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

keep in mind that close does not always equal daily settlement. sometimes the difference is in points, not just a couple of ticks.

 

Yes bbqbbq, that's why I would like to know the time used for close calculation by most of actors.

 

Hi everyone

Please find attached todays levels.

Always remember to use the numbers as a guideline for potential areas of high probability plays

Always use a set up based upon your system to enter a trade.

Good trading all

 

my ES day chart end at 16:15. then a new day chart of the day after starts 16:30, 15 min later. so 16:30-16:15 one half one day one half the other is the full day. so a day actually starts with overnight trading.

phew what a day!, blew right through the support levels after voting started! wish i shorted 10:49 or 11:09. those coincided with a bounce from the 20EMA on the 5 min chart, adding more resistance.

 

Hi everyone

Please find attached todays levels.

Always remember to use the numbers as a guideline for potential areas of high probability plays

Always use a set up based upon your system to enter a trade.

Good trading all

 

Some wild days we are having at the moment. Ydays sell off after the bail out news is nothing like I have ever seen before! My charts didnt have a chance lol.

Just wanted to drop a note to say be careful out there, trade with lower size, the market is very news driven at moment and we just dont know when that next piece of news is coming.

Take care all.

 

ES
Your horizontal lines are only giving you a part of the story.
Some of them work when they work .. no more no less.

It is vital to read the story and the story lately has included friday setups where the day closes up on the poorest bid-ask spread of the week, thus leading into a sell-off in the early part of the following week.

It is a story, and we trade the story.
We don't write it, we simply trade it.

Regards
f9
(my PMs are switched off by the way)

 

can offer any insight as to how you quantify/judge bid/ask spread?

 

Sadly, like all good things, there is nothing clever involved.

It is the volume at the ask compared to volume at the bid.

Either you subtract the bid vol from the ask ............
or you can create a ratio with the ask volume over the total volume.

regards
f9

 

thanks for explanation.

what charting package can capture these numbers?