Support and Resistance Trading Simplified

Noisy Day. Last long BE again but last 2 shorts working good.

Flo,
What is your criteria to go long?
The Long 3? = HH and HL + break of resistance
Seems like you're using closing prices
In simple words: I pull the trigger the closest I can get from the S or R line I am trading.
1. If its a break of a major S&R yes usually at the close
2. If its a break of a smaller S&R at the close only if its not too far from the original entry. Otherwise a mini retrace in the next bar to the original entry (not @ close). e.g short 1 and 2
3. If its a retracement after a break the entry is the closest to the previous S&R (not the one that was broken but the one before) (not @ close) e.g. shorts 3 and 4

sisse

Just S/R Today 07 April EJ

sisse

PS: Update. boring day EJ stuck in a range

Finally broke the range and Support. Yeap !!!. Short working perfectly waiting for final target

sisse

All targets hit. S/R worked to the tick today.

sisse

sisse your trading looks intresting and profitable how do you draw your lines how do you know where to draw it ??


best regards

In simple words:
1. S/R lines.
2. One longer timeframe. One shorter (e.g. 60m and daily) or (15 min & 240m)
3. Higher Highs / Higher Lows or the opposite
4. Pull the trigger without hesitation every single setup

S/R are drawn on every swing. You can find a very good explanation on how to draw S&R,etc in the gourmetrader especially in this post http://www.gourmetrader.com/collecti...and-trendlines

I hope it helps

sisse

Hey Sisse. How do you manage your risk?

Placing your SL and so on?

Just S/R. EJ right now.



Never take a trade if R/R is less than 1:1. And 1:1 is only accepted x the first target expecting the second to be a lot bigger
Depending on instrument and timeframe. In general, Stop above the break point but never more than 15 pips away. If its a retracement after a break a hard stop of no more than 12 pips from entry.

sisse

Finally setups. Didn't take last long but 2 trades forming

sisse

Hi Sisse,

I don't understand this - where is your swing high and low on this, as it does not seem to be marked correctly.

Regards,
Vip

I can post a chart detailing swings and S/R but later 'cause it will take some time and I don't want to be distracted while I am in a trade.

sisse

Support Resistance...simples

YEAP target hit.

Sisse

Hi again,
How about the long position you didn't take? Didn't you take it because you missed it or wouldn't you take it?

It's "just" a lower high that's broken, so no new higher high before long.



Flo

guess121, What do you mean does not seem to be marked correctly?

Here is the daily chart with the major S/R lines and marking the swings on my charts. (Chart 1)


Flo, I didn't take because i wasn't looking at the EJ. I was trying to take a setup on oil futures ...

Flo, "...It's "just" a lower high that's broken, so no new higher high before long." Yes i understand where are you coming from and I must admit it can be tricky and you can obviously have a different view on that swing. This is my chart marking the swings (Chart 2).

sisse

Just S/R. Today EJ. First break long didn't give me any chance to get in.

sisse

Short worked to the tick.

Just in case you wonder the 2nd chart is the big picture
sisse

WEEEW Long targets hit to the tick again... What a day for the end of the week

sisse

very nicely done

Support & Restistence rules!!