S/R Emini Journal

[Lucrum]

Quote from moneymoneymoney:

Anybody have a date/point to indicate why 1364 became support?
No volume, just turned right there

All sessions for one week

 

[fearless9]

Quote from moneymoneymoney:

Anybody have a date/point to indicate why 1364 became support?
No volume, just turned right there

Dont knock yourself out mmm.
Just watch the battles at the s&r points.

There was some hesitation at 64 about 3 days ago but it didnt seem important to me

 

[fearless9]

Back to todays session open with the session high 3 points above = mucho resistance.
The longs need serious grunt to punch thru

 

[fearless9]

Sitting at the pp for today 1373.44
You get the s& r points bunched up like this and it needs a big shove

 

[tradequicker]

i'm going to try real hard to leave for good.......vol left, porgie next....sob sob.....

 

[4re]

Quote from piezoe:

TinGull, one of the hardest lessons I had to learn is that the market does not behave rationally from day to day. It is only rational over the long haul. Stocks can go up because they are going up, and they can go down because they are going down. No other reason is needed. Therefore, one has to learn to just accept what's happening and not try to second guess it, or predict what will happen next.
This is both the most important and the hardest "trading" lesson to learn. It goes against human nature, and that's what makes it so damn hard to grasp. Follow "tradequicker's" advice.

We are all brought up to believe that the stock market is a function of the economy. And that is absolutely true, but only on average over time. The day to day market marches to a different drummer. So if you are a trader, just observe what's happening and act accordingly. Don't try to rationalize what is going on. It can't be rationalized because it is often not rational. Forget those pundits that say the market went up or down because of such and such. They haven't any more clue to what's driving the market than you or i.

Very good info here. Sometimes it is easier said than done but you are spot on.

TinGull,
If you are confused by this market just make sure that while daytrading you use a very market neutral method. Just like what I have shown here. I give a Long and a Short and take whichever one happens to hit. That way you don't care if it is a bull or bear market or correction. It won't matter to you. Then for practice start working on longer timeframes but put your money where it is neutral. If you are confused by the overbought market we are in right now, this happens in trending markets all the time. That is one reason I don't use a lot of indicators to trade with. Oscillator type indicators can give you a false overbought reading in a bull market very easily.

Gary

 

[riaamaan]

"The markets can stay irrational longer than you can stay solvent."

- Warren Buffet

cheers

 

[romik]

Quote from moneymoneymoney:

Anybody have a date/point to indicate why 1364 became support?
No volume, just turned right there

The strong will feed of the weak, notice how price started reversing a couple of points away from the bottom of the channel? I guess sometimes it's like in sports, too eager to beat the others we observe false starts in swimming, running, racing, etc. Though in sports it's classed as a false start and in trading it is perfectly OK, so we could not see a clear support level, but we did see the proximity to the bottom of the support line of the upward channel, the closer the short entry to the bottom line, the higher the odds of being squeezed out of the position or in other words f...ed

 

[tradequicker]

just can't help but try to lead but no one follows......

 

[TinGull]

Quote from 4re:

Very good info here. Sometimes it is easier said than done but you are spot on.

TinGull,
If you are confused by this market just make sure that while daytrading you use a very market neutral method. Just like what I have shown here. I give a Long and a Short and take whichever one happens to hit. That way you don't care if it is a bull or bear market or correction. It won't matter to you. Then for practice start working on longer timeframes but put your money where it is neutral. If you are confused by the overbought market we are in right now, this happens in trending markets all the time. That is one reason I don't use a lot of indicators to trade with. Oscillator type indicators can give you a false overbought reading in a bull market very easily.

Gary

Thanks Gary, and yes, with intraday stuff, I'm usually fine with going with the trend. I had some spreads that didn't treat me as well as I would've liked this month, but so goes the game. Just gotta make the best of it.

I too have simplified my charts, and with it being overbought to me...it was just at the top of it's trend channel for so long and popped out (SPX, DOW...) so I felt like things were overbought, but kept on heading up. Today...DOW hit 93 points down, COMP was down 33...but then a HUGE rally. Maybe it's something I shouldn't *try* to understand and just go with it. Kinda like studying the roots instead of picking the fruits....