Hey Peter, Hope everything is going well. Just noticed this thread so haven't read it entirely.. Do you find T-Notes act similar to support/resistance as does the ES or ER??? I just started watching the ZN but I don't have any historical charts on it..
Hi Flashboy, I found just what Magee said in his book about indexes: S/R levels are washed out compared to individual commodities/stocks. Doesn't mean you can't trade indicies with s/r, but stops etc. are necessarily wider.
Re: today's market. I was just thinking overnight that there is no way I want to be short today. Yesterday was a great opportunity to short and nothing became of it. And now look: a V-shaped rejection of YL on high volume. Actually it is not only YL, but a S/R level going back to 5/11 and 5/12 where it was R. On 5/13 the market broke out past, and retested it. It became S. Then it was S again yesterday, and now this morning.
My stop is at 30/32. I will cry if I have to stop it there, but my stats show if it retraces that far then we've probably seen the high. Didn't add down low, no pullback to speak of, but i'm looking to add 111 305- 112 range.
The market has only had piss-poor pullbacks (PPP) so i'm pretty excited about holding this one to the close. Next stop move will be to 112 15/320 if it remains above 35/320 for a little bit here.