Real Time Price Action- Clue to Puzzle?

[zeon]

	Quote:	erierambler
	1320,1332,1340, and 1358. chart attached...... erie

my levels for today:

1347-1349 (given yesterday's action)
1358-1360 (obvious resistance)
1337-1339 (yesterday's low)
1323-1325 (from the 15th and the 19th)


Why as low as 1320 erie? and where does the 1332 come from exactly?

and do you take the overnight action into consideration when analyzing a chart?

[erierambler]

	Quote:	zeon
	Why as low as 1320 erie? and where does the 1332 come from exactly? and do you take the overnight action into consideration when analyzing a chart?

The 1320 is an important area from earlier on ( you can go back to previous posts and see the charts as well )
The 1332 area, look at the chart, from back to early March the area above the 1332 was an area of price rejection , this may now be potential support. The overnite action is on the chart from previous days and I look at my levels the night before.
erie

[erierambler]

	Quote:	zeon
	my levels for today: 1347-1349 (given yesterday's action) 1358-1360 (obvious resistance) 1337-1339 (yesterday's low) 1323-1325 (from the 15th and the 19th)

Ok, looking at your figures, why 1347? The others I can see your point as they are reasonably close to mine and one has to allow for a difference in eyesight
erie

[zeon]

	Quote:	erierambler
	Ok, looking at your figures, why 1347? The others I can see your point as they are reasonably close to mine and one has to allow for a difference in eyesight erie

1347 to 1349 is the high of a congestion area from pre-market yesterday. Also, late last night it peaked into that area up to 1349.50 before reversing sharply. So I guess you could say 1349 is the level to beat, but I always define "zones" instead of fixed lines.

I hope the difference in eyesight doesn't spoil things for me again...

-> Question: given the premarket action at 1344-1345 (price reversed after hanging around there for quite some time), would you now consider that level to be resistance? It's awfully close to 1349 though

[erierambler]

	Quote:	zeon
	-> Question: given the premarket action at 1344-1345 (price reversed after hanging around there for quite some time), would you now consider that level to be resistance? It's awfully close to 1349 though

No , I think it's more important to note where price opens , in regards to yesterday's close, there is a lot of price above us here right up to 1358.
erie

[zeon]

	Quote:	zeon
	my levels for today: 1347-1349 (given yesterday's action) 1358-1360 (obvious resistance) 1337-1339 (yesterday's low) 1323-1325 (from the 15th and the 19th)

Like I said in a previous post, support was at 1337-1339. These are the horizontal blue lines drawn across the chart.

Price opened above support and just went straight lower, like a knife through butter. It stopped around 1332 before going back to the support area, which should now act as resistance. I'm observing how the volume drops off gradually, so this looks typically like a low volume retracement after a breakout, right?

Then there's a volume peak that pierces the support level but the bar closes right down, and this is the 'shooting star' short signal I was looking for. The volume is much higher then before, so everything is according to plan.

However - and I can't get my head around why this is happening so often lately - price continues higher. I would almost get paranoid, but this would have been the 14th losing trade in a row. I stopped trading for real after 7 though. Perhaps I need to go short when I go long and the other way around. Certainly looks like that could work

[erierambler]

	Quote:	zeon
	Like I said in a previous post, support was at 1337-1339. These are the horizontal blue lines drawn across the chart. Price opened above support and just went straight lower, like a knife through butter. It stopped around 1332 before going back to the support area, which should now act as resistance. I'm observing how the volume drops off gradually, so this looks typically like a low volume retracement after a breakout, right? Then there's a volume peak that pierces the support level but the bar closes right down, and this is the 'shooting star' short signal I was looking for. The volume is much higher then before, so everything is according to plan. :

Support is at 1332........... resistance is now at 1346.... forget 1337.

erie

[zeon]

	Quote:	erierambler
	Support is at 1332........... resistance is now at 1346.... forget 1337. erie

Yes I can see why support is NOW at 1332... after price reversed from that level it's easy to say. But before the day opened I hadn't written this level on my map. Instead I was focusing on price action around 1337-1339...

as for 1346, how come you suddenly have that as resistance? couple of hours ago you asked me where I got my 1347 from?

[erierambler]

	Quote:	zeon
	Yes I can see why support is NOW at 1332... after price reversed from that level it's easy to say. But before the day opened I hadn't written this level on my map. Instead I was focusing on price action around 1337-1339... as for 1346, how come you suddenly have that as resistance? couple of hours ago you asked me where I got my 1347 from?

1346 is where price stopped going up today, so far the high for today. It is where price recently turned . That's what real time is all about.One can't see that until it happens. Don't worry keep it up and you will get it......But that doesn't mean price will stop there, it is only potential resistance.
erie

[zeon]

	Quote:	erierambler
	1346 is where price stopped going up today, so far the high for today. It is where price recently turned . That's what real time is all about.One can't see that until it happens. Don't worry keep it up and you will get it......But that doesn't mean price will stop there, it is only potential resistance. erie

Okay, fair enough. I can definitely see price reacting to that level: there's a rise in volume and the bar closes off the highs. But this probably happens all the time when price approaches resistance, because it's very likely that other traders are seeing this area as resistance too.

If I may ask, do you focus only on the ES? or do you look at other things to?