S/R Emini Journal

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Just a quick note:
I won't be able to get in on the trading action until maybe afternoon if at all tomorrow. I will be looking in every once in a while to see how things are going. I hope everyone has a good trading tomorrow.

Here are my numbers for the ES:

Long 1295

Short 1284

Good Luck to all,

4re
 

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Here are my S/R levels for the YM tomorrow. I am going to be looking into maybe doing some trading on the YM soon. I want to at least get more comfortable with it before jumping in. If anybody on here is already trading the YM let me know how these entries look compared to what you are using.

Long 11282

Short 11198

Thanks,
4re
 

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Quote from sandygray66:

4re -

Why did you chose 1284 as the shorting level, instead of say 0.75 below Friday's LOD, which would be 1280.5?

Sandy
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That would be the 2nd level of support if 84 gets taken out in the pre market. Right now though the 84 level is good support that would provide about 3 points of movement. It is mostly about support first and the number of points second.

4re
 
Hi 4re,

Great thread. I have been catching up with it over the past few days and have really enjoyed what i've read. I first came across S/R working at a Prop firm before I knew anything at all about trading. Because of my inexperience I was unable to cut it at the firm, but I was able to glean A LOT from the fellow who used to trade beside me. Every day he would sit down with these S/R levels which he had prepared the night before. At first I couldn't at all understand why he would want to buy highs and sell lows, but nearly every day at the levels he had selected, the markets took off like a rocket. The great irony was that even though he could call the price levels, he was too afraid to pull the trigger (the firm had no stop orders in their software, so you had to pull the trigger manually every time). Ultimately both I and the fellow beside me ended up leaving the firm- and I have been learning all that I can about the markets ever since. Running across your thread made me think about this fellow that I used to trade with and how his techniques really did work, even though he was too afraid to execute them.
 
Quote from BenChi:

Hi 4re,

Great thread. I have been catching up with it over the past few days and have really enjoyed what i've read. I first came across S/R working at a Prop firm before I knew anything at all about trading. Because of my inexperience I was unable to cut it at the firm, but I was able to glean A LOT from the fellow who used to trade beside me. Every day he would sit down with these S/R levels which he had prepared the night before. At first I couldn't at all understand why he would want to buy highs and sell lows, but nearly every day at the levels he had selected, the markets took off like a rocket. The great irony was that even though he could call the price levels, he was too afraid to pull the trigger (the firm had no stop orders in their software, so you had to pull the trigger manually every time). Ultimately both I and the fellow beside me ended up leaving the firm- and I have been learning all that I can about the markets ever since. Running across your thread made me think about this fellow that I used to trade with and how his techniques really did work, even though he was too afraid to execute them.
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Ben,
Thank you, Have you since learned why sometimes buying the high or selling the low is the right thing to do? Not always the case but you can learn when it is right and when it is wrong.

4re
 
I am watching and if numbers come up early enough I will enter the trade. I need to about 9:00 CST for a couple of hours. Will be kind of in and out today though so I won't push it.

Good Luck all,
4re
 
Went ahead and scalped 1 point this morning. Short 84 and covered at 83...Will be back and, maybe get another trade in a little bit.

4re
 
Hey 4re,

Yes, figured that out a while ago. It makes a great deal of sense once you give it some thought! Made a successful paper trade on the YM this morning. I am trading the DIA for real at the same time to keep things a little bit interesting- maybe that is something that newcomers to your strategy might consider, trading 100 spiders based on ES S/R - that way you can learn with real money on the line without breaking the bank...
 
Quote from 4re:

Went ahead and scalped 1 point this morning. Short 84 and covered at 83...Will be back and, maybe get another trade in a little bit.

4re
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Just to understand - the 1284 breakout was taken out by 3 ticks in the pre market (1283.25) and you stay with 1284 - I used 1283.50 and made a 3 tick scalp - even now ES is at 1283.25.

Best, Helmut
 
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