I agree about the R. As for the accelerating demand line, tho, 1520 was an important break and should be troublesome. The supply line beginning last July may provide a cap.
Hopefully I'll be around if an expansion happens. Got relatives coming sometime today. Got my hands slapped for trying to buy too early today. This week has given me a dose of self doubt. I'll have some work to do over the weekend, to see if theres a problem.
<<However, the S/R provided by the charts always takes precedence. Otherwise, one is following a pivot point strategy>> Exactly, i understand.
Review of last week. I made some good trades, with the exception of #3 on 05, where I hit the wrong button. By good I mean I followed my written procedure fairly well. A problem I'm having, is re entry after a failed one.So may be I'll be a little more active on gaining a poss. this week. I did a review on my trading habits of the last year, and one thing that is very obvious, is that after a few losses, I'll not make another trade for weeks at a time. One of my jobs for the foreseeable future is to get back up on the pony, if I fall off. I'll need to keep up a certain amount of activity, to give myself a chance at this. I'm still a little ( a lot? ) uncomfortable posting my trades, I'm not sure how to work this out, it just seems soo private. I keep going back and forth with my self on how much to expose my self in an on line journal. Pros. and cons. on this issue would be appreciated.
Depends on the chief reason for the journal. If its chief purpose is to explore support and resistance, then it could be of great benefit to any number of people, and I assume you'd be one of them. Getting into what to do about S/R once they've been identified could also be of great benefit since specific strategies and tactics could be explored (this never really got off the ground in the pivot threads). However, getting into strategies and tactics entails some risk since so many people are so devoted to their particular method of approaching the market. The introduction of indicators, for example, will likely take you down paths which you would prefer not to explore. Going even further into what you yourself are doing would entail an even greater risk of derailing the thread into an advice column, like so many other threads, in which the advisors end up arguing with each other and forgetting about the subject of the journal entirely. If what others think really matters to you all that much, you could try setting up a room in chat for discussing trades. Or you could create a "buddy list" and do it via PMs. Or email. Again, where you go from here depends on why you started the journal in the first place and how that initial motive has changed, if so, in the interim. I personally have found the posting of trades to be completely irrelevant, and that the posting of the conditions of the trade are of far greater and wider-ranging benefit.
Thanks for the reply db, Yes, the number 1 reason I have, is to explore S/R, where to find it, and what, if anything, to do about it. I personally don't like using indicators, I believe they just confuse the issue, so I don't want to go down that road. Edit: other than a moving ave. line of price. As far as my own trading, I think I'll keep it private, I think it's too easy to tell lies when someone is looking over your shoulder. I feel much better now
You may have to be satisfied with the explore and where to find it parts. The what to do about it part could be a real can of worms for a public forum. And you may discover that what to do about it becomes clearer as your understanding of the nature of support and resistance develops. But then the finding it part has to come first anyway, so give it time.
For NQ From fridays close, I see R, first at fri. high, (1501 ) and then the high of 2/2 at (1509.5). After that, as was already observed, 1518-20 S comes in at 1492, then 86,( the top of the gap down on 2/3 - 2/4) and then at 1471, reaction low on 5 min chart mondays levels commonality's, 1509.5 = R1 1586, top of gap = P R/L = S1
As it turns out, today is a good day to reread a book. My choice is Tape reading and market tactics - Humphrey B. Neill I hope others are finding something useful to do today.