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Support and Resistance Trading Simplified

  • #221
  • Apr 9, 2010 9:39am Apr 9, 2010 9:39am
Thanks, Yes S/R rules. The only difficult part is having the discipline to trade every singe setup without hesitation. Entries always look scary in these zones...
sisse
Quoting Chris_B


Support & Restistence rules!!
Pending conversations? PM for a chat...I am mainly in OTM now
  • #222
  • Apr 9, 2010 12:18pm Apr 9, 2010 12:18pm
Hi Sisse. Nice day for you today, good to see!!

What was the entry criteria for the last long?

Flo
  • #223
  • Apr 9, 2010 12:29pm Apr 9, 2010 12:29pm
As you can see in the 1st chart I posted today I was waiting for a close down and a break up. Why? From a strictly S/R was a 1st test of broken R. If you see the 1st break long of that R early in the morning it was never tested + US markets were opening so I tight stops and trade the 1st pullback to a broken resistance. Sometimes or most of time this happens in the next 1 or 2 bars after the break but not always.

I hope it helps
sisse

Quoting Flo
Hi Sisse. Nice day for you today, good to see!!

What was the entry criteria for the last long?

Flo
Pending conversations? PM for a chat...I am mainly in OTM now
  • #224
  • Apr 9, 2010 12:40pm Apr 9, 2010 12:40pm
Yes totally makes sense. I just thought maybe you entered on a lower timeframe due to price movement at that point, but that's hardly possible (as ist already is a 15 minute chart).

Thank you.
  • #225
  • Apr 12, 2010 2:58am Apr 12, 2010 2:58am
Just S/R. E/J. Its going to be a difficult day for setups 'cause the gap

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ12042010.png Size: 13 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #226
  • Apr 12, 2010 10:00am Apr 12, 2010 10:00am
Finally a potential entry.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ12042010update2.png Size: 15 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #227
  • Apr 12, 2010 10:22am Apr 12, 2010 10:22am
Yeap... Protecting profits and waiting for targets. Trigger chart

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ12042010update3.png Size: 13 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #228
  • Apr 12, 2010 11:01am Apr 12, 2010 11:01am
Price stalling at last swing low before the gap ... Target 1 exit ...Other 1/2 open still have a chance.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ12042010update4.png Size: 16 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #229
  • Apr 13, 2010 2:02am Apr 13, 2010 2:02am
Last target hit to the tick. Great big winner.

Just S/R. Today EJ. looking for longs till daily resistance.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ13042010.png Size: 13 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #230
  • Apr 13, 2010 4:45am Apr 13, 2010 4:45am
Good one indeed! Any other for today?

Flo
  • #231
  • Apr 13, 2010 4:49am Apr 13, 2010 4:49am
Down confirmed as long as the last S is holding I am waiting for a Break Up to pull the trigger

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ13042010update2.png Size: 19 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #232
  • Apr 13, 2010 6:02am Apr 13, 2010 6:02am
Last update before news. Now there is 2 new potential trades plus the one that is about to be trigger. 1 long and 1 short. let's see

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ13042010update3.png Size: 16 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #233
  • Apr 13, 2010 7:49am Apr 13, 2010 7:49am
Short seems to be working after news ... still waiting for targets

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ13042010update4.png Size: 12 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #234
  • Apr 13, 2010 8:43am Apr 13, 2010 8:43am
YEAP Target 1 exit. 0 Risk mode and protecting profits. Both long setups still valid

sisse
Edit: Adding 2nd chart for the bigger view
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EJ13042010update5.png Size: 13 KB
Click to Enlarge Name: EJ13042010update6.png Size: 16 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #235
  • Apr 13, 2010 10:18am Apr 13, 2010 10:18am
Stopped out in profits with the second target . Longs still valid for today.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ13042010update7.png Size: 16 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #236
  • Apr 13, 2010 10:39am Apr 13, 2010 10:39am
any reason why you didn't go long from support at 126 when price reacted there? Presumably you expected price to continue to the stronger support below (2nd Target).
  • #237
  • Apr 13, 2010 10:47am Apr 13, 2010 10:47am
Yes, you can see that in this zoom out chart that broken daily resistance (I was expecting a retest before a big move up) and also I was not 100% sure if there was real support there (that why the target 1 too), especially the overnight funny bar at 4AM was a very difficult to read.

Now after the fact is clear that I should have drawn a support there but to be honest with you I wasn't sure.

sisse
Attached Image (click to enlarge)
Click to Enlarge Name: EJ13042010update8.png Size: 17 KB
Pending conversations? PM for a chat...I am mainly in OTM now
  • #238
  • Apr 13, 2010 11:11am Apr 13, 2010 11:11am
Hi Sisse,

Ok great - I didn't see that you were using a MTF approach, I like your trading - keep it up!

Are you profitable with this?

What is your Profit Factor on this?

Thanks,
Vip

Quoting sisse
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...
  • #239
  • Apr 13, 2010 11:12am Apr 13, 2010 11:12am
Quoting sisse
Yes, you can see that in this zoom out chart that broken daily resistance (I was expecting a retest before a big move up) and also I was not 100% sure if there was real support there (that why the target 1 too), especially the overnight funny bar at 4AM was a very difficult to read.

Now after the fact is clear that I should have drawn a support there but to be honest with you I wasn't sure.

sisse
Yes, it is only clear on a 15 min chart but I think there was very strong momentum off that level which for me at least made it an entry off a 5 min chart with a dose of luck.

Nice trading, thanks for posting your commentary.
  • #240
  • Apr 13, 2010 11:18am Apr 13, 2010 11:18am
Thanks. You are right in the 15m you can see it clearly. Sometimes missing some very fast swings is the tradeoff when using longer timeframes... but yeap longer timeframes are my "filter".

sisse

Quoting Porkpie
Yes, it is only clear on a 15 min chart but I think there was very strong momentum off that level which for me at least made it an entry off a 5 min chart with a dose of luck.

Nice trading, thanks for posting your commentary.
Pending conversations? PM for a chat...I am mainly in OTM now
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