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Support and Resistance
Started:May 11th, 2012 (12:44 AM) by SpyderTrader Views / Replies:7,138 / 11
Last Reply:May 13th, 2012 (04:24 PM) Attachments:2

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Support and Resistance

Old May 13th, 2012, 03:47 PM   #11 (permalink)
Big game hunter
Futures Experience: Advanced
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SpyderTrader View Post
@Fadi, @Eric j, @Gary

Have any of you ever added Market Profile or POC levels to filter out "strong" S/R lines and "weak" S/R lines?

Has this improved your performance, or ruined it?

This is a chart from last Friday (jobs report), you can see the many levels.
Trend, chop, trend, chop.

Just looking for something that I can add thats going to help filter out some of these entries.

I don't like trading tops and bottoms, my fave is when price smashes through a level and continues.

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I havent found any of those to be consistently strong . Remember - every market is different and the same traders are involved each trading day in their respective markets so that in itself carries a lot of weight as to where price is going to hold . For example , the markets I trade each have a personality and one will usually see a recent high (resistance) thoroughly taken out in a bearish market before the next leg down and another will usually see price crater without much retracements to a nearby resistance level in a bearish market . Knowing your markets intimately is key .

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Old May 13th, 2012, 04:24 PM   #12 (permalink)
Elite Member
Orlando, FL
Futures Experience: Advanced
Platform: NinjaTrader, ToS, Sierra Chart, MCDT
Broker/Data: Interactive Brokers
Favorite Futures: ES, NQ, 6E, 6A, TF, CL
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SpyderTrader View Post
Ok for all your Elite Members who have been here a while.

Who do you think has the best Support/Resistance indicator?

And why?

There are a lot, and I mean a lot of SR indicators.....but most of the ones I've seen have an average performance, meaning about 50-50.

Sometimes I feel that if you put up a 5 minute chart of anything, and just draw a bunch of completely random horizontal're trading results are about the same as any expensive indicator.

Post your thoughts.

Personally, I like to just look at Point and Figure charts to find major support/resistance areas that price had been trading in past couple of days. Then draw lines manually on charts that I'm trading off with to make note of those areas.

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