S/R Emini Journal

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Quote from 4re:

What Romik is saying if you use S/R like I do then you are market neutral. If it breaks we have a trade, if it doesn't we move up a level and we have a trade.
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Tak Tochno!
 
Quote from 4re:

What Romik is saying if you use S/R like I do then you are market neutral. If it breaks we have a trade, if it doesn't we move up a level and we have a trade.
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Thanks for clearing that up. Yes I agree. To me it acts as a guide. Depending upon the power of the move, it will either hold temporarily, reverse or pass right thru.

I do find though, that more often than not there will be some sort of a pause similiar to using the MA's which I use more as my S/R levels.

Alex
 
Quote from yvberj:

Thanks for clearing that up. Yes I agree. To me it acts as a guide. Depending upon the power of the move, it will either hold temporarily, reverse or pass right thru.

I do find though, that more often than not there will be some sort of a pause similiar to using the MA's which I use more as my S/R levels.

Alex
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I use them as my main guide. That and chart patterns is all you need.
 
Quote from 4re:

I use them as my main guide. That and chart patterns is all you need.
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I also use chart patterns, primarliy pivot points, which I find, depending upon the TF will bounce off one of the MA's. Using today as an example. I've attached a 5mn. chart. You'll notice that the 50MA (red) became my resistance level. Today, each pivot point bounced off the 50. At times it may be the 20(purple) or the 100(blue) MA.

I also watch the Stoch, MACD, & th CCI. and use them as additional confirmation, but they can sometimes be deceptive.
 

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Quote from yvberj:

I also use chart patterns, primarliy pivot points, which I find, depending upon the TF will bounce off one of the MA's. Using today as an example. I've attached a 5mn. chart. You'll notice that the 50MA (red) became my resistance level. Today, each pivot point bounced off the 50. At times it may be the 20(purple) or the 100(blue) MA.

I also watch the Stoch, MACD, & th CCI. and use them as additional confirmation, but they can sometimes be deceptive.
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That is fine as long as you learn as much as you can about them and trade it the same way day in and day out. I think MDT was saying yesterday you could trade the flag pattern all the time and that is all you need. I too like the flags. I could trade that pattern everytime and be very profitable. In fact I do sometimes trade it, I just keep quiet about because my S/R numbers is what I mainly base my trades on. Just stay consistant is what I am trying to say...
 
Quote from 4re:

That is fine as long as you learn as much as you can about them and trade it the same way day in and day out. I think MDT was saying yesterday you could trade the flag pattern all the time and that is all you need. I too like the flags. I could trade that pattern everytime and be very profitable. In fact I do sometimes trade it, I just keep quiet about because my S/R numbers is what I mainly base my trades on. Just stay consistant is what I am trying to say...
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What it all boils down to is, what your comfortable using. In this business there is no right or wrong. It's what works for you.

Unlike what people may think, it's not an easy business. You're working for every penny you make. I wish I had a nickel for those that have tried to make a living at this and failed. I probably wouldn't have to trade anymore. :)

Alex
 
Quote from yvberj:

What it all boils down to is, what your comfortable using. In this business there is no right or wrong. It's what works for you.


Alex
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That is right, as long as it is a proven method. And you really understand how to use it. I would never tell anybody that their method is worthless. I see this all the time. Unless I have tried that method and mastered that method the way somebody else might have done, who am I to say it won't work.
 
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