To tell you the truth... I have yet to actually fully use his support and resistance. I see what he shows me at the end of the day, when he points out things to me on eSignal from his computer. But during live trading... he already has support and resistance noted... but it is so obvious anyways that I don't rely on it. I more or less enjoy knowing who is in control and possible turning points. I know I'm not excellent with support and resistance, but I can hold my own I believe.... The thing I have trouble with mostly when not knowing support and resistance, is when to take profits. I like to take half my positions on the first contact of another S&R line, and then let the other contract go, and see if it'll breakout if I have reason to think it might, lots of times this works, but sometimes I might fail to identify S&R and take profits way too early, or worse, take profits too late and sometimes miss out on big movements. I don't have that problem as much, but again, with experience, I should get better. Support and resistance isn't that hard to identify, I must say it would be much easier if I didn't have so many things to switch between. Again, that is why I'd like to get a dual monitor set-up so I could have a chart running fullscreen and manipulate it the way I please and just have the trade platform on the other screen so i'm not forced to switch and miss out on movements, where 7 - 10 seconds can cause you a missed trade from a rapid movement. So, I didn't understand your question completely, but hopefully that gives you an answer. Now once I finally get an opprotunity to trade the full day, at least the first few days I'd like to monitor my mentors screen more closely than my own chart to see how he does it to learn from him. It is a challenge for me, but for someone like you and my mentor, I'm sure it's just a question of understanding what is going on, and I hope to gain that understanding one day, but until then, i'll take full advantage of the fact I can see how someone else trades and try to get all the knowledge I possibly can. Again, a month or so ago, I didn't even have a charting package, I didn't know what futures even were, and I had no idea that support and resistance was even useful. So with a few weeks, I have come a VERY long way, and i'm just excited to see how much more I can learn with some hands on experience, which is obviously much better than paper trading. If I take losses, so be it, I will remain open minded to all possible scenarios... but I do understand the risks and such involved. We will all see... I'll make sure of it personally that I get my trades posted on here. I also won't have any problem providing proof of trades if anyone requires it from statements, I don't know exactly how it works, but I saw my mentors screen and he gets pdf files of his statements and trades I believe, so I guess that is how I will recieve mine from the broker, so I have no problem with showing those if required. But again, i'm in school, so 1 to 2 trades, maybe possible 3 trades maximum for the last hour of the market. Now i'm off to bed for sure, must get rest. Goodnight volente and dj and everyone else. Good trading to you all tomorrow. EDIT: I'll have to take you up on your challenge at another time, i'm extremely tired. Replays, basically the same thing you'd see at the regular market... only differnce is this one acts like a VCR (without the reverse button) And on the replays I do a x2 speed, so... it is twice as fast, once in awhile i'll do x3, but x2 is normally what I do. Unless there is rapid movement, and then ill go to a x1 speed (normal). You'd be shocked at how slow all three of those speeds are though. Basically x2 is 3 hours. It is a very nice feature of eSignal. Although I'm sure there are better packages out there for doing this specifically, but it works fine for what it does. So that is all... again, goodnight all.
volente, I´m curious to why you always monitor dow for s/r and not ym. i´ve started looking at s/r on both, but i can´t figure out wich way is the best. for example, i see a supportlevel from a couple of weeks ago at 10360 on YM when dow was around 10350. But the spread between YM and Dow was not the same as now at that time. If i remember right it was usually 10-15 point, when now it´s more like 35-40p. So would you say support for YM now is still at 10360 or is it 10350 + 35-40? /Stalker
I was wondering the same thing as stalker, volente. How do you calibrate the Dow to YM when you see S/R on the Dow. The delta between them seems to vary quite a bit from day to day, maybe even hour to hour.
The delta between the two for the day you see around 9:45. It takes 15 minutes or so for them to synch. you often see the delta jump up and down for a while before it gets stable. When it´s stable, that´s the delta for the day.
JMowery1987, sorry if this has been asked before, but what about the two moving averages on your charts - why do you need them?
just wanna add - it´s not an exact number. but even if i don´t draw s/r for a day i like to know the delta anyhow and always watches synch.
I watch for the corrleations between how the 2 trade. I like using the actual Dow chart because there is less noise, ie whipsaws. The other reason is because the Dow is static, There is not delta that ranges from 40 to 0 points. If the dec just starts trading and there is support at 10640 on ym, then it is about 10600 on the Dow, then later on because of the decay that actually support is not at the same number on the Ym but it is still at 10600 on the dow. Do you understand now ?
yeah, think i get your point. 10600 support is always the same on dow, if it´s still important that is. So you calculate ym support by adding the delta. that is in august it would have been around 10610, now around 10640. That´s what you mean right? thanks, Stalker
On IB there's a tool called the "Arbitrage Meter" that appears to tell the delta between an index and its front month futures contract value. *edit* Never mind. The Arb Meter just shows a red or green bar and isn't all that useful as far as I can tell. The delta between INDU and YM at open was 35.