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Indicators are liars! Support and Resistance Trading for the S&P emini
- Thread starter ESResistance
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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
Quote from xburbx:
I took the trade at 11:28. Saw price slow and it wasnt able to break R line. Is this the best kind of price movement to trade in? Price was consolidating for a while and wasnt very volatile.
Nice one, we were in a slow drift up day. So I mainly used the "dynamic" S/R for my entries to get with the trend. Looks like you had some good elements in that trade. Price was nice and extreme outside the BB, $tick had made an extreme, the move however was muted by the sheer strength of the up trend. Seems like everyday is a trending day these days lol.
Some good observations in your posts. The environment we are in now is very volatile compared to anything I have seen before. I have never seen my TS freeze so much either. What you have described in your non ideal scenario in a more "normal" market would be ideal we want price to bounce. In this environment the volatility of the move is forcing us to increase our stop size and testing the limits of our technologies ability to keep up. Our ability to set stops and take good entries is being tested greatly, more than ever. On the flipside it is also a very very very profitable environment, as we are getting 3-4 point moves in the time it would take to make 1 point moves in the past.
I have been using much larger "areas" around my S/R levels for trades to account for this volatility. When this mayhem subsides, I suspect we will be left with a very slow limp market
Its only in very strongly trending markets where price is constantly hugging the outer BBs that I as a counter trend trader find difficult as I am forced to revert to dynamic S/R trades which I find harder. Lately its been trend days galore, whereas in the past around 15% of trading days were trend days I have been led to believe.
Now with regards to the dynamic S/R using the BB midline, we are looking for a strong trend to begin with, we want price to be making extremes on the outer BB and then revert back towards the midline where we see a $tick extreme we try to find entry around the midline to continue up with the trend. It works even better when the midline coincides with a S/R level.
I took only 1 trade yday at 10:19 it wasnt the most perfect set up as their wasnt a tick extreme it did move very nicely though.
This morning I went long at 7:05 and took a loss should have known better on that one.
At 7:35 I went short after a small bounce off the 52.75 area rode that down.
The last 2 were traded without the $tick.
Hope that helps keep an eye on how the market is moving and how it reacts around the midline.
Any problems just drop me a message.
I have been using much larger "areas" around my S/R levels for trades to account for this volatility. When this mayhem subsides, I suspect we will be left with a very slow limp market
Its only in very strongly trending markets where price is constantly hugging the outer BBs that I as a counter trend trader find difficult as I am forced to revert to dynamic S/R trades which I find harder. Lately its been trend days galore, whereas in the past around 15% of trading days were trend days I have been led to believe.
Now with regards to the dynamic S/R using the BB midline, we are looking for a strong trend to begin with, we want price to be making extremes on the outer BB and then revert back towards the midline where we see a $tick extreme we try to find entry around the midline to continue up with the trend. It works even better when the midline coincides with a S/R level.
I took only 1 trade yday at 10:19 it wasnt the most perfect set up as their wasnt a tick extreme it did move very nicely though.
This morning I went long at 7:05 and took a loss should have known better on that one.
At 7:35 I went short after a small bounce off the 52.75 area rode that down.
The last 2 were traded without the $tick.
Hope that helps keep an eye on how the market is moving and how it reacts around the midline.
Any problems just drop me a message.
I looked at the trade at 10:19 ET and it didnt seem to be anything to trade off of. Is this what your screen looked like?
Edit : I think I see what you are looking for now. I went back looking at your trades and it makes sense. I thought you were originally looking for an extreme on the outer BB but you are using the midline as the R/S line and looking for a setup in there with a tick extreme. That makes sense.
By the way, your explaination of how to determine S/R lines has really really helped me nail it. I was spot on to all of your lines today and have been 90% on over the last few days. That jungle analogy and the painting one really helped.
Edit : I think I see what you are looking for now. I went back looking at your trades and it makes sense. I thought you were originally looking for an extreme on the outer BB but you are using the midline as the R/S line and looking for a setup in there with a tick extreme. That makes sense.
By the way, your explaination of how to determine S/R lines has really really helped me nail it. I was spot on to all of your lines today and have been 90% on over the last few days. That jungle analogy and the painting one really helped.
Attachments
Quote from xburbx:
I looked at the trade at 10:19 ET and it didnt seem to be anything to trade off of. Is this what your screen looked like?
Edit : I think I see what you are looking for now. I went back looking at your trades and it makes sense. I thought you were originally looking for an extreme on the outer BB but you are using the midline as the R/S line and looking for a setup in there with a tick extreme. That makes sense.
By the way, your explaination of how to determine S/R lines has really really helped me nail it. I was spot on to all of your lines today and have been 90% on over the last few days. That jungle analogy and the painting one really helped.
On my chart the bars moved closer to the MA, like I said it wasnt a perfect set up, I was confident of the strength of the up trend and was looking to get in asap. (I used my discretion)
I am pleased that you are making such great strides with the method and GREAT catch on the short! I took it also, your thinking behind the trade was identical to mine, we also had one of our S/R levels nearby and VAH was spot on.
Nice work
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