Many traders believe that to be successful you need mountains of indicators that give you some kind of "edge" over the market. I am here to say that trading as a means of consistent income does not have to be painful or difficult. That less is certainly more when it comes to trading. Ive met traders with every indicator under the sun on their charts, with years of training under their belts having spent thousands of $$$'s and STILL not making a consistent income.... Why? Because Indicators are liars! Sure sometimes you might pull of a trade or 2 but in the end you always get spanked....Why? Because not everyone uses a MACD with your settings, not everyone uses a Stochastics or an RSI. I believe to be an effective trader you have to look at what the majority of traders look at...So what do most traders look at? Support and Resistance! Almost every system out there uses Support and Resistance to some extent. Support and Resistance is our number 1 indicator. So why not make Support and Resistance your system?! Mark up some levels on a chart using time frames from 1hr and above (this is what the big boys who move the market watch, so no lower please) and see what happens! Use other info that the majority of traders watch ONLY as confluence, Market Profile levels, Pivots and Fibs. In the attached file is my daily worksheet, I will start posting this on the forum regularly as long as others find it of value. The levels described in the attachment are considered high probability areas for market "reversal", offering retracements of 0.75 points to in some cases 50+ points. In many instances historically referenced Support and Resistance levels can help traders catch markets tops/ bottoms to the very tick! Why? Because Support and Resistance levels are the most widely used trading tool! Everyone from Hedge funds and banks to the small time trader at home use Support and Resistance levels It might be difficult to leave the system you are using now so why not use these levels as a guide alongside set ups defined by the system/strategy that you are implementing. All levels described have historical significance and thus considered high probability numbers. The numbers described are in a fairly large range to take account of market volatility. Throughout the trading day these numbers can become areas of Support AND Resistance.
Looks great, definitely looking forward to seeing your daily posts! So is the attachment you put up the Support / Resistance levels for tomorrow? It says Sept 9th on it ...
Why the multiple threads with the exact same opening statement about indicators versus s/r levels. Is there something wrong with the thread at the below link to prompt you to start the same one again here in the Index Futures section. ??? http://www.elitetrader.com/vb/showthread.php?s=&threadid=135376 You should leave it in the Trading section at the above link because it's the best area (top of the webpage) to get lots of page views and participation in comparison to the Index Futures section due to its location (further down on the webpage). Mark
I call BS! Indicators are the way, truth, and the light. I don't know any successful traders that use S/R....especially since it stands for S-uckers and R-etards. Stochs crossing 76 or 24, and the cci crossing +/- 106.5 is really all that's needed. The truth is out there, you just need to backtest to find it.
Good Morning All Todays numbers! If you would like these via email please check out my blog at http://www.supportandresistancetrading.com/ Always remember to use the numbers as a guideline for potential areas of high probability plays. Always use a setup based upon your system to enter that trade Thank you all for your support
Hey Mark I started the thread in trading, because when I joined ET that was the first forum I saw, and I didnt bother looking around. The thread is relevant to both, as it deals with Trading in general, and also specifically the ES. As Mark has pointed out for all here, the thread is available in the Trading section also with a large amount of commentry from the last week.