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« Learn to Trade Emini Futures - Head And Shoulders Pattern | Main | Learn to Trade Emini Futures - Emini Podcast 02/16/12 »
Friday
Feb172012

Learn to Trade Emini Futures - Support And Resistance

(QQQQ)(DIA)(SPY)(GLD)(SLV)

The S&P500 Emini Futures ended the week on a high note! House lawmakers voted 293-132 today to approve the bill which will extend the current 4.2% payroll tax through the end of 2012, as well as extend prolonged jobless benefits and prevent payment cuts for Medicare doctors. The Senate quickly followed, approving the bill in a vote of 60-36. 

We've wasted an awful lot of time, money and energy getting this resolved so what does it really mean? The typical family making $50,000 a year will keep about $40 with each paycheck. That pans out to $20.00 per week. Seriously? $20.00 per week for a family making $50k per year. What will $20 buy?

4 Caramel Macchiato's at Starbucks?
Dinner at Mcdonald's?
Enough quarters to do your laundry?

It certainly won't fill your gas tank. Yet, a 1-term Senator who made his career getting you $20 a week for the next 8 months will retire on a pension of $170k annually with a full benefits package including health care for himself and his family. Who says Royalty is dead?

But hey... most of us aren't Congressmen. We are humble believers who trade for a living. So let's talk about the things that really matter.

  • Love God
  • Love People
  • Care for Widows and Orphans
  • Make 2 Points A Day

We covered Support and Resistance recently here on the Blog but I am pulled back to it again tonight. It doesn't matter if you Day Trade, Swing Trade, or Position Trade, it matters. Period!

Support And Resistance

When you strip away the emotion (try that) it's such a simple concept. Support is the price where people will gladly buy your product. Resistance is the point where the hive mind will suddenly say "No way Jose' " (sorry Jose') That's what makes a market, any market, and that's what also makes it a great day to be an Emini Day Trader.

Unlike the Stock Trader who spends countless hours, perhaps months, researching a stock until they are ready to marry it ('till death do us part), we the Emini Futures Trader are a bit more fickle. (at least the successful ones) I can buy the open, sell the news, or any variation that suits me. As a trader I'm more of a speed dater than the marrying kind. Is this morally wrong or unethically sound? There are some that might try to tell you that it is. Ask them to trade live in front of you. Then ask them the question again.

We've covered Dynamic Support and Resistance, Fixed Support and Resistance, and how the two work so well together. What more could I possibly add? Quite frankly, not much...

Support and Resistance are immutable facts, yet they are constantly subject to change. Whatever the hive mind says is fair, as it turns out, really is fair. We can complicate it, twist it, deny it, or simply embrace the fact. That defines CFRN - We Embrace It!

  • Support? yes
  • Resistance? yes
  • The Leper? oh yes...

You get my point. If the market is climbing, let's buy it. If it's dropping, let's sell it. If both happen in the same hour? Embrace it, and trade it or simply step aside. The next setup is just over the horizon...

I'm going to post a chart that will naturally make you a bit suspicious unless you're already a Partner. Before the market opened this past Monday morning we put our reputation on the line as we do every single week and said the highest we believe the S&P500 will trade is 1360/1361. Here's how the week ended -

 


S&P500 Emini Futures 02/17/12

Voodoo you ask? No, as the Partners already know, this is not some arcane art but simply a function of math, or in lay speak - Support and Resistance.

So what's my point? That is my point!

It's a self fulfilling prophecy, not a perfect science. You either own it, or it will own you. You might think it was just a lucky call. I don't blame you.

Luck is what happens when preparation meets opportunity.

At the bottom of this web page is a tool bar. On that tool bar is a link "CFRN Emini Charts" where you will find over 700 charts that all reveal the same thing, over, and over, and over again.

Does it only apply to the S&P500 Emini Futures? Let's look at the DOW -

That number went to our Partners before the market opened this past Monday. Do we always nail it that perfectly? No. Our Weekly Zones should be considered an "area" at best. Sometimes we just miss it all together. That's the honest truth. However, the 700 charts below covering the last 18 months might still be worth looking at.


Unlike other web sites and training rooms that guarantee you success, we make no such promise.

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  • To teach you how to trade

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Emini Podcast for Friday 02/17/12

References (1)

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  • Response
    Response: Dorthy Dobrasz
    Learn to trade Emini Futures in our Live Emini Trading Room. Daily Q

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