I use the Auction Market Theory concepts and market generated information that combines price and volume in order to identify major reference areas (High Volume Nodes/Low Volume Nodes, Single Prints, Gaps, POC/vPOC, Value area Highs & Lows). It means that I use Market profile as graphic representation of how the market distributes price through time. I identify raw rejection/acceptance areas by merging and splitting Daily Market Profiles and use these levels as support/resistance areas. My analysis is based mostly on volume, market structure and ATR. Interim/Major Support Area for me is the price area where exists potential demand. This area should offer support during subsequent selling attempts, at least over the short term. Interim/Major Resistance Area is the price area where exists potential supply. You can find a lot of useful information that influenced my approach here : http://www.futurestrader71.com/ http://www.discoverytradinggroup.com/archives/category/videos
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ES support/resistance areas for 11/01/04. Live ES chart broadcast room will be opened today from 9:30 AM till 13:30 AM EST. To join just click following link: https://my.dimdim.com/mglevels/
ES support/resistance areas for 11/01/05. Live ES chart broadcast room will be opened today from 9:25 AM till 13:30 AM EST. To join just click following link: https://my.dimdim.com/mglevels/