Indicators are liars! Support and Resistance Trading for the S&P emini
- Thread starter ESResistance
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It seems like this is one of those few threads that has actually helped many trade better.
But for the life of me I can't really seem to get this method to work well.
It seems like when I've paper traded it, I pick the levels that don't react the way I'd want. I've pretty much wound up breaking even with the levels.
I've been using an oscillator, and Iv'e tried the Bbands.
I'm not saying that it doesn't work for others, just sharing an experience.
But for the life of me I can't really seem to get this method to work well.
It seems like when I've paper traded it, I pick the levels that don't react the way I'd want. I've pretty much wound up breaking even with the levels.
I've been using an oscillator, and Iv'e tried the Bbands.
I'm not saying that it doesn't work for others, just sharing an experience.
Hi
The saying goes "Old Support becomes new Resistance and old Resistance becomes new Support". I believe that the numbers themselves are important, whether they are support or resistance is relative only to where price is. These levels can interchange in the day.
The saying goes "Old Support becomes new Resistance and old Resistance becomes new Support". I believe that the numbers themselves are important, whether they are support or resistance is relative only to where price is. These levels can interchange in the day.
Dont be disheartened mate, this is a much tougher environment for S/R reversal than I have ever experienced personally. I have been taking a lot more break out and dynamic S/R trades to try and roll with the trend than ever before. Over the last few months most days have been trending/mega trending days, in the past this would only be the case for 15-20% of days. Lots of fear out there.
January has been a lot better for reversals, these are not normal times and its important to be flexible and adapt to the change in environment as best you can.
yes you need to understand what I high or low is on a chart but there is more to trading ANYTHING than trendlines , moving averages , pivots , support , resistance levels etc
here is a short video that shows what I am talking about
www.youtube.com/watch?v=s1C8d2qZrbA
here is a short video that shows what I am talking about
www.youtube.com/watch?v=s1C8d2qZrbA
lol...nice...made my day.
Trade of the Day
Hi everyone, the thread has become quite long, just as a little refresher I thought I would reiterate and answer questions posed by a couple of people.
You do use BB for tick extremes though right - as a visual guide?
Are the levels in the worksheet the only ones you watch?
Yes I do use BB tick extremes as a guide, The more xtreme the $tick actually is i.e. +/- 900 the better. Its a very valuable tool imo.
Its important to remember that S/R evolves throughout the day, double tops and intraday swings provide good areas, I am constantly adding levels and refering to my confluence information to support my observation. With this in mind I think its important to remind everyone not to just use only the levels in the worksheet I prepare long before the open, but to watch the evolution of S/R throughout the day. The latest information is the best information!
You do use BB for tick extremes though right - as a visual guide?
Are the levels in the worksheet the only ones you watch?
Yes I do use BB tick extremes as a guide, The more xtreme the $tick actually is i.e. +/- 900 the better. Its a very valuable tool imo.
Its important to remember that S/R evolves throughout the day, double tops and intraday swings provide good areas, I am constantly adding levels and refering to my confluence information to support my observation. With this in mind I think its important to remind everyone not to just use only the levels in the worksheet I prepare long before the open, but to watch the evolution of S/R throughout the day. The latest information is the best information!
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
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