Real Time Price Action- Clue to Puzzle?

[erierambler]

	Quote:	DbPhoenix
	I'd look at it this way:

Interesting, it's nice to see what someone else sees. I'll be looking at your blog tommorrow.
erie

[zeon]

	Quote:	erierambler
	All I've got is 1320 and 1340 for tommorrow. Anyone else? erie

Why 40? I see the line comes from the left on your chart but there's nothing there, except for the the high in the middle of your chart. When you look to the right 1340 doesn't look like it provides any sort of S/R, price just goes straight through it. So where does it come from?

	Quote:	DbPhoenix
	I'd look at it this way: As for tomorrow, I may do an ES day for my last day. The numbers will be 23, 30, 40 and 48, for starters.

Perhaps you could attach a chart from the ES, because the one you posted with those numbers is a different one. For example, where does 48 come from? I know I said 47-49 myself the other day, but that was strictly speaking only from the overnight. Erie said 46 yesterday, so I guess it's all around the same place yet we all have slightly different numbers.

As for 30, I'm clueless where that comes from. Price spent some time around 32-34 yesterday and reversed twice of that level. I would think these levels would be obvious S/R? See attached chart.

[zeon]

It's been suggested that the price level where the greatest number of trades takes place, should provide important S/R in the future.

So I tried plotting volume by price on my charts. However this results in having the zone 1335-1340 as important, but when I see other people's S/R levels, that one doesn't quite add up

[erierambler]

	Quote:	zeon
	Why 40? I see the line comes from the left on your chart but there's nothing there, except for the the high in the middle of your chart. When you look to the right 1340 doesn't look like it provides any sort of S/R, price just goes straight through it. So where does it come from? .

Here Zeon, look at the last two days, with the circles.
erie

[heretodaygone...]

Here's the gamut of s/r I'm using for today. Chop zone 1334-1344.Resistance 1352,60,74. Support 1325,17,10

Zeon, I agree with you. I don't like the subjectivety of hand drawn s/r. Having said that, they are just lines on a chart. I just keep asking myself the same question...are buyers showing strength? or weakness? or better yet....are buyers accepting or rejecting these price levels?

[erierambler]

	Quote:	heretodaygone...
	Zeon, I agree with you. I don't like the subjectivety of hand drawn s/r. Having said that, they are just lines on a chart.

No problem, I don't need to post the charts with explanations, I can agree with that as well.......
erie

[zeon]

	Quote:	erierambler
	Here Zeon, look at the last two days, with the circles. erie

Sorry, not trying to be the proverbial pain in the ass here, but...

I'm seeing price go through that level as if nothing is there, about 5 times in last two days. I agree the "sideways volume" there is noteably higher than elsewhere, but that's about it...

See my chart, the pink line is where you and dbphoenix have resistance, the blue lines is where I would mark them. That, and the bigcharts volume by price chart.

The only thing that strikes me is that 1340 happens to be the middle of yesterday's action. But why would a calculated point provide s/r anymore than for example pivot points or fibonacci levels for that matter?

[heretodaygone...]

	Quote:	erierambler
	No problem, I don't need to post the charts with explanations, I can agree with that as well....... erie

It was a blanket comment, not meant to insinuate anything or anyone. I quite enjoy your perspective as it helps me see what others are seeing.

good trading

[zeon]

	Quote:	heretodaygone...
	Here's the gamut of s/r I'm using for today. Chop zone 1334-1344.Resistance 1352,60,74. Support 1325,17,10 Zeon, I agree with you. I don't like the subjectivety of hand drawn s/r. Having said that, they are just lines on a chart. I just keep asking myself the same question...are buyers showing strength? or weakness? or better yet....are buyers accepting or rejecting these price levels?

But what's the alternative for drawing s/r by yourself? How else would you determine these levels? I've counted on s/r to guide me through the day, as they used to be levels where I could find nice entries in the past. Lately though it seems as price couldn't care less where there's s/r... They are just lines on a chart I agree. Trading without them would be like trying to find the keyhole blindfolded with your hands tied behind your back and the key in your mouth. Eventually you might succeed, but not before you've bumped into the door several times.

[heretodaygone...]

	Quote:	zeon
	But what's the alternative for drawing s/r by yourself? How else would you determine these levels? I've counted on s/r to guide me through the day, as they used to be levels where I could find nice entries in the past. Lately though it seems as price couldn't care less where there's s/r... They are just lines on a chart I agree. Trading without them would be like trying to find the keyhole blindfolded with your hands tied behind your back and the key in your mouth. Eventually you might succeed, but not before you've bumped into the door several times.

Personally, I use market profile levels with an emphasis given to more recent levels.(traders have good memories but not that good )