S/R Emini Journal

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Quote from belavia:

Romik, what does the line with P mean?
Also, can you and 4re perhaps recommend any books on charting. I read Pring's (did not find useful) and now am on Murphy, whom i find more concise and helpful.
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That depends on what you are wanting to do. I am assuming that you are wanting to learn how to chart support and resistance, and chart patterns. If I am wrong just humor me...

Here is a good website to get you started. This site has all three of his books listed. I have 2 of them and they are great. I think you will get a lot out of The Encyclopedia Of Chart Patterns.

http://mysite.verizon.net/resppzq7/index.html

Also a must for every trader is The Disciplined Trader by Mark Douglas. This book will tell you more about S/R but it goes more in depth and tell you why certain prices are important to traders.

That ought to keep you busy for a while.

I hope you enjoy the thread and are able to learn from it. I am very proud to have the best posters on ET in here.

Gary
 
Romik,
I gotta say I am a little worried about your short position at this time. If you look at this daily chart you will see that we are in a bull flag pattern right now. Hopefully it will fail and turn into a reversal for you but I would keep an eye on it anyway. Here is the chart and I know you'll know how and when to exit. Even if it does work out the way it is supposed to maybe we will get a false breakout to the downside first. I am rooting for you anyway.

Gary
 

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Hello Guys and Gals
Another boring trading day for me. No trades today. I know we are going to pop out of this congestion soon but it may not happen until next week. As you can already tell I am expecting the market to go up but do not know when it will do it. I have seen this pattern fail also so for Romik I am going to hope that it does here. If it pops up or turns into a full reversal it doesn't matter to most of us as we are going to be market neutral. My numbers will not change for tomorrow but here they are again.

Long 1308.25 - 1311.25

Short 1291.00 - 1287.25

Have a good trading day tomorrow,
Gary
 
Quote from krishiyer:

Thom
glad you found range charts useful in YM.what range are you using 10/12 (usual stop loss noise)
posting a es chart .play with range keeping a 2 day range till colour & shape is not too big/small so that you can catch a bigger move.
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Greetings,

I had the range on YM at 5,too small for sure,bumping it up to 10.I've also used it for QM with a .20,still fine tuning that,but have caught some nice moves.The MA's seem to trigger good entries with YM so far.

Thanks again for the great advice.

cordially Tom
 
Quote from 4re:

Hello Guys and Gals
Another boring trading day for me. No trades today. I know we are going to pop out of this congestion soon but it may not happen until next week. As you can already tell I am expecting the market to go up but do not know when it will do it. I have seen this pattern fail also so for Romik I am going to hope that it does here. If it pops up or turns into a full reversal it doesn't matter to most of us as we are going to be market neutral. My numbers will not change for tomorrow but here they are again.

Long 1308.25 - 1311.25

Short 1291.00 - 1287.25

Have a good trading day tomorrow,
Gary
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Oops, I forgot to post my chart although it looks the same as the rest of the week. Here it is.

Gary
 

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Quote from 4re:

Oops, I forgot to post my chart although it looks the same as the rest of the week. Here it is.

Gary
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Greetings Gary,

It looks to me that the move above 300 should be cautioned as a bull trap-toppy pattern,with your valid flag also in play,a nice move either way seems worth waiting for.Nice placement for you S/R,as it shoud reward well.

cordially Tom
 
4re, on your chart for the week there is a support line around 1287 stemming from the bottom of a long bullish candlestick. How did you determine this support, is it simply because that was the biggest candlestick to draw from?

Also a question for you and Romik, do you find the volatility in the ES enough to trade full time, or is this just supplementary income?

Thanks
 
4re,

Yeah, that market profile chart definitely looks like a crazy spelling bee at first. With the gap up today if you were looking to fade the opening gap you know that there was strong resistance in the YM at 11360 from the longer term profile.

Since we've been in this chop for the whole month practically that market profile chart shows that price has been attracted to the 11360 area more than anywhere else, so if price moves up there it should slow, in theory at least.

I've mainly been using the profile to get my S/R and from reading your thread I've started noticing flag patterns, etc and have been trading those off the levels. Before your thread I was stuck counter-trading the trend all the time!
 
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