Hey Romik, Thanks for the nice words, you and B1S1 is where I got the idea from. You guys have a very thight knit group with some squared away traders(Thats good). Actually what I look for is areas of past congestion, places where price had trouble getting past for whatever reason. That will be either my support or resistance depending on where price is. Then I am looking for at least two points of movement if price can break through that level. I like a little more than 2 points because it gives you some wiggle room on entry or exit. Sorry, I don't what R4/S4 is could you educate me on it. I would assume it has something to do with pivot points, am I right? Thanks, 4re BTW, I usually lurk in the ES Journal so I will see you in there. Good trading tomorrow, 4re
I just read the doc you posted, I had forgotten about it. It made sense to me, its helpful to understand the psychological reasons behind S+R. I'll take a look at the Elder book, thanks for the recommendation. With my mistakes on the last 3 days of trading the S+R levels, I might have to sim trade the next few days. Though, I'm sure that I'll end up making money if I do that! .............
I have struggled with similar issues in equity trading. Anticipation has not fared as well for me as my recent adjustments where I let the market come to me. I liken it to hopping on a train as is goes by. My two best trades this year were in TIE and SLW. In each case, I got in as prices were making new highs on momentum. That"s why I like the possibilities this thread has brought to my attention. Best of luck with your system.
I put myself in sim mode for a week once when I had a week of bad trading. I made my 2 points everyday I was in sim, it was sooo easy. I went back with real money and lost the first day back, what a downer. Then I went on a 14 day win streak. It really is all mind over matter. My 1st day of the win streak I could have had 4 points on tha ttrade but I was so jumpy I took 1.25 points. That calmed me down though because I made some money and the rest of those days were at least 2 points. You can do it just learn to have some patience. If you know that the trades you are doing are correct then that is all you can do. Sometimes the market just throws you a curve ball. I say trading is the hardest way to make easy money. 4re
4re - Do you take intraday breakouts of S/R after a morning with a tight range? The reason I ask is that Fed days (FOMC announcement, or, to a lesser degree minutes release dates - like tomorrow) often are characterized by a tight range before the news release. Then with the news release there are some wild swings. Just curious if you play these situations. Sandy
On days like this I still stay with my numbers. I go ahead and enter the my trades and when the news comes out let the market trigger the buy or sell. a lot of times where i make even better money is if the news comes out and triggers my trade I let it run and get ready for a reversal. My platform has reverse on it so I can catch it both ways. This morning my newspaper pretty much told me which way the market would go when consumer confidence came out plus I saw a bearish wedge before the open so I just set everything up and let it happen.
the third last comment...LOL ......the es is not even a shadow of it's old self....the 5 pt runs are okay.......when they were 15 and 20 it built it's reputation as the emini to trade........those days are probably gone forever but it is still okay........for a few at a time.....2 is enough to make one rich.....too many scalpers for big point targets...........too many looking for fractions or 1.......and i don't knock that either........1 net pt times a few contracts.........a few times a day.........of course, the problem becomes the greed when we see what we missed at the end of the day and we guarnatee ourselves we won't let that happen again, so the cycle continues....all of a sudden down the lonely road we say, man i will be so happy just to go back to the 1 or 2 pts per day or per trade and cycle continues.........after homerun systems take our money time after time........4re is correct to start with small pt targets, but highly unlikely maintaining that will last as pressure by peers increases to do more......if one can keep his discipline and approach is still working after a few months, then party time is here......i hope u make it 4re.....and make it big......i am south of you below houston in the deep woods of brazoria county near the coast where we have to run from alligators, rattlesnakes, and hurricanes..........happy trading and best wishes porgie george
Use the 15 min to draw S/R R is the Highest Close of the Afternoon Session S is the Lowest Close of the Afternoon Session Use 30 min to confirm Trend when Price Action is congruent vs the 20 SMA for 30/15/3 minute charts Use 3min (or 5min if you prefer, I just like the 3min because it obviously confirms a trade faster) to enter Trade on Breach of S/R using Stochastics, MACD, the actual Breach of S/R itself, or whatever works for you. Best, Jimmy