Trading around reports is personal choice, I was just pointing out a resistance area that worked out.
Hi Trading1, If you trade the EMini S&P 500 you could check out the support & resistance levels at ScalpTrader.com ... but they only do the S&P not all indicies Hope this helps.
I am an ardent supporter of resistance. Then again I resist support and prefer to stand on my own leg.
Going out on a limb here: S/R levels for tomorrow Monday 1/22/07 Res 1444.75-1445.50 1441.75-1442.75 1438.25-1439.75 Sup 1433.00-1434.00 1430.75-1431.75 1428.50-1429.50 These are numbers which i would be looking to trade around on Monday. Will be buying support and selling resistance if certain criteria are met at these levels.
I recognize support or resistance levels when I graph random numbers. I suspect support or resistance levels are an illusion.
Your numbers seem good, I would be looking to buy today around 1433 to a move to 1437/9 then next res will be at 1443, above that is 1447. Under 1433 I would watch for the 1424/1 area to hold as first major support.
I did a journal last year where all I did was trade the ES using breakouts of suppot and resistance. I taught people how to find the s/r levels and toward the end we even did a free video where I show how to figure the levels and how to trade some chart patterns. Here is the link to my journal and I hope you find something usefull in there. BTW, I had that journal for about 6 months and during that time every week was profitable. http://www.elitetrader.com/vb/showthread.php?s=&threadid=69230 Good reading to you, Gary
Hi Trading1 i have found some reliable sources for research and technical information. send me and email if you're interested.
hey 4re... i just read some of your thread. its interesting how you trade breakouts. but instead of flipping if it doesn't break why not follow the trend and use other technicals to give you a clearer direction? instead of just sup/res... have you used any momentum studies?