Look on your tool bar for the "daily price lines" It will automatically do the his and los of the last few days. There is another one called "support and resistence" that you can set for a number of different s/r's. Go to Help/ensignwindowshlep/chartstudies, charttools, and lines, for how to set them up.
txuk - i use yesterdays hig/low, then i´m looking at the range it moves between in the first half hour or so. I also try to find congestion areas from previous days/weeks by looking at larger timeframes. I have a lot of lines, every 20-30 points or so on ym there´s a line on my chart. Like today, i had marked 10660 and 10640. And where did price change direction... It´s really really helpfull...
easy - i know what you meen. i often make money in the simulator on the first real move between 10-11, and then if i continue i lose it. its like that most of the days...
look for the posts from makosgu or easyrider in this thread to find their ES and YM charts with channels updated throughout the day for the past few weeks.
I noticed that most charts dont have LT, IT, or ST lines drawn on them - do you guys draw those in on another chart? It also appears that you don't use the Stoch or MACD studies - so do you trade strictly off of the P,V relationship? Thanks Anthony
txuk - i used calculated pivots for a while, but they were working some days, and then other days they didn´t work at all. I think "natural" s/r-areas are far more accurate, so i´ve skipped the pivots. Just my very limited experience...
I've seen prices bounce off SR lines too many times to discount them... they clearly have some importance. But how can you say that is all you need? For all of the times I've seen the bounce, there are many more when price blows right through the lines. Also, what to use for SR? Prev day hi-lo-open-close, pivots, fibs, MAs, etc. It seems to me we need more clues than just SR.
I think s/r are most valuable as targets, they give you a hint on where price will go, and without a target you don´t know where you´re going. Check out volente in the ym thread, he´s the master of s/r, he often posts his trades and are right most of the time. The secret is that the guy is a master when it comes to predicting in wich way dows gonna move, and if you know that, well...