Indicators are liars! Support and Resistance Trading for the S&P emini

Discussion in 'Index Futures' started by ESResistance, Sep 3, 2008.

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  1. There are no MMs in ES, which the OP trades .
     
    #11     Sep 3, 2008
  2. OP, 5 ticks is a very tight stop in this volitile market, don't you think? Is that a hard stop?

    Please consider starting a journal so we can learn from your trading skills now that you've warned us against the dreaded indicators.
     
    #12     Sep 3, 2008
  3. Excellent way of doing things. Following only the bigger levels can allow you time, to plan ahead. Also you take much less trades. However, you have to be at the screen when the s/r is found, to truly put the probabilities on your side. I also tend to look at support and resistance as zones, rather than an exact price level.
     
    #13     Sep 3, 2008
  4. swishy007

    swishy007

    I would really like to say, your thread is the best ive read. It is truly a fresh look at trading. i will follow this thread religously and keep up the good work !!!! BTW ARE YOU "ONE OF THE BIG BOYS"
     
    #14     Sep 4, 2008
  5. Its a Hard stop and no i dont think it is too tight. If I am wrong on a level the market will tell me instantly when that level has failed, I dont want to hang around waiting for a 2 point stop out and generally speaking if the market wants to break a level it flies through it.

    However what I have noticed is that generally speaking if I have a set up at the level I get a bounce of ATLEAST 1 point this is enough to get my first 1/3 filled and thus considerably reduce my risk.

    I am UK based and start trading a 3AM EST, as I have said previously I am not glued to the screen all this time, I set up alerts and if the market comes close to my area AND I see a set up I take the trade.
     
    #15     Sep 4, 2008
  6. Hi everyone please find attached levels for today.
     
    #16     Sep 4, 2008
  7. 72.50 level worked well. Depending on your set up entries between 72.50 and 73.00 were very possible, taking 3 ticks of heat maximum.

    I exited at 1270.50 with 2 points on the runner

    This short could continue.

    The 1268.00 area is another potential area of support I do not believe it is the highest strength area and thus have not posted it. But it is worth taking a look at.
     
    #17     Sep 4, 2008
  8. bbqbbq

    bbqbbq

    what is POC, VAL, etc.?:confused:
     
    #18     Sep 4, 2008
  9. Its Market Profile, I dont know too much about it to be honest, a friend of mine uses it and swears by the 3 MP numbers which mean...

    POC - Point of Control

    VAH - Value Area High

    VAL - Value Area Low

    I find them a valuable confluence for my S/R levels, gives you an indication of when "other" market participants are entering the market.
     
    #19     Sep 4, 2008
  10. 72.50 Was again the magic number at 7:57 EST, I was out so missed that particular trade. I hope some of you managed to take it.
     
    #20     Sep 4, 2008
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