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

Status
Not open for further replies.
****LEVELS FOR NQ, YM AND ES****

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
 

Attachments

So I imagine you just eyeball off the 4 hour charts and what lines up with on the sheet is a good target for support/resistence trades.

Clearly ES is ranged between 950 and 925 so those are important. At this writing it is sitting at the R2 lined up with mutlitple formulas.

That 946-47 level is important as is 939-40 and 934-35

Above is the 958-59 pivots and the 962-63 and 72-73 cluster

Given the average daily range of 17ish...this should pretty much lay out the day potential and key areas to trade off.

Hmmmm I think I just became a better trader.
 
Bought the 946.50 and stopped out at 1 pt and sold the 946.50 on the retrace up to it and exited +4 ish. Funny that 942 showing up again...it scared me into exit and didn't short back down...oh well.

Hey ES dude, I am curious what size of stop you use? Is it discrentionay or hard?
 
In hindsight, buying the pivot point 940.50 with intermarket support occuring would have been a better long then buying the 946.50. Not surprising taking the stop at that point as the market bailed. Oh well, part of the learning curve.
 
Jazz

I generally use a 2 point HARD stop, but am very much a discretionary trader. If I see my edge fading I cut my trade off, generally I average around -0.75 on a loser. The set up at the 939-940 area was great LOTS of confluence.

S/R are areas that are important to the market, its always nice to get a reversal, but many times you get a break out, and you have to be able to play BOs to be successful, a limited use of indicators like the $TICK can add a lot of value.
 
In hindsight of the day when the market gave up the overnight gains and lost the 950 recent high then how much of a risk would it have been to hold onto the 940 mark by managing through the 947, 943 marks playing the average daily range. The current daily average is 17 the last time I did the math so an average day would take it to 950-17=933...right past S1 with potential onto S2 where it actually bottomed out. That would have been a good play today. Do you ever use that in your calculation of potential?

I had a more difficult time on the way back up and only pulled 3pts on failure at 935 mark. I had diffuculty trusting the bull moves and their breakouts.

I am not really clear about how to use the tick in a limited fashion to support break outs but I will have to study it more.

All in all I would have to say that keying in on those areas easier on my mind. Those fib clusters have been golden the last 2 days.
 
****LEVELS FOR NQ, YM AND ES****

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
 

Attachments

Status
Not open for further replies.
Back
Top