When the price comes back to a major support or resistance area, it will often struggle to break through it and move back in the other direction. For example, if the price falls to a strong support level, it will often bounce upward off it. The price may eventually break through it, but typically the price retreats from the level a number of times before doing so.
Price action , support resistance does not work in ES
- Thread starter spudpei
- Start date
Yesterday, Emini ES had what I refer to as "psychotic price movement" back n forth across the s/r levels by 1 - 4 points...very fast price movement. In fact, this has been occurring since December of last year but more frequent since January 20th Inauguration Day.
Fast enough price movement to make a newbie trader panic and then run for the hills.
wrbtrader
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It has been many years since I responded to any thread but mine.
1) Without Price Action and Support_Resistance - I would have been out of the trading business long ago. So I am a firm believer in PA - and S&R levels. I use them everyday - and the odds are - you were probably a baby when I started trading.
2) I looked at your Profile Page - "spudpei" - we probably live within a few miles of each other - lol. I am in the Bellevue area.
Contact me - by Private Message - I will give you a FREE lesson. You will need Skype - or I can bring you in using Zoom.
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Red or green something still works in the long run.
RED days, green days works well for the exchanges + SPY........ same with green days.
Some things are not suitable for all investors\ i noticed i lost money on SOXS/long run so i simply find something better for trading/investing...........................................
Ditto that. Anybody who's still in the markets "after years" knows what you do.
Generous of you to offer help to someone who obviously doesn't yet know, "come here from sick 'em" when it comes to the markets.
Please note that i wrote "(Almost) nothing". Of course, some things work, but most people won't ever be able to exploit them.
What the hell - if anyone wants to see my charts - in Real Time - I will be glad to show my screen and explain how I use Price Action and S&R. Just send me a Private Message - I will provide a link - and tell me if you have Skype (provide Skype Name) - or Zoom.
I trade a lot of Counter Trend trades - and to do that - I only need ONE chart - with S&R lines. Seriously - it is NOT that hard to do.
As I said in my thread - I am mainly a Scalper when using my Discretionary setup - but depending on what I see on the chart - I may do a Scalp_Trend combination trade. This is separate from my Algos - that I show on my thread. At my age - trading Discretionary most of the time - keeps my little brain working.
By the way - the ES is easy to trade - I don't think the Instrument is a problem - it is more than likely - the trader NOT reading what they see correctly - and that takes time - looking at charts everyday.
I trade a lot of Counter Trend trades - and to do that - I only need ONE chart - with S&R lines. Seriously - it is NOT that hard to do.
As I said in my thread - I am mainly a Scalper when using my Discretionary setup - but depending on what I see on the chart - I may do a Scalp_Trend combination trade. This is separate from my Algos - that I show on my thread. At my age - trading Discretionary most of the time - keeps my little brain working.
By the way - the ES is easy to trade - I don't think the Instrument is a problem - it is more than likely - the trader NOT reading what they see correctly - and that takes time - looking at charts everyday.
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There are no 'easy' markets, because trading is always difficult. However, the most liquid markets (like the ES) are usually also the most efficient, in the sense that there are less exploitable anomalies.
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DEPENDS on your personality.
Every 200 days or so, more or less i trade SPY./UPRO...... I would not call that easy, even though I have never stained my back ,LOL.
Penny stocks, goofy game stocks ,game stocks/etfs that start + slop all year with wild swings maybe the most thrilling , but i trade invest for profits.
Easy to print charts, so hope this helps\ it helps me.............................................
ES does move a lot lately, and have been doing so for the last few years, so to me it seems exploitable for sure. But it's certainly not easy.
A difficult market for me would be one that doesn't move.
In a not very distant past the ES had an average daily range of less than 10 points. That's when it's difficult to trade, IMO. Unless you scalp for ticks. These days ES moves 10 points in a heartbeat and that can be equally challenging and rewarding.