from ESResistance:

Hey snaggle

Firstly great name.

You are certainly on the right path : ) Keep practicing and this analysis will become second nature, even to the point where you dont need to draw the lines.

One thing I would say is that I am big fan of wicks. They are very noticable and very graphically show the fight between the bulls and the bears, also they depict a very important area of "market balance".

I define market balance as the tipping point, where the bulls finally overwhelm the bears or vice versa - The tip of the wick essentially.

Why is this important? well if it was an area of "market balance" once it is likely to be again.
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Thank you for the reply. The wick tips definitely add more levels. After some simming today it's confirmed that entering at S&R has the advantage of putting you closer to your stop and leaving more room for profit than does chasing price.

Here are my levels for practice...hope there aren't too many. I'm trying to learn to create the worksheet. One thing I didn't pay attention to was the news or the time of day when reversals might occur. I'll try to keep track on the days I'm able to sim and possibly add them to the worksheet. Thanks
 

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Hi everyone

Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs and summary are for confluence and information.

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
 

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Quote from Snaggleteefs:

Chart is allergic to 10/21.
Worksheet is in progress.

Happy trading.
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Wow, you sure you got enough levels in there?!? :p Draw enough lines and they're bound to get hit :D
 
LOL! I thought the exact same thing. Any suggestions on how to arrive at the more meaningful levels? My practice seems to be getting worse. :confused: Thanks.
 
Quote from Padawan:

LOL! I thought the exact same thing. Any suggestions on how to arrive at the more meaningful levels? My practice seems to be getting worse. :confused: Thanks.
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Is this a joke? All i see are blue lines everywhere :confused:


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It does look like a lot. But if you look at y axis you will noticed the lines are in a 250 point range! thats a huge range! They are spaced about 5-10 points apart, which is normal. They catch most of the major points, a few are redundant but all in all a good effort.

Guys if you want me to help you analyse your chart best to send them directly to me, rather than putting them on the thread.

Keep up the good work Snaggle

Quote from Broken_Trades:

Is this a joke? All i see are blue lines everywhere :confused:
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Hi everyone

Another historic day is about to unfold. I dont have any futures levels below 837.00, and for some reason I dont have SPX data on my TS, trying to sort that out now. I would reccomend using the SPX for levels if we break lower.

Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs and summary are for confluence and information.

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
 

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Goodonya ESR, you're a bloody champion! :)

I'm learning heaps from you and all the good people on this excellent thread. Please keep up the good work!

If I'd had the balls to take your 841.50 level this morning, I'd have been doing backflips!

I'll get there..!!

Catchya,
Preach :)
 
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