S/R Emini Journal

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ym to 350? think about this.......it will go up down or sideways....ohterwise u bias ur mind by thinking and speaking it ...if u r long term position trader it is okay.....but daytrading could be dangerous thinking....if u r looking at support it might i t mght not....daytrader should think what is system telling me to do.....
 
Quote from 4re:

Another attack on 1310 could be very strong. If I am not mistaking that would one of the times Romik likes to double up. Correct me if I am wrong Romik.
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I didn't trade that bar Gary, lower shadow too long for my liking, especially at low volume times.
 
Good Morning,

Romik and Gary, I believe you use 15 min candles. Is there any merit to using 5 minute ones, or does that generate too much noise for you.
 
Quote from belavia:

Good Morning,

Romik and Gary, I believe you use 15 min candles. Is there any merit to using 5 minute ones, or does that generate too much noise for you.
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I use 15. Nothing wrong with 5, all depends on strategy used. I want to see what's happening over a x3 period of time, as that provides more accurate indication most of the time. Also I have 14 minutes to do what I want, like chat to you guys and eye ball price action of the last minute of bar prior to either taking a trade or not.

Gary works of historical S/R levels, I work of 15 min bar's S/R. Thus trade decisions are different, but monitoring is another matter. Things like pennants have more weight on longer TFs, therefore a pennant on 15 should have more weight than the one on 5, though this is very subjective. I find it's not about 5min or 15min chart, but a period of time over which a pennant is being established. If the pennant takes 20 min to complete, you won't see it on 15, but will see it on 5 and less. If another pennant takes 2 hours to complete, you will see it on 15 and 30 charts and ought to have more momentum upon breakout, I am saying OUGHT to.
 
Quote from romik:

I use 15. Nothing wrong with 5, all depends on strategy used. I want to see what's happening over a x3 period of time, as that provides more accurate indication most of the time. Also I have 14 minutes to do what I want, like chat to you guys and eye ball price action of the last minute of bar prior to either taking a trade or not.
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Thanks. I was reading about the ascending triangle forming after an uptrend which can be traded on the breakout of its resistance. Would it be to low % to trade it short if the formation broke down below support?
 
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