wasp

Fair enough and yes I did know that, just forgot... my bad!

How come you are trading ES? I thought you traded YM?

This is of course, where it gets tricky! When does a certain level stop being important as, like you say, do you see a twice break of S/R only to hold a day later yet, the same level could stop working altogether? As yes, technically it is like saying Fib X worked but not Y. Obviously, price action at each level, defining overall trend, and other small factors (time of day, news releases etc...) helps to decide what to do and losses are inevitable. The key factor for me, is defining those levels and ensuring the essentials are there and not the others, bringing us back to point one. GammaJammer once mentioned that for the bank boys, te more times it holds the stronger it will be but still, if you never ended a level, you wouldn't be able to see the chart. One thing that does help, from a swing POV, is only using large time frames for these levels. Yet this doesn't solve the problem. Unfortunately, I do not have the answers so any thoughts are good! Personally, I am going to utilize trends on the shorter TF to help my decisions but back to those pesky levels....................

Cheers db and I have been reading that one. This is not a re-hash in a different section, it will be more for ongoing / joint with live trades and analysis threads, not S and R from scratch.

Yep, totally agree. With just the lines alone you are only half way there. This is the point of the thread, to discuss the S/R levels and then to go one further and look at price ation for the best entries or to carry with the trend if applicable. I'm not one for 'trade setups' or 'no-brainers' personally and like to see action at the level and take it tick by tick but I am all for examples if anyone comes up with them. I'm not looking for exact answers here or an end goal, just an extension of the 'discussion and analysis' thread with more emphasis. Just looking though to find some choice examples to post. If you have any, please post too......

Hi Brownsfan, I am a swing trader essentially, few trades a week, max 10-ish normally. Personally, I will watch price action at said levels and see whether price will find support or resistance then either hold position or reverse. Interesting you only see a bunch of lines, do you not hold much stock in price reversing at S and R?

Even oil traders utilise the same.

and my view of the YM.

Here is a GBPJPY view.

It seems we majoritively use support and resistance in this section and whilst the analysis and discussion thread holds for all aspects, I think we need a more dedicated thread per the discussion of this. As most will have noted, both firewalker and I have been having a few issues lately with our S and R and I have personally pinpointed this down to lack of concentration and detail paid to ensuring the levels I pay the most attention to these levels to ensure they are perfect. Its slightly easier for FW IMO as the smaller timeframes show levels of S/R easier whilst I have 240m charts and swing thus need to have a years worth of data to pinpoint those levels accurately. (apologies if not the case FW). So, what is it we are looking at? Support/Resistance > levels where price reversed at prior (normally more than once) and the chance of this occurance happening again. We have a few factors to consider; 1: Where do these lines start, when do they begin and become important? 2: Where do they become irrelevant? 3: How do we act at these points? 4: When it an area doesn't hold a couple of times but then does again? I know these areas on a chart form in any market, the most important things to consider. Just how do you use them correctly and the most effectively? Hey presto, a thread to thus discuss it.................

Yeah, 1985 is a tad excessive but just emphasising to make my point! I'm actually flat now. All done for this week, its been quite the week and looking forward to a break atm. Have a good one

Getting back on track............ I think one of the biggest problems I have/had was not being able to see the S/R from so far back properly as when its much closer, I have little problems. Time to invest in 3 more monitors so I can see back to 1985 in one long screen.

It was about breakeven in the end! Think I will stick with the 240m tbh but just need to be extra careful with marking on S/R. The 30m gives more detail but it was my own fault I screwed up wit the drop yesterday and just need to pay more attention really. I know what you mean though, trading is meant to be about freedom, not 1 hour naps and 24/7 screen time!

I'll see what I can do but need to concentrate on my trading for a while as things are not going exactly how I would like.

Out at b/e and flipped to the long with a new level as progressively updating from prior levels. I will probably post less trades now btw.

Act of them all as the same importance.

I would act per new candle. All manual.

Tighter definitely. One of the other annoyances with the 4hr is the larger stops and the R:R does stay the same with this. I have check a couple of weeks and the results are better/similar and less missing out this way. Not 100% yet, still looking but I think I may well go back to the shorter TF's.

just set alarms for nearby key levels.

...because, today was unusual, and without taking into consideration these shorter term moves, you can end up watching it retrace which, had I done over the last 2 months, I would have given back 90% of my trades. This way, I am not giving anything back, nor am I buying and buying and buying into a trend. I agree, cherry pick the best is a great idea, in theory, but not always best in practise.

no problem squire!

The numbers are (rough) pip counts, the triangles are entries when S or R rejects and thats about it. Same as 240m, just on a shorter TF.

............

Right, this is how I am going to roll for a while.............

I'm not doing it Myrtle, just messing. Re-assess is my priority and perfection my goal. I certainly won't be blowing my load! :shocked: