I am staying with this trade and getting my 2 points. All the volume is on the sell side so either I stop out or hit my target this morning.
I use Medved QuoteTracker, they're the best ... made phenomenal improvements over the past couple'a years. The only downside is that you only get 10 days of charting data for intra-day charts, period. Other than that, they don't have many weaknesses. Oh, they most definitely are NOT into automation either (I guess we're just not there on the retail level yet). You can get your data feed through IB if you use'm, or most folks go through IQ Feed (the RT, not the dealyed quotes, ROTFLMAO ), the poor cousin of DTN IQ. You can also design paintabrs (with simple if/then formulas), set price alerts, etc., all that high-end stuff, for a very low bottom dollar (they have a thread here at ET). *** Price Action isn't too concerned with any divergence studies this morning, but it's not dropping hard either, my vote says the bulls get theirs today. Later, Jimmy
Stop loss now set to B/E. I didn't get filled when it touched my target. I am going to get my 2 points on this.
OUT and done for the day. It took a little longer than I wanted but got it anyway. Did anybody else take that trade?
Yep. Was tempted to exit at 1269.50 when I didn't get filled but stayed in and got the 2 points. I am really starting to like the simplicity of trading off the S/R levels. Fewer trades and easy to understand and use. Gracias por su ayuda.
I was to, that is why I kept posting during the trade to let you guys know that I didn't bail on it. If you look at the volume everytime we get a pullback it is on low volume then when the volume starts coming in ES is going down. That is what kept me in it this morning. But even if you would have gotten out at 69.50 you would have have money. Good job Gary
It always looks simple when the trade works out ... [/B][/QUOTE] Indeed it does. But I was referring to the simplicity of the setup itself. Using the support and resistance levels as entries to trade breakouts is much simpler, in my opinion, than using multiple indicators to try and trade swings and waves throughout the day. I like knowing before the open the prices at which to go long or short rather than reacting to what the market is doing at the time to make my long or short decisions. In that way, it is simpler. And I like simpler.
JJ is right about it looking easy when it works. The hard part is when I have several days in a row where it doesn't work. That is when you want to start tweaking the system. I don't like doing that. I like to keep it simple and either it works or it doesn't. Over the long haul with a good exit strategy (which I use unless I see something like this morning) you will be a winner.