Thanks for the input 4RE, I'll keep those points in mind. I've ordered the Douglas book, looking forward to reading it.
Just a note: I am having all kinds of network issues at the house today and doubt if I will get them resolved before tomorrow. Right now I am on a neighbors unsecured wireless network with a laptop. I get a liitle weak signal but it is working some. I will try to post the trades for tomorrow in a little bit but I don't know if i will get to trade in the morning. I do have e-signal and ninja trader set up on this laptop so if I get a signal I'll be trading. Thank goodness for unsecured networks... 4re
since I primarily trade the emini-Russell, I thought I'd post some levels that I found for the emini-Russell that are setting up for tomorrow...... if anyone esle sees additional s/r levels please let me know...... once again thanks to 4re for this forum long above 733.00 short below 702.00
I like trading the Dow mini a lot more than the ES. I struggled with the ES. I've been using a breakout strategy for a couple months now on the YM that has been working very well. I really like what you have shared with the ET crowd. I may have to dabble in the ES once again now that I've seen your success. MDT
Good, also Dr Alexander Elder's book Trading For A Living is very good. I have one on my nightstand and the other in my office. I refer back to them all the time. To get used to determining S/R it is helpful to look at your charts find what you consider to be a good level and see what happens when price reaches that area. All trading takes a lot of observation and studying. I have been doing this about 12 years and trading S/R for about 8 of them so it seems very easy for me to see it on any chart. But it wasn't always like that. Other people like to trade chart patterns, they see stuff I wouldn't even be looking for. I do look for certain patterns that I have found useful though. Stick with it, it will be worth every minute you put into it. Did he document I uploaded last night help you any or did it just confuse you? It took me several times before it clicked with me. 4re
If you are having success with the YM stay with it. These same principals work with anything. Do you watch anything alongside the dow. I always watch IBM. It is a stock I traded for years with a lot of success and I have noticed that where IBM goes so goes the dow. We used to say never go against big blue...Good luck with your trading. Stick around here, there are a couple of others that I think trade YM also... 4re
I'm trading my own method based on price action (higher highs and lower lows). I was on sim for awhile to test some new filters. I'm still having problems trading the open (I tried to predict a reversal instead of waiting for price to confirm it); therefore, I was down early and had to battle my way back.
Actually it was a reversal this morning. We were up from overnight and when the market opened it reversed and tanked. We were in a bearish wedge going into the open this morning on the 15 minute chart. I wasn't expecting this type of fall though. But it doesn't really surprise me either. I try not to predict the highs and lows though just the S/R levels. Anyway you made it back didn't you. Try not to fight the market it will win in the long and short run. Just take what it gives you Good Trading tomorrow, 4re
I am having a hard time seeing the chart due to my computer issues this evening but it kind of looks like you are right under a support level at the close. Looks like a good short to me at the current price level. I could be wrong though. 4re
just wondering, what's the reasoning to go short below 1273, if you base your entries on previous HL and low being 1274.25? Also, since you are into S/R, have you ever considered working out averages for various R4/S4 levels for instance ((Classic+Woodie+Camarilla)/3) and trading that average figure? Romik P.S. Nice read up here BTW