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

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ESR,

Thank you for the daily email with the numbers.

Word of advice, double check them it's not the first time I see calculation/typo errors, in trading this information is critical so could not stress the double checking enough.

I will be sending a contribution soon for your efforts.

TV
 
Quote from cunparis:

I'm curious if you all make new S/R lines during the day?

I'm wondering what the priority is on all these, if some have more priority than others. If a new one has more priority than an old one.
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In the book, "Way of the Turtle" Curtis Faith talks obout 'Recency Bias' which he defines as, "the tendancy to weigh recent data or experience more than earlier data or experience".

In this thread, ESR has made the same reference - he obviously has a good understanding not only of the markets, but of human psychology as well...... or are they both one and the same :)

Quote from ESResistance:

They change based upon my own assessment of probability. i.e. how easy is it to spot that level? how much respect has it been getting? day to day this kind of analysis evolves with the market. The levels I post are my pre market levels, during the day I also create intraday levels (still based upon 1hr chart).

The market certainly does have "memory" however like people the market has a better memory for recent events, and if recently the level has become obscure, or simply not working. The market will "remember" other areas that are more obvious.
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Quote from Preacher Man:

Some nice images there ESR, very soothing.

I don't have that kind of luxury: when I'm trading, I usually have one eye on my charts, and the other on Bloomberg... and with one ear on Bloomberg and the other on the Wife and Kids!! :eek:
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haha

I personally watch bloomberg AFTER the session, in the past I have found the commentators have influenced my thinking and made me second guess my own analysis.

Whilst trading a news service I do reccomend is www.ransquawk.com they are really good for breaking news events and dont fill the hours with "analysts". We are technical traders, all we care about is what the charts tell us in relation to our methodology, by the time news reaches Bloomberg TV its already history. Upto the second services like RANSquawk are great for catching market moving fundamental events without the padding. When theirs nothing to report the squawk is silent.
 
Quote from ESResistance:

Whilst trading a news service I do reccomend is www.ransquawk.com
When theirs nothing to report the squawk is silent.
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Hi ESR. I do like the sound of that... the 'analysts' on Bloomberg talk like their lives depend on it... two seconds of silence and they're gone!

The ransquawk site looks pretty impressive. Assuming you use the 'equities' feed, are there any others you have found to be useful?

I have made the mistake in the past of 'black-or-white' thinking: I was a technician, so fundamentals did not figure in my trading at all. But I reckon a good up-to-the-second news service can prove pretty useful as an insurance policy, even if you didn't intend to trade off the news.

Cheers,
Preach.
 
Their is a retail version that is 30 secs delayed its pretty good for our needs and its free. News doesnt really effect our trading a lot, most of the important news event timings can be found on any half decent economic calender. If their is a news event we close our positions and let the craziness pass.

Unscheduled news is where these services come in useful.

Quote from Preacher Man:



The ransquawk site looks pretty impressive. Assuming you use the 'equities' feed, are there any others you have found to be useful?

Cheers,
Preach.
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Hi everyone

I dont have any futures levels below 825.00, 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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