S/R Emini Journal

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Quote from boro45:

It always looks simple when the trade works out ...
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Indeed it does.

But I was referring to the simplicity of the setup itself. Using the support and resistance levels as entries to trade breakouts is much simpler, in my opinion, than using multiple indicators to try and trade swings and waves throughout the day.

I like knowing before the open the prices at which to go long or short rather than reacting to what the market is doing at the time to make my long or short decisions.

In that way, it is simpler. And I like simpler. [/B][/QUOTE]

I am glad you like it and that it is easy for you to use and figure out. That is my goal on this thread.
 
... But I was referring to the simplicity of the setup itself. Using the support and resistance levels as entries to trade breakouts is much simpler, in my opinion, than using multiple indicators to try and trade swings and waves throughout the day.

I like knowing before the open the prices at which to go long or short rather than reacting to what the market is doing at the time to make my long or short decisions.

In that way, it is simpler. And I like simpler.
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Well spoke.

Floortarders (do we still have those?) use many types of S/R levels (including Pivots, et. al.) to determine the markets direction and how they want to trade it.

5Pillars uses a form of it to multi-trade 4 trades in the space of 1 entry, while also setting up a failsafe (probably geared to the securities ATR) if the Breakout fails.

But me, I like those waves :D , because that's where the larger profit lies.

Best,

Jimmy
 
... and speaking of Pivots to whomever it matters, we're sitt'in on top of S1 right now.

I look at this mornings' move and see it as being a continuation of yesterday's reversal after testing resistance (1st try).

Looking for a reversal that may (or maynot) move back to the 1281.5 area.

Later,

JJ
 
Quote from 4re:

Indeed it does.

But I was referring to the simplicity of the setup itself. Using the support and resistance levels as entries to trade breakouts is much simpler, in my opinion, than using multiple indicators to try and trade swings and waves throughout the day.

I like knowing before the open the prices at which to go long or short rather than reacting to what the market is doing at the time to make my long or short decisions.

In that way, it is simpler. And I like simpler.
More...

I am glad you like it and that it is easy for you to use and figure out. That is my goal on this thread. [/B][/QUOTE]

It does take a lot of the stress off. I like doing just one trade and being finished. If I see something else and want to take a smaller position for maybe some gas money I can. I have already earned my steak money for tonight.

Wait, maybe I should reverse that since gas cost a lot more than steak these days. But you know what I mean.
 
a bit of trading trivia ..

the market sold hard from the 1281 area twice in a row, if my signals allowed me to enter now, i would, i'm betting it's going to draw price action like a magnet
 
I took it at 1270.50 (short) for 1pt.; then went long (for 1.25 pts.) after price confirmed it was going to reverse off the 200 ma. Done for today.:)
 
Quote from JimmyJam:

a bit of trading trivia ..

the market sold hard from the 1281 area twice in a row, if my signals allowed me to enter now, i would, i'm betting it's going to draw price action like a magnet
More...

1281 or 1271???
 
Quote from JimmyJam:


You can get your data feed through IB if you use'm, or most folks go through IQ Feed (the RT, not the dealyed quotes, ROTFLMAO:D ), the poor cousin of DTN IQ.

Later,

Jimmy [/B]
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If this was a jab at my earlier question, I do realize RT charting is necessary, but it can be obtained from the platform charts as well as a 3rd party charting service.

riaamaan
 
Long at 1269.50 (not a recommendation).

Yeah 4re, I know I said in an earlier post that I don't initiate positions on divergence trades, but this is just too obvious and juicy to resist.

... and besides despite tremendous selling pressure the market won't fall, I believe my previous analysis is correct and the market works back up to 1281 (eventually), etc., etc.,.

Romik, where are ya when we need ya??#!? :p

Later,

JJ
 

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