B1S2, I look for only short set ups on the eminis (ES) and this looks like a nice one. The higher it gets the more comfortable I feel. Now if they are able to penetrate it again and finish above then I'll pause and wait to see how far they can run it before I short. We are nearing all time his on the s&p and dow, how much farther they can run on earnings is anyones guess. But there are enough economic factors that should help the short side. I use YM for my longs, though I rarely go long (hedge only). Today for me was a classic set up. I watched the Spy which opened @ 131.73 and how far they were able to drive it 131.79. Clearly a good sign since yesterdays hi was 131.86. Well anyway I was happy to see them rally into the close because I tend to be more apprehensive when they close weak. I only scalp so holding my positions is a problem which I'm looking to solve. I still have a prop mentality, which I'm looking to change.
Thanks OC, that was a real good advice. http://www.elitetrader.com/vb/attachment.php?s=&postid=1046770 Romik
ROMIK IF U R INTRADAY WRONG DECISION......FORGE TYESTERDAY'S CHART.......TRADE THE RIGHT NOW CHART..........NOT 1 HOUR AGO BUT RIGHT NOW.........S/R H/L CRUTCHES........
Then how would you explain a bounce off the previous day's low level on the link above? I am not saying you are wrong, but S/R levels are important and there are quite a few of them creating multiple opportunities during the day to exploit. So far, in my experiences, price action approaching/breaking S/R levels has been logical, I could not call them coincidental. S/R are also present in price action that has happened earlier on today, so I know what you are saying George.
the failure rate of those things is much too high for me........i just don't need them .....they tell me what ? be scared? be cautious? take all reversals when they are hit.........and then the oscillators macd stoch %R rsi bollinger etc lock up oversold/bought.........whe the real run is on for long run.........and we hit the s/r pivots etc ...........these things are not high enough accuracy for me......that is my weakness, but has led to creation of powerful system..........pushed until all tools are not used......only lines...............tells me what each bar is super high probability going to do.......... romik, i truly wish i could tell u what u really need.......i love to help others but i can't divulge my system........but i will tell you this, keep it simple.......get of f the charts under 10 min for YM ..........i would need to go back to es and nq to look at them but no interest there......i would probably say the same..........anyone telling u they are whipping gth eYm with short charts is not being honest.........or they are a very rare jewel.........
To me, the level of simplicity is portrayed in the Supply vs Demand. If T&S shows a current dis balance, it is not often when one outstrips another in the range between 2 variables - S/R lines, whichever they might be (OHLC, R1, R2, S1, etc.). You take these levels away and it's like removing traffic lights on the streets, will result in chaos, which indeed happens in the markets when all major levels have been broken. Dear George, to dispute the above you would need to be a bit more to the point, instead of generalising. Show us something solid here, even if it is in a way of a hinted hypothetical suggestion. Romik
you are not doubt correct......my stuff is so different that no need to irritate others with it.........it is simply buy low and sell high .......to establish good risk reward ratio..........quickly at that........when the trend goes on e way i trade that way when it does opposite i do opposite direction.......whipsaw i go up and down up and down from bottom to top and so forth.........but i have lines that tell me when to do this.........the lines are the system.......demand and supply is why the trends appear and disappear........i don't wish to make real traders angry with my stuff...........it is weird and so am i........have a wonderful next week trading mr. romik........appreciate the remarks always......
the real bbottom line is no one knows waht the next bar brings to our screen...........no one.......knowing what s/r is and knowing what pivots s1 s2 r1 r2 does me no good al at all...........because it is very likely to break thru it anyway.. or not reach it....i devised my system to tell me whn to take the trade not george allowing his silly thinking to enter into the contest........george knows too much but unfortunately most of his knowledge is useless.........because it is what everybody else knows.........market does not give or take away...........we give and we take ........the market doesn't offer either....the market is unaware that we exist......it is not our enemy.....there are no competitors out there.....just ourselves............. ...just there is no such thing as bar noise.......it is all price went somewhere and so did your system tell you what to do wit h it?...........???? find a good system.........take all signals and i mean all.........set a stop proven over a long time to be what i call "safe".......trailing stops is another trap..........once you get to the higher level........always set the good stop........buy the dips sell the rallies.......trend will always be your friend until you counter trend and then it becomes your worst nightmare............porgie original
to bring some controversity again.... Mr. Larry Williams....he`s trading for over 40 years, trading live in seminars...what i read from him, he does not use S/R, he argues, to be useful you would need some instruments to define if this is just a weak S/R, a medium, or a strong one and if marketstate changes to momentum/trend mode S/R is cut like butter. He even don`t look too much on charts, he stated, you can see head and shoulders and S/R patterns etc also by looking at a chart of weather data or whatever data.... For me personally, I think S/R can be useful for some partial profittaking, and for real fast scalps . S/R is a selffullfilling prophecy, it`s working (if...) cause a lot believe in it. That`s initiating the next problem, the Pros know it and try to fake out the S/R traders. It is reduced always to the same problem, you have to know the state of market, is it weak(and how weak...)?, is it strong(and how strong...)?, is it more rangebound?... to get a probability if S/R is working or get cut like butter. The very experienced can use it, but there is no S/R in general i would argue...
or otherwise... S/R is working sometimes cause the Breakouttraders (over hod i.e.) getting faked by the Pros...sometimes a break above openrange is a buy and sometimes it`s a sell...no easy answer if this is Resistance or not...