Price Support Resistance
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Posted - 01/29/2010 : 20:40:54
Just a continuing update with a DAILY chart with the red S/R price zones. I drew these in weeks and months ago and haven't changed or adjusted them. Today's (Friday) price moved down to the 1067 line. Obviously there are a couple of price lines drawn in below that which I've had on the chart forever-and-a-day.
Anyway, just wanted to post the chart hoping it'll eventually draw some additional input for how folks may trade around and with these kinds of price S/R levels, whether trading the ES or trading stocks and basing their entry/exit in part on what the SP-500 index is doing and where it is with these S/R lines/zones. Click image for original size
Posted - 02/03/2010 : 20:07:40
Okay ... just wanted to update ... same S/R lines with an additional week's worth (roughly) of daily bars. Obviously there's updating to be done with new forming levels, but just wanted to keep this straightforward, simple and to-the-point. Any comments welcome, as usual!
Click image for original size
Posted - 02/03/2010 : 20:10:22
To get the best sense of things on the topic and the "mapping" of S/R price areas, quickly breeze through the thread from the beginning ... especially looking at the charts of snapshots going forward in time.
MM
Posted - 02/03/2010 : 21:28:36
Thought I'd also include an hourly chart with S/R lines. Compare it to ther prior Daily chart. What's important is to see where the swings and intraday s/r levels are as well. Just tossing out more info.
Click image for original size
Posted - 02/05/2010 : 21:16:38
And here's the same DAILY chart with no additional or new PASR red lines drawn in since where the day of where the vertical yellow line is drawn (actually even before then). Just figgered I'd update the thread fwiw. This is going on a month now. Hope this thread is at least an idea generator or helpful in some way(s) to folks!
Click image for original size
Posted - 02/09/2010 : 20:34:44
Further update on the daily ES chart. I've drawn in what are "new" price S/R levels, at least to my eye. They are both in Cyan. And one of the prior S/R price levels is, for the most part, now negated. I simply changed its color to Magenta (just for future reference purposes).
The idea is that I wanted to share/communicate a dynamic updating - the process. The 2nd yellow vertical line represents the time and place on the chart where these 3 changes in S/R levels were mapped. Meanwhile, all other prior Red lines are still intact as what look like reasonably significant S/R prices. Click image for original size
Posted - 02/09/2010 : 21:03:44
Also, am posting S/R price lines on the 1-hour ES chart, updating the previously posted hourly chart(s). Drew in 3 new S/R lines in Cyan. The one at 1100 also has a couple of Red lines still intact above it up to 1105. So, that is a 5 point range in effect. My read is that if/when price gets up to that area, I'm more focused on the 1100-1102 and how price trades into that tighter "zone" ... and yet still consider 1105 as a possible more extreme Resistance Level above.
Click image for original size
Posted - 02/09/2010 : 21:06:32
Although not drawn in ... 1091 is a more minor potential S/R level.
Any and all input and feedback and sharing is welcome and encouraged!!!
Posted - 02/13/2010 : 17:16:02
1061 and 1091 are now new S/R levels I'm seeing on the ES 1-hour chart ... and have drawn them in with Cyan color. Posting the same chart as I've posted all along in the thread, but with these updates. All other Red S/R levels still "active."
Click image for original size
Posted - 02/15/2010 : 11:31:16
I've been doing the same for year with my trading. I take my s&r numbers from a 10 and 30 min chart and look for confluence on 120, and 200 min charts. I keep a dry erase board and assign each pivot a strength rating and color code them on my chart. Depending on the market I usually rest orders a tick above/below. The intial trade is for a scalp only with a tight stop. If there are other close pivots or if it's a fairly busy area, I wait for a set up. I must have confirmation for the before taking a position in either direction. I use to leave resting orders on all, but taking heat is something I now avoid as much as possible since my 4x bypass surgery last year. If I miss a trade, I miss a trade. Also, I use Fibs to look for another layer of confluence.
mike corsello
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