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

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Made some money on this trade. Here is what I saw. Price was seemed to be slowing after a couple of big moves. I lined the order just above the prior resistance as you can see across the screen to the left. It jumped out of the BB and I was within 2 points of the 848.5 line just in case it decided to push through to that so I had enough room to not get stopped out. Would you have done this any different ESR?
 

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Quote from ESResistance:

Preacher! not seen you around for a few days. hope your well. :cool:
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Mate, I've been putting in some crazy hours at work... which is why I need to get real good at this, real quick..!! Good enough to be confident in it as my primary income!

Whilst I'm here, you can answer a question for me if you would be so kind: your tick chart does what it is supposed to... but mine is crazy and pretty meaningless :(
Have a look at the attached and see what you can suggest for me please :)

The chart is from IB's TWS; their charts are pretty limited IMHO. After much research, I've just opened with Infinity and will be using Sierra Charts, so I'll have much better charts soon.

Thanks in advance m8,
Preach
 

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Quote from verdo:

hello

you dont need so many bars.
first try for example 20
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Hey Verdo,

Thanks - that's a huge improvement and makes it more 'readable', but the problem is that I've still got (almost) every candle spiking past the BBs - both upper and lower (BBs based on ESR's recommended setup)... whereas ESR's $tick chart was altogether 'smoother'.

Thanks for your suggestion... and keep the suggestions coming.

Cheers m8,
Preach :)
 
hey preacher

I am not sure to understand ,but I think you speak of BB width.
In this case , the soft is initiated for 9.
go and get this value changed to 20
 
Quote from verdo:

thank you very much.


do you know the 'IB' dome (booktrader)?
if so is there a great difference between Ib one and Ninja ?
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Yes, i use both. The IB booktrader is far better. I use the ninja one for auto placements only.
 
Quote from ESResistance:

I like to use candles because of the spikes, the spikes paint a very clear picture of the emotion captured in a candle all those trader who went long at the very top of the spike are being hung out to dry, and I am betting on the market memory of that level.
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This makes a lot of sense. At first I was thinking the close would make more sense since that's where price ended up but on a timeframe that is artificial (minute, hour, etc. as opposed to a day or week) the close can vary but the spike doesn't. The spike is the same whether you have 60 minute or 15 minute charts.

Thanks for the explanation of why you choose the spikes. Now I have a question:

After the rally there was a pullback to 858.25, just under the pivot of 863.75. I'm curious if anyone traded that one? I was already long and I held through it, only because I was scared to sell. ;)
 
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

P.S. Flying out to Las Vegas for a short holiday today, will be gone for a few days, will try to have the numbers our monday and tuesday but cannot guarantee it : ) Have a good weekend all.
 

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