Hi Traderzones. I believe the sheer simplicity of S/R makes it a great edge in trading. For myself personally the light bulb moment when I decided to focus the core of my trading around S/R greatly improved my trading results by helping me trade less (this alone can add more $s to your wallet), and focus on higher probability areas. With regards to "testing" I have worked through past charts marking levels and seeing how price reacts at those levels, but I havnt run any kind of automated computer based back testing. ANY method can incorporate S/R to some degree, its just a matter of how much you focus on S/R, for me it is THE focus of my trading. I hope that helps, if you have any further questions you would like answered in private just PM me, or drop me an email.
First of all, thanks to ESResistance for your daily update of the S /R numbers. I find it very helpful as another source of trading tools. Secondly, does anybody have a good technique to draw this S/R numbers into IB's charts? I find it very hard to put the exact numbers on the chart. Maybe I'm not fully in IB's chart technique but after talking with the support dept. they only told me the way I already know (which doesnot really work easy). What I do: Chart, Configure, Settings, check Highlight cursor price. Then zoom in / zoom out until I have the price range, then try to move the cursor to the S/R level and draw it somewhere close by. It seldom hits the absolut correct number. usually +/- a few cents. Sorry for bringing this up here, but I thought it would be the best place to ask people using IB Charts. Thanks for any suggestions (except maybe for the one to change the broker. IB chart really s***s ;-) challenger
Thats cool, no hard feelings. but can you coach me on any good and simple strategy to run on my platform?
I'd recommend you read this thread until you have it memorized. When I first found it, I read it 8x and found something new and useful every time. Some big time traders on these boards contributed to it.
Yep, just read the entire thread and do the work yourself. Because unless you can prove it to yourself you shouldn't be trading it.
Here are trades I took today off ESR's style. There were several others but I wasnt confident in the PA going on so I skipped them. There was also some line abuse at some of them, so I waited. I posted my stop and target of 3. When it says 3, it was hit and when it says na , I was stopped out. The times were apprx as I tracked the trades. The setups should be clear when you go back to the time. I also use the OPEN as one of my lines and place the PP and sometimes 50% on its own, but the rest of the lines are usually identical to ESRs. Total on 3pt targets - 24 Total on stops - 7.5 1/ 10:051.75 na 2/10:45 1.5 3 3/11:05 1 3 4/11:33 1.5 3 5/11:50 1.25 3 6/12:04 1.25 na 7/12:23 1.25 na 8/12:37 1.75 3 9/12:55 1.5 3 10/1:05 1.25 na 11/1:35 1.75 3 12/1:54 1.25 na 13/2:35 2 3
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. 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
Hi everyone Please find attached todays levels. The S/R numbers are in the black column, the MP, Pivots, Fibs, Simple Moving Averages and Summary Numbers are for confluence and information. 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
Hi. First, I want to thank you for such a superb and profitable service you offer with your daily SR levels. I have a question though... why is it that your Woodies pivot levels are consistently the SAME as your Standard pivot levels. As the calculations and logic are different, why are the results published as identical? Today (1/28) for instance (S) and (W) PP levels were both listed as 839.25, yet using the MyPivot.com calculator (or any other), they would be 839.33 and 836.44 respectively. A 3pt difference. The differences are clearer as you move away from the PP to the S and R levels. You have R2 listed for both at 855.50, yet they should (as I understand it) be (S) 855.58 and (W) 852.69. I genuinely hesitate to criticise such a wonderful and free service, but I'd appreciate understanding your approach to these pivot levels. Many thanks