Support and Resistance Levels

Hi All,

When daytrading the S&P futures using a 5 min chart, I use important pivot points such as the opening price and the previous day's high and low. I also use previous swing highs and lows. Are there other ways of determining reliable support and resistance levels for daytrading? Thanks in advance for your input.

 

HispaTrader, Have you tried using Fibonacci retracements? I've noticed that often the retracement levels are spot on.

 

you might want to check out guy's page:
http://deltat1.com/DailyNotes/DailyNotes.htm

it's got PP, S/R, Fib data, and a PP and S/R calculator.

hth

take care -

omni

 

You might want to include a 20ema. You will be amazed how many times it acts as s/r.

 

Thank you all for your reply. All good suggestions.

 

One of my favorites, he uses daily charts for his examples but it works on faster time frames as well.

http://www.cbot.com/cbot/pub/cont_detail/0,3206,1058+15784,00.html

 

yes.
support which does not hold is support
resis which does not hold is resis

those which hold, you can pretty much ignore

 

That isn't enough?

 

SPY Supports

 

I tried all that stuff and was never able to be profitable as a day trader. The best results I had were when I was using channels and trendlines, but even then I was a scratch trader overall.