S/R Emini Journal

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Quote from romik:

Hi Belavia,

I am going to be brief, Friday night :)

On the attached chart you will see that the candle before last has completed its 4 point range (11am-3.21pm!) to the upside above the upper 2 day resistance line (white line), so that would indicate a POSSIBLE long.

But, have a look at the upper 5 day resistance line. How close is that candle's closing price to that upper line - under 1 point. How safe would be to go long, near the close, so close to the 5 days upper channel line? That's why I suggested long @ 1302.00 earlier today.

Also notice that since last Friday, price has been unable to break that upper resistance line.

I earlier suggested going short @ 1294.00, can you see what was my reasoning there?
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1302 break and 5 day upper channel (resistance) resulting in a very nice pop out of the range, probably good till MOC. Long from 1302 here and holding. Stop 1299, 1 point below new support level.
 

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Quote from belavia:

What do you guys think about a long trade, as it has broken 1304.25?
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Well stupid me, I missed it. I got bored and went downstairs to get somethig to eat. I should have known eating during the trading day is for the weak...LOL...I don't have to take off this afternoon after all. So maybe I'll get another trade.
 
Well it didnt go anywhere after breaking it. Now its just sitting on fence.

4RE, had you entered at 1304.25, what would be your plan now that it hasnt hit your target?
 
Quote from belavia:

Well it didnt go anywhere after breaking it. Now its just sitting on fence.

4RE, had you entered at 1304.25, what would be your plan now that it hasnt hit your target?
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I am now long at 1305. If you are feeling nervous and want one point you can do that. I would suggest 1.25 or 1.5 though. It just feels better
 
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