S/R Emini Journal

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Quote from MiniDowTrader:

I normally don't look at volume. But have the past two days. It's so low on the YM that I don't trust any of my normal setups. Looks like the YM is just getting pushed around to bang some stops.

MDT
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High volume. Low volume. Sometimes the indices just get their a$$ in gear and run! :D

That's why I can't use volume or oscillators. :p

MDT
 
Quote from MiniDowTrader:

I normally don't look at volume. But have the past two days. It's so low on the YM that I don't trust any of my normal setups. Looks like the YM is just getting pushed around to bang some stops.

MDT
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Yeah, it gets like that during the summer time, especially in August.
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The market has been trending up since yesterday's close. If you are going to pick tops and look for reversals of a an established trend at least use a confirming indicator (such as a basic stochastic on a 5 minute chart) when trying to game your entry. Otherwise taking shorts/longs against the trend is like putting your account in front of a train and hoping it'll stop. Believes me, I's knows.

Vol00, if you add that that setup for your reversal plays you should come out way ahead of the game.
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Quote from MiniDowTrader:

Moved stop to 1282.25.
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Stopped out. 1 point loss. Good thing it was fake $$$.

Maybe Gary can show me the error of my ways when he gets back from Sin City! :D

Wife says it's time to stop playing my "video game" and finish the mulching...TODAY! Geez!

MiniDowMulcher
 
Quote from MiniDowTrader:

Locked and loaded the 4re breakout trade into the Sim account.

MDT
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Hey, uh MDT.

Not to come down to hard on you bro, but those aren't 4re's Support/Resistance levels ... they're yours.

Today's Resistance is in the 1278-1279 area.

Today's Support is around 1269.

... and 4re only goes for 2 pts max (maybe 1.5 if it looks like the trade is going to go against'em).

BTW, it's good that you're SIMing the trade, because I think it's toast.

Later,


JJ
 

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Quote from JimmyJam:

Hey, uh MDT.

Not to come down to hard on you bro, but those aren't 4re's Support/Resistance levels ... they're yours.

Today's Resistance is in the 1278-1279 area.

Today's Support is around 1269.

... and 4re only goes for 2 pts max (maybe 1.5 if it looks like the trade is going to go against'em).

BTW, it's good that you're SIMing the trade, because I think it's toast.

Later,


JJ
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Aww, shoot, Jimmy. Why didn't you tell me those S/R levels earlier!:p
I could have made an easy 3 fake points!

Good luck guys! The wife's giving me the hairy eyeball right now! Gotta go!

MDT
 
HEy JJ
Since it has broken 1279 are they any chance it can re-test does level of brake 1281 down wards or it is just a matter to see
( i am holding short ) from 1279
 
Quote from MiniDowTrader:

Aww, shoot, Jimmy. Why didn't you tell me those S/R levels earlier!:p
I could have made an easy 3 fake points!

Good luck guys! The wife's giving me the hairy eyeball right now! Gotta go!

MDT
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hahahahahah :D !

yeah, that's why i let the girlfriend dump me! trading's been off-da-hook ever since!

the easy answer to your question is that I don't trade support and resistance, i observe it, and since i've been hanging around the thread I've learned how to do a version of it, but i don't trade it.

my eye is always looking at the trend, looking for the pullback moves.

best-o-luck,

jj
 
Quote from ksonsinc:

HEy JJ
Since it has broken 1279 are they any chance it can re-test does level of brake 1281 down wards or it is just a matter to see
( i am holding short ) from 1279
More...

Here, I'll give you the short answer.

I don't know.

Jimmy
 
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