I'm trying to find an indicator that will spot the noted "false" movements. Any help is appreciated. Thanks! P.S. Blue is price line
Parsifal, Seriously, though; Intraday, the index futures are all about support and resistance levels. I see no indication of this on your chart. I believe you are barking up the wrong tree.
I agree. I was being (just a little bit) facetious with my comment above, but I think m_c_98 has it right - you should be watching higher time frames for support/resistance levels and use them as logical places to take profits on your positions.
In general one should be careful going a g a i n s t a swing which has exceeded the lenght of the previous swing in the same direction (upswing vs. previous upswing). This saves one from going against the trend but usually allows one to be in in the swing after a breakout. One should also look at longer time frames. Almost invariably when I loose on trades initiated with the 1 minute chart it is because I fail to look at the larger picture (got carried away or busy) which may have actually called for an opposite signal.
What are you using to generate the buy and sell signals? I could not tell from the chart. The only indicators I find worthwhile are those based on volume. Instead of price-based indicators, you can just learn to read the chart or the tape. Check out Woodie's CCI club if you can't stand to part from price based indicators. They claim to have some successful methods and it's free. It was so complicated it turned me off. I do just fine reading the charts alone.