S/R Emini Journal
- Thread starter 4re
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I've been reading the journal for awhile and think that it's great, very good ideas and trades all around. I've begun trading futures recently (been trading stocks 3+ yrs) and have gotten lots of great trading ideas from you guys. I use market profile for my S/R levels and thought you guys might want to check this out. I've been mainly trading YM and this is the profile for the last month. The theory behind it is that the high volume level at 11360 should be strong resistance now and the high volume level at 11230 should be strong support.
The idea behing the longer term profile is that it will want to "fill in" between those two S/R zones. If you notice today the high in the YM was around 11360 before rolling over. A short would have been great there, I wish I had taken it! Hope that everyone is having a great day and looking forward to business picking back up after Labor Day. If you guys don't mind I'd like to share some of the levels I calculate and my ideas with you guys since I've already gotten a lot out of reading this thread.
The idea behing the longer term profile is that it will want to "fill in" between those two S/R zones. If you notice today the high in the YM was around 11360 before rolling over. A short would have been great there, I wish I had taken it! Hope that everyone is having a great day and looking forward to business picking back up after Labor Day. If you guys don't mind I'd like to share some of the levels I calculate and my ideas with you guys since I've already gotten a lot out of reading this thread.
I've done 1 trade today, not based on my usual S/R levels, but based selling high of the channel, you can shoot over to ES Journal, I posted the trade there with a couple of charts. As you could have seen earlier, I mentioned a possible short, based on a pennant in a 2 point range chart, didn't trade it, though it turned out to be good for a 1.5-1.75 points. To me having predetermined PTs is very important, I find it difficult to stay in a trade and not knowing beforehand where I would be closing the position, hence I try not to take any other trades apart from my primary system's levels. But pennants are cool, as long as you have something else to justify your estimates of it breaking either an upper or lower horizontal, so you can position yourself beforehand and not simply jump in as it pops, though that might be a safe bet, as long as you go for .50 gain.
Anyway, stick around and you will pick up tons of knowledge on ET, you just have to source it properly and use common sense. Good luck!
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