Do they change...sure but not fast enough for the s/r levels we are looking at from yesterday or the day before to be adversely affected. Your can only consider so many data points in making each trading decision and I don't think taking the erosion of premium over time into account is worth consideration. You would be better off examining price action near your projected s/r levels more closely.
S/R Emini Journal
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Do they change...sure but not fast enough for the s/r levels we are looking at from yesterday or the day before to be adversely affected. Your can only consider so many data points in making each trading decision and I don't think taking the erosion of premium over time into account is worth consideration. You would be better off examining price action near your projected s/r levels more closely.
Hi Gary,
Nothing wrong coming into the day with predetermined support and resistance levels and THEN wait for the market action to confirm them.
You are right in saying that using predetermined support and resistance in an arbitrary fashion without reference to the current market action is incorrect.
However, even though you may use the same number as other traders it doesn't necessarily follow you are using it in the same way if it is only part of your method.
I have seen some guys using the same numbers as other traders and yet one trader is taking a short off that number and another trader is taking a long off the same number.
Something to think about.
stopped @ 1299.00, it was a lower odds based trade, therefore small position kept earlier gains on 2 trades still in profit.
EDIT: 60 min chart is looking more on a bounce side now and price being @ lower of the channel is also a positive sign, but who knows what's the intentions of the majors for today? I don't know that. I don't know whether I had a misprint here, T&S registered 191,565 lots sold @ 16:20 and 192,035 bought @ 16:25 yesterday
sorta like "poor little rich girl", but in reverse? c'mon vo, that doesn't fly. people should be thankful for their blessings, instead of always focusing on the negatives.
there will always be problems, strife, and hardships in life, but if you chose to focus on them, it just makes you miserable.
i'm not unsympathetic, but i would say be thankful that you have such an abundance and choose wisely your mate. it's usually not that hard to tell when someone is playing you if you divorce yourself from emotion.
poor people - black, white, or whatever - always think money will solve their problems and nothing could be further from the truth. it's like biggie says, more money, more problems....
It isn't ONLY part of my method. If you go back through all these pages I would imagine that of all the trades I have taken probably 85% were the numbers I posted. I have won and lost by those numbers just as others have. So I would say this is my method.
Yes, others are seeing the same numbers I am but taking the opposite side. That is what makes a market. One of us will be in pain after the trade and one will eat steak. I try to make it where I will have momentum on my side but nothing is foolproof. If you read the document I posted last night it will explain it in a lot better detail.
Here are my numbers for today. If you look at my chart there are several levels of support that I want to clear before taking a short position because each one of these only provides about 1 point and I don't want to get caught in that mess. So the safe play is to wait.
Long 1307.75 - 1310.75
Short 1291.25 - 1287.50
Good trading today,
Gary
Long 1307.75 - 1310.75
Short 1291.25 - 1287.50
Good trading today,
Gary
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