S/R Emini Journal

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Quote from Lamont_C:

You'd probably enjoy Larry Phillips' book, Zen and the Art of Poker, in which he writes about using inaction as a weapon, i.e., actively choosing NOT to take a trade.

More to it than that, of course, and others have touched on the same concept (Rogers, Livermore, etc), but trying to cover it in a message board post would not do it justice.
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Lamont,
I do like that book. One of my favorite books is the Disciplened Trader by Mark Douglas. I have read it probably 6 times. Chapter 15 and 16 I read everytime I need a boost. I also like Dr Alexander Elder's writings. It seems that everytime I re read one of these books I feel like I have a new gem for trading. I also have the e-book by Eddie Toppell, The Samurai Trader. I can read it in about 2 hours and I read it quite often.
 
My calls for tomorrow 5-22

Long @ 1272.25
Short @ 1268.50

We have had a lot of chop in between these 2 areas the last few days. I would not trade in the chop areas.

Good Luck,
4re
 

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I'm also a TI alum. My tool box (Macd, Volume, Murrey Math, MAs, Keltner channels, ACD method, and Bollinger bands) is some what similar to sandygray66. However lately I have been trading more breakouts. I don't technically trade TI signals anymore but I look for them because they warn me when the trend maybe ending; however, if price breaks its trend line after a TI counter trend signal I will take it.

I recently started to experiment with Bollinger bands to specifically help me to better manage choppy conditions. However if it doesn't work over time than the old adage maybe true: Don’t diddle in the middle.:D
 
Quote from K-Rock:



I recently started to experiment with Bollinger bands to specifically help me to better manage choppy conditions. However if it doesn't work over time than the old adage maybe true: Don’t diddle in the middle.:D
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K-Rock,
Here is a little method using Bollinger Bands that I have been working on for about a month now.

1. Use a 3 or 5 minute chart, make sure you are not in a choppy period.

2. If you have a candle that pops outside the BB and then pulls back to the inside of the bands that is a good sign of a reversal. Just make sure the candle CLOSES on the inside of the bands.

I have been testing this method on range days and it seems to be pretty accurate. I can upload a chart for you if you want to see it. It usually works for 2 points pretty easily. But for the most part I just stick with my S/R trading. I like the KISS method. I have noticed that when I don't trade my S/R method exactly by my rules I tend to trade sloppy. So this keep me disciplened.

GL,
4re
 
4re, how many days do you look back to find important s/r levels? Or do you use the last trading day exclusively?

Saico
 
Another thing I noticed, you might be using a line chart as well for determing s/r levels. I think sometimes that makes things more visible.

Saico
 
Quote from saico:

4re, how many days do you look back to find important s/r levels? Or do you use the last trading day exclusively?

Saico
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I use different times depending on the day or days prior. I like to use the 30 minute chart. Options Xpress charts don't have the whole 24 hr market on them so if I use a 30 minute chart I usually get several days on it to look at. I have just noticed that looking out over a longer period looks a little cleaner to me and I can see where the major S/R levels are. I don't know if this answer helps much, I hope it does.

4e
 
Saico,
Yes I can see where I think the S/R on the line chart but I like to count the wicks and tails on the candles. It is helpful for me to see a healthy pullback. Have you compared your chart with the numbers I posted for tomorrow. If so what did you come up with? Just curious?

4re
 
Saico,
Could you try to mark that chart with the entries and exits I listed for tomorrow. I have been looking at the chart and they still seem pretty valid. You just can't see the chop in the middle.

Thanks,
4re
 
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