S/R Emini Journal

All sessions for one week

 

Dont knock yourself out mmm.
Just watch the battles at the s&r points.

There was some hesitation at 64 about 3 days ago but it didnt seem important to me

 

Back to todays session open with the session high 3 points above = mucho resistance.
The longs need serious grunt to punch thru

 

Sitting at the pp for today 1373.44
You get the s& r points bunched up like this and it needs a big shove

 

i'm going to try real hard to leave for good.......vol left, porgie next....sob sob.....

 

Very good info here. Sometimes it is easier said than done but you are spot on.

TinGull,
If you are confused by this market just make sure that while daytrading you use a very market neutral method. Just like what I have shown here. I give a Long and a Short and take whichever one happens to hit. That way you don't care if it is a bull or bear market or correction. It won't matter to you. Then for practice start working on longer timeframes but put your money where it is neutral. If you are confused by the overbought market we are in right now, this happens in trending markets all the time. That is one reason I don't use a lot of indicators to trade with. Oscillator type indicators can give you a false overbought reading in a bull market very easily.

Gary

 

"The markets can stay irrational longer than you can stay solvent."

- Warren Buffet

cheers

 

The strong will feed of the weak, notice how price started reversing a couple of points away from the bottom of the channel? I guess sometimes it's like in sports, too eager to beat the others we observe false starts in swimming, running, racing, etc. Though in sports it's classed as a false start and in trading it is perfectly OK, so we could not see a clear support level, but we did see the proximity to the bottom of the support line of the upward channel, the closer the short entry to the bottom line, the higher the odds of being squeezed out of the position or in other words f...ed

 

just can't help but try to lead but no one follows......

 

Thanks Gary, and yes, with intraday stuff, I'm usually fine with going with the trend. I had some spreads that didn't treat me as well as I would've liked this month, but so goes the game. Just gotta make the best of it.

I too have simplified my charts, and with it being overbought to me...it was just at the top of it's trend channel for so long and popped out (SPX, DOW...) so I felt like things were overbought, but kept on heading up. Today...DOW hit 93 points down, COMP was down 33...but then a HUGE rally. Maybe it's something I shouldn't *try* to understand and just go with it. Kinda like studying the roots instead of picking the fruits....