S/R
- Thread starter sulong
- Start date
Quote from sulong:
Thank you db,
I gave it a try last night, and found out that I'll need to do a much better job of organizing my time, and work on my skills of transferring what I see into words.
I reread last nights work this morning, and see it don't make much sense, even to me.
Hi Sulong,
I think your thread is a great idea!
The person that helped me when I first started trading "strongly suggested" many of the exact points that db made regarding documenting and then reviewing what occurred during the day.
After many alterations, I have a rudimentary one page sheet for each equity or interest rate future I trade. For a single-tasking person such as myself, it provides just enough information for me as not to be overloaded with all the possibilities for the day.
Exactly, and over time you learn that some lines produce these actionable conditions more than other lines. Like, the more important higher timeframe lines, S/D's or whatever you would like to call them.
This is what I do for my swing trading too.
I look for daily major S/R in the form of a sma, trendline, important high/low and then go to a smaller timeframe for entry.
Today was a pretty boring day for me, I took no positions, just got bored and then confused.
I was watching th 92 area for an entry to the long side, but when price got there I chickened out.
below are some notes I was making through out the day, and a 5 min. chart.
When price got close to 92 I was watching the 1 min.chart.
1/30/2004 6:22 AM
First R today is at ydh, which is also at the lrl from the 28th.
Will see how 92 area acts, may take a long poss there
96.5 might act as support 6:29 AM
donât look like 91 is going to hold for long, Volume donât look like enough 6:44 AM
goes to show what I know, price now at 99 6:50 AM
the range in which price is oscillating around the 1501 area is confusing to me 7:05 AM
well price is now at 1506, as far as shape of the bars I didnât and donât see a structure that would entice me to enter 7:19 AM
es and ym are not going any where, still inside there opening range. NQ on the other hand is make nh for the day 7:22 AM
2 point stops will not work in this environment they need to be 3 pts
es still trading inside Cr same with ym with the exception of that 1 very long spike early on,
NQ poked above its CR but is now back inside. 8:06:57 AM
Well Iâm just not into this price action to day, so Iâll be back latter to see what I can see. 8:38:21 AM
All these long tails are troublesome, same range bound action 9:02:41 AM
Going for a walk, will check latter .9:17 AM
Iâm back now and thereâs no change, all still in their pdcr. 10:55 AM
I was watching th 92 area for an entry to the long side, but when price got there I chickened out.
below are some notes I was making through out the day, and a 5 min. chart.
When price got close to 92 I was watching the 1 min.chart.
1/30/2004 6:22 AM
First R today is at ydh, which is also at the lrl from the 28th.
Will see how 92 area acts, may take a long poss there
96.5 might act as support 6:29 AM
donât look like 91 is going to hold for long, Volume donât look like enough 6:44 AM
goes to show what I know, price now at 99 6:50 AM
the range in which price is oscillating around the 1501 area is confusing to me 7:05 AM
well price is now at 1506, as far as shape of the bars I didnât and donât see a structure that would entice me to enter 7:19 AM
es and ym are not going any where, still inside there opening range. NQ on the other hand is make nh for the day 7:22 AM
2 point stops will not work in this environment they need to be 3 pts
es still trading inside Cr same with ym with the exception of that 1 very long spike early on,
NQ poked above its CR but is now back inside. 8:06:57 AM
Well Iâm just not into this price action to day, so Iâll be back latter to see what I can see. 8:38:21 AM
All these long tails are troublesome, same range bound action 9:02:41 AM
Going for a walk, will check latter .9:17 AM
Iâm back now and thereâs no change, all still in their pdcr. 10:55 AM
Don't beat yourself up over not being able to predict price action when you've got Michigan Sentiment and the PMI staring you in the face. Unless you're skilled at trading V reversals, it may be best to just stand aside and see how traders react.
As for the short, I didn't take it either, for whatever that's worth. I trade divergences and didn't see any that prompted me to take the risk. Do you go by "feel" at the S/R levels, or do you look for something in particular?
As for the short, I didn't take it either, for whatever that's worth. I trade divergences and didn't see any that prompted me to take the risk. Do you go by "feel" at the S/R levels, or do you look for something in particular?
I should make it easy on myself and say "feel" but I do rely on watching my trading platform.
As price approaches my entry target area I like to first see a slow down of how often the transactions takes place, and then a speed up that I can see, as the price enters the zone ( my zone is a max. of 4 ticks past a S/R)
If that happens then I'll get ready to enter, and start looking for an up bar ( when looking for long).
At that point I follow an entry pattern that you have posted in the past, on other threads.
I tend to chicken out if price goes more than 4 ticks on the other side of S/R line or like today where at the time, price seemed sluggish.
