Just to be clear here Cunparis. I find my entry area predominantly from the 1hr chart. I pinpoint my entry using the 1min chart. Proflogic and F9 have reccomended share bars (volume based charts) These are also a good alternative.
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Indicators are liars! Support and Resistance Trading for the S&P emini
- Thread starter ESResistance
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I've been following this great thread for only a short amount of time. I'm not as experienced as most of you are. I understand ES uses the 4 hr and 1hr chart to find s/r levels. But, I'm a little confused. Are those charts of longer time periods in 4 or 1hr increments? For example, I can get a 4 hr chart but the smallest increment is in 5min. My 1hr chart I can get in 1min increments. Can you guys help me out with this? thanks
Quote from mac:
I've been following this great thread for only a short amount of time. I'm not as experienced as most of you are. I understand ES uses the 4 hr and 1hr chart to find s/r levels. But, I'm a little confused. Are those charts of longer time periods in 4 or 1hr increments? For example, I can get a 4 hr chart but the smallest increment is in 5min. My 1hr chart I can get in 1min increments. Can you guys help me out with this? thanks
Try setting your chart to show 60 minute bars for 1 year of data. Then look for the S/R levels which turn price around. look for when price just stops and retreats, or when it finds support and comes back up.
Hi everyone
Please find attached todays levels The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers 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
Please find attached todays levels The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers 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
Attachments
Is the following a fair observation that coincides with your setups.
Example
When in a down trend, wait for a level to get blown away, wait for it to retrace to that S/R level and then place a sell order so you are going with the trend? This is assuming their is a BB and $tick extreme.
If that is the case, how do you determine if you should make a trade against the trend if the line is being approached for the first time that day? Do you usually wait on it to go to it first and see how it acts?
Example
When in a down trend, wait for a level to get blown away, wait for it to retrace to that S/R level and then place a sell order so you are going with the trend? This is assuming their is a BB and $tick extreme.
If that is the case, how do you determine if you should make a trade against the trend if the line is being approached for the first time that day? Do you usually wait on it to go to it first and see how it acts?
Hi everyone
Please find attached todays levels The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers 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
Please find attached todays levels The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers 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
Attachments
Hi Ian
You need to remember that we dont just set our order at the level and hope it works because the price is outside the BBs especially in these volatile times. You set your order based upon the action of price, your entry might be even a point away from the level, the level is our guide.
However even entering on just the level you got a 2 point movement in your direction. When in a trade as I have said on a few occasions <strong>treat every trade as a scalp until it proves itself to you</strong>.
Momentum in this trade was very powerfully against you, price movement was almost vertical on the 1 min chart, the level was respected but it is up to you as the trader to recognise that maybe I should take what I can get and move on to the next trade especially in these volatile times. Discretion is a very important part of trading.
In recent weeks breakouts of levels have been working a lot better, although I prefer to be a reversal trader I have been taking some breakouts also.
Trading is an evolution you have to adapt.
You need to remember that we dont just set our order at the level and hope it works because the price is outside the BBs especially in these volatile times. You set your order based upon the action of price, your entry might be even a point away from the level, the level is our guide.
However even entering on just the level you got a 2 point movement in your direction. When in a trade as I have said on a few occasions <strong>treat every trade as a scalp until it proves itself to you</strong>.
Momentum in this trade was very powerfully against you, price movement was almost vertical on the 1 min chart, the level was respected but it is up to you as the trader to recognise that maybe I should take what I can get and move on to the next trade especially in these volatile times. Discretion is a very important part of trading.
In recent weeks breakouts of levels have been working a lot better, although I prefer to be a reversal trader I have been taking some breakouts also.
Trading is an evolution you have to adapt.
Quote from xburbx:
Looking to see what was done wrong on this trade. Saw the price extreme and the $tick extreme. Set the order at a strong level of 897. Did I read something wrong?
Yes exactly I wait to see how the market reacts
Sentiment, Action, Reaction.
3 important words in trading.
I start my trading day reading the market commentry from some internet sites like econoday, reading the news events on bloomberg both for personal knowledge but also for an idea on market sentiment. How is the market feeling today. http://fidweek.econoday.com/..byweek.asp?cust=
I watch the market action, is it volatile? are we strongly trending? How did the market behave overnight? what kind of range did we have over night?
Now when I see a level being approached I pay attention to how the market reacts to that level, keeping in mind, market action and sentiment. Whenever we approach a level my first view is to look for a reversal, How strong is this level historically? I now watch the reaction of price the closer we get to the level, does it look like price is making its last stand? (a high momentum pop followed by a slowing usually around the level). Or will the level get bulldozed?
Sentiment, Action, Reaction.
3 important words in trading.
I start my trading day reading the market commentry from some internet sites like econoday, reading the news events on bloomberg both for personal knowledge but also for an idea on market sentiment. How is the market feeling today. http://fidweek.econoday.com/..byweek.asp?cust=
I watch the market action, is it volatile? are we strongly trending? How did the market behave overnight? what kind of range did we have over night?
Now when I see a level being approached I pay attention to how the market reacts to that level, keeping in mind, market action and sentiment. Whenever we approach a level my first view is to look for a reversal, How strong is this level historically? I now watch the reaction of price the closer we get to the level, does it look like price is making its last stand? (a high momentum pop followed by a slowing usually around the level). Or will the level get bulldozed?
Quote from xburbx:
Is the following a fair observation that coincides with your setups.
Example
When in a down trend, wait for a level to get blown away, wait for it to retrace to that S/R level and then place a sell order so you are going with the trend? This is assuming their is a BB and $tick extreme.
If that is the case, how do you determine if you should make a trade against the trend if the line is being approached for the first time that day? Do you usually wait on it to go to it first and see how it acts?
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