Depending on the way things set up I dont always look for support or resistance to break before selling or buying etc...In fact, some of the best trades are taken before support/resisatnce levels break. In most cases Ill avoid new immediate trades after price has worked a long way to a key support/resistance area. Also, since the support resistance I am monitoring 1224-1216, I will look for good sell setups as price works down to 1216.
Don't be silly .... "Also, since the support resistance I am monitoring 1224-1216, I will look for good sell setups as price works down to 1216" and you said you sold at 20.50 into a line of rigid support. You are digging a deeper hole with every post. And 21.25 is still holding You are just not making any sense
The times shown when comments are posted are all off...have been since Friday. How do we go about getting them fixed to show the correct time?
All I said is that Im monitoring 1224-1216, and a very early sell set up at 1220.25 that resulted in a small loss.... I never mentioned rigid support, or 21.25, or anything that digs some type of hole? I dont know what to say if this isn't clear enough...
Well you did ask for feedback in your OP. We went into the rth session on 21.25 which is a strong level with no obvious supply/demand direction. And this level is still holding as we speak. I am just surprised that an author of trading books [yourself] would get caught in such an obvious trap as this one.
Don't give it another thought. The only 100% winner is the guy who never trades ... we are only human and the market is infallible [sadly] Today, we have price nibbling just north of the open with a very very slight north bias to the supply and demand of the session. On a more macro scale the s&d bias is south suggesting we are all about to head south after the unwinding is more or less complete ... but as far as I am concerned this is all just chatter until price turns and then fails to recover. I am just a price guy at the end of the day ...but s&d does bring a little background to the table in the manner of possibilities and cautions. cheers
MON - 12-06-2010 - (DAY SESSION PART 2) SUMMARY - After price retraced from 1224 at 9:30 E=MC2 chop and patient chop trading set in. No price/volume counter-trend short set ups developed off 1224 resistance, and price never could take out the inter-day lows at 1220 to turn the trading trend down. After a new swing high occurred around noon, a price/volume pullback long developed in the 1222 area for a test of 1224 as the trading trend started to align to the up side out of intra-day chop. This lead to small gains when slow price action near 1224 resistance failed to lead to a powerful breakout out of intra-day chop.