Support & Resistance levels , and moving averages are just meaningless lines on the chart.

[NoahA]

Daily 50% retrace bounce from March low to July high...also despite Mickey's skepticism, the 200 SMA

Its funny because if I plot those on my chart, neither the 200 SMA nor the 50% level match up.

 

[speedo]

Don't know what to tell you

 

[speedo]

 

[David's faith]

MA's are tools, some make use of them and some don't. I use them as geographical reference points and dynamic S/R. When my 20ema is flat, I am flat (unless it's a zone entry off a measurable leg)...some will scalp ranges, I don't.

View attachment 323900

Thanks for showing me, that I should at least consider using some EMAs. I always believed EMAs to be a noob myth that do seldomly work. Thank you.

 

[speedo]

Thanks for showing me, that I should at least consider using some EMAs. I always believed EMAs to be a noob myth that do seldomly work. Thank you.

 

[SunTrader]

Using MA slope makes sense. The actual level (which is a moving target so to speak) not so much at all. Imaginary that is can somehow make price reverse direction

 

[speedo]

Thanks for showing me, that I should at least consider using some EMAs. I always believed EMAs to be a noob myth that do seldomly work. Thank you.

We are all different and will all trade differently. It is up to each of us to discover what gives us a recognizable defined edge. Take anything you read with a healthy dose of skepticism (especially on ET). Always study and test any concept or tool before you try and use it.

 

[NoahA]

Don't know what to tell you

View attachment 323908

It seems to me here that if the red line is the 200 SMA, it didn't hold as it broke hard on the last bar in the chart.

 

[NoahA]

View attachment 323909

The 50% didn't hold as well. Of course you can have your own rules about how far to let it go against a position, or maybe there was even no entry yet, but I wouldn't exactly say the EMA and 50% levels held.

 

[tiddlywinks]

The 50% didn't hold as well. Of course you can have your own rules about how far to let it go against a position, or maybe there was even no entry yet, but I wouldn't exactly say the EMA and 50% levels held.

And here we are with 8 minutes to go in the rth session and where is the ES?
Be-boppin around either side of the 4307 number.
So at this 8 minutes to go mark I say the levels held.

As a reminder, the chart being referenced is a DAILY chart.