S/R Emini Journal

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Quote from Lamont_C:

I try to avoid could, should, would, if and focus on data instead: volume of advancers, volume of decliners, new lows (now), new highs (at "tops").

Volume of decliners has been slacking off but the volume of advancers has not yet gained the upper hand. New lows have also been tapering off. And, as I pointed out earlier, there was little buying interest at the end of the day today.

So while a selloff is always a possibility, a far more effective psychological gambit is to bounce off S and get people all excited, then pull the rug out from under them, providing a catalyst for that selloff they want which will provide those lower prices.

But who the hell knows?
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I know but these charts don't look too rosey for the near future. I like to look farther out a lot of times even though I trade intraday these days. Old habits are hard to break.
 

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Quote from Lamont_C:

Keep in mind, though, that two years of going sideways presents a lot of support.
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yes it does, very strong support

The way I trade now I don't have to look at this beacause it really doesn't matter but I still like to see what MIGHT happen in the future.
 
4re - My subscription to Franz's room ran out a week and a half ago, so I can't help you out with what may or may not be going on with Franz.

Frankly, I tired of the whole Franz/Afshin/Dave intramural warfare saga. This was one of several reasons why I let my subscription expire.

Sandy
 
Quote from Lamont_C:

I try to avoid could, should, would, if and focus on data instead: volume of advancers, volume of decliners, new lows (now), new highs (at "tops").

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But who the hell knows?
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Well said Lamont.

Sorry for the late post, had to run to the night job, (just getting in and cool'in out right now).

Yesterday was a blast to trade.

1st Trade: Got the breach of Resistance for 2 pts on the first contract, 2nd contract stopped-out

2nd Trade: Took the bounce of new Support (former resistance), stopped out for Breakeven on both contracts (from my entry the market didn't move a whole 2.25 points, which is what I needed to get the 1st contract filled).

3rd Trade: Looked for the market to reverse, (which it did when it could not make Higher Highs), however entered late and closed the position for -1.5 pts when it moved against me).

4th Trade: Re-Shorted for 2 pts on the first contract, 2nd contract stopped out at Breakeven.

5th Trade: Re-Shorted again after Market couldn't break through previously established Support (so it now becomes Resistance again). This trade went for 2 pts on the first contract, closed the 2nd contract after 4 pts of profit for a grand total of 3 pts per contract (comissions are counted against the extra 1 pt of profit that I had).

Overtrading?

Maybe

Profitable?

Definitely

So long as I define my Support/Resistance points, and avoid the Chop (which I define as being the area "in-between") I have great reference points for market behavior and am able to trade according to the logic which is being displayed by Price Action.

When the market Trends, I'll catch it. (Breaks Support/Resistance and continues moving in the same direction).

When the market Trades, I'll catch it. (Breaks Support/Resistance and then reverses back across it).

When the market Chops (Trades in-between Support/Resistance), I stay out of the fight.

Best,

Jimmy

:)
 
Quote from sandygray66:

4re - My subscription to Franz's room ran out a week and a half ago, so I can't help you out with what may or may not be going on with Franz.

Frankly, I tired of the whole Franz/Afshin/Dave intramural warfare saga. This was one of several reasons why I let my subscription expire.

Sandy
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Yaaah! Three Cheers for you Sandy!

Leave those Charlatans to their own trash, stick around here and keep working with Support/Resistance trading.

Best,

Jimmy
:D
 
Quote from sandygray66:

4re - My subscription to Franz's room ran out a week and a half ago, so I can't help you out with what may or may not be going on with Franz.

Frankly, I tired of the whole Franz/Afshin/Dave intramural warfare saga. This was one of several reasons why I let my subscription expire.

Sandy
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Evidently my subscription is still on. Afshin called me the Friday before Rich took over the mentorship and offered me a free month so I could check it out. I said fine, went in there one time and was bored to tears. I haven't logged on to TI since.

I just logged in there and saved a couple of their daily charts. I really think I could do better than this if I just flipped a coin. Anyway you guys take a gander at this chart it is horrible.
 

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