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Strategies & Market Trends : E-Mini Pit -- Ignore unavailable to you. Want to Upgrade?

To: fut_trade who wrote (504)	2/12/2002 9:37:43 PM
From: the-phoenix	Respond to of 11288

fut_trade: This was a good exchange. Gave me more food for thought and made me re-examine my trading strategy for today. Thanks! " I would not call yesterday's high a magic resistance number. I'm not trying to get too critical here, but I was wondering what your reason was?" One of the key reasons that I felt the area of yesterday's high would hold in the S&Ps today was that it was right at the 20 day ema. As a first test of this moving average from below, after a sharp selloff and long run back up to it, I felt it would hold as resistance. I trade the 20ema in multiple timeframes (from 1 minute to daily) as an important support/resistance level. Here, I can say that I feel strongly that the reliability of this setup is supported very well with my trade history, especially on a first test. In fact, I usually trade the NQs, but given that the S&Ps were testing this 20 day moving average, and the NQs were still well below theirs, I decided to switch for the day to the S&P. Other reasons that I mentioned in the previous post had to do with the somewhat extended, short-term situation intraday as the 3PM reversal period was coming up, but these were just conditions that I felt strengthened the probability for success of the core setup, which was driven by these considerations in the larger timeframe.