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firewalker

Live Indices Trades

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1200 is a psychological resistence area. Was planning on holding the whole lot through 1200 but decided to take half off to be safe. Just luck really with 1198, was just there when i decided to take it, but would of been more than happy with 1194 etc

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1200 is a psychological resistence area. Was planning on holding the whole lot through 1200 but decided to take half off to be safe. Just luck really with 1198, was just there when i decided to take it, but would of been more than happy with 1194 etc

 

you mean 'psychological' because of the round number?

I only use technical support and resistance levels :o

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you may laugh, but when approaching these levels you should keep an eye on them. 1100, 1200, 1300, 1400 etc

 

I agree. You don't see round #'s on the ES often, but it's worth watching.

 

Round #'s can be especially true on stocks as well... 50.00, 60.00, etc.

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you may laugh, but when approaching these levels you should keep an eye on them. 1100, 1200, 1300, 1400 etc

 

I keep my eye on S/R levels, but the only reason I've seen a round number really act like S/R is because it's purely coincidental. I've had a look at the ES from the last couple of months and only the bottom of July (1200'ish) seems to coincide with a round number.

 

I agree. You don't see round #'s on the ES often, but it's worth watching.

 

Well had 1150, 1200, 1250 and 1300 recently... But I see no evidence where that round number presents a 'turning point' or is more significant than any other random number :)

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I keep my eye on S/R levels, but the only reason I've seen a round number really act like S/R is because it's purely coincidental. I've had a look at the ES from the last couple of months and only the bottom of July (1200'ish) seems to coincide with a round number.

 

 

 

Well had 1150, 1200, 1250 and 1300 recently... But I see no evidence where that round number presents a 'turning point' or is more significant than any other random number :)

 

As always, whether it matters much depends on the TF traded, but I think round numbers often act as S/R levels, partly because of the psychological effect, partly because orders are often set there. Once the round number barrier gives way, you get a bigger move.

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As always, whether it matters much depends on the TF traded, but I think round numbers often act as S/R levels, partly because of the psychological effect, partly because orders are often set there. Once the round number barrier gives way, you get a bigger move.

 

Show me a chart where a round number acts as S/R, and I'll show you a dozen where it doesn't ;)

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Show me a chart where a round number acts as S/R, and I'll show you a dozen where it doesn't ;)

 

 

very narrow minded comment that. Just going through some old charts isn't going to prove anything. A number of factors come into play;

 

1. Order flow in the market at the time

2. Areas where stops are clustered together

3. Cti2 positioning in the market/ overall liquidty flow

4. Are the Cti2's intiaiting or responding

5. The yield curve

 

All these factored in together can make whole numbers extremely strong areas of S/R.

 

The trade worked netting 14pts on half. Other half was held just incase we broke through which would of provided good conditions for a short squeeze.

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Show me a chart where a round number acts as S/R, and I'll show you a dozen where it doesn't ;)

 

Again, it depends on TF, but the same goes for 'technical' support and resistance levels, which are easy to draw on charts with hindsight, yet often fail when projected forward. All IMO, DYOR, WTFDIK, etc!

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very narrow minded comment that. Just going through some old charts isn't going to prove anything. A number of factors come into play;

 

1. Order flow in the market at the time

2. Areas where stops are clustered together

3. Cti2 positioning in the market/ overall liquidty flow

4. Are the Cti2's intiaiting or responding

5. The yield curve

 

All these factored in together can make whole numbers extremely strong areas of S/R.

 

The trade worked netting 14pts on half. Other half was held just incase we broke through which would of provided good conditions for a short squeeze.

 

Thanks for just proving me point. You just mentioned a whole lot of factors that might or might not contribute to making whole numbers strong areas of S/R. But the numbers in themselves mean nothing.

 

Your argument makes as much sense as me saying: "every square root number can be extremely strong resistance or support", but only if it coincides with (1) the previous day low (2) a congestion area (3) high volume...

 

I say again, until I see evidence to the contrary, S/R at round numbers if nothing but coincidental.

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Thanks for just proving me point. You just mentioned a whole lot of factors that might or might not contribute to making whole numbers strong areas of S/R. But the numbers in themselves mean nothing.

 

Your argument makes as much sense as me saying: "every square root number can be extremely strong resistance or support", but only if it coincides with (1) the previous day low (2) a congestion area (3) high volume...

 

I say again, until I see evidence to the contrary, S/R at round numbers if nothing but coincidental.

 

yeah but the oringinal point of these numbers being strong areas is because a lot of these factors come into play around these areas and it is consistent. If it wasn't consistent then i wouldn't put my own money or my client's money on the line.

 

I like you FW but you sound to me like you've had a handful of winning trades and it's gone to your head.

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Thanks for just proving me point. You just mentioned a whole lot of factors that might or might not contribute to making whole numbers strong areas of S/R. But the numbers in themselves mean nothing.

 

Your argument makes as much sense as me saying: "every square root number can be extremely strong resistance or support", but only if it coincides with (1) the previous day low (2) a congestion area (3) high volume...

 

I say again, until I see evidence to the contrary, S/R at round numbers if nothing but coincidental.

 

Let's see if the Dow meets any resistance at 11000, then!

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yeah but the oringinal point of these numbers being strong areas is because a lot of these factors come into play around these areas and it is consistent. If it wasn't consistent then i wouldn't put my own money or my client's money on the line.

 

I like you FW but you sound to me like you've had a handful of winning trades and it's gone to your head.

 

:o rest assured, it hasn't! I am sorry if I came over arrogant or with a sense of superiority, that was not intended.

 

But I can only speak from experience, and although occasionally these points seem to 'halt' price, there's nothing consistent about them.

 

Let me put it this way: if round numbers acted as S/R enough to profit from them, then that would be a 'free' edge basically. And we all know the market doesn't give things away 'for free'...

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Notice it also bounced off exactly 11000 on the way down. Both would have been worth about 20 points in a few minutes.

 

that's about the size of my stop these days... I prefer the target to be at least 3 times as big! can be wishful thinking sometimes :\

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Lovely trade- was right behind you there - in spirit ofcourse;)

 

thanks smb! today is quite the opposite of yesterday... nice clean moves, my levels are working fine and... I actually thought of shorting at 11110 and it would've turned out okay!

 

Didn't want to push my luck though!

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