Using The Correct Support And Resistance When Trading Futures

Questions:

– Different levels of support and resistance, which does what?

o Which levels do we look for trades with?

 Auto Levels (RED and YELLOW)
 Swing Levels (Light blue)
 HOD/LOD (blue)

o Which levels do I avoid?

 Open of Day / Close of Day
 Trend lines
 Big round numbers (74.00, 1.2700, 1200.0)

o Major? Brick Wall of Price

 Slower timeframe levels (auto levels)
 Trend Lines on the slower timeframe
 Double-tops and bottoms on the slower timeframe

o Minor? Broken easily

 Everything on the faster timeframe
 Swing highs/lows on the swing indicator
 Trend lines on the 4-range chart (fast)

– Drawing Trend Lines, when is it too much

o Video and article on the blog about trend lines

– How do we find the time to enter our trades accurately?

o Start slow and work your way up
o You’re not gonna trade 4 different markets the very first day you trade
o Focus on 1 market at a time, master your trading on the 1 market, and then expand.
o Traders love to make this harder on themselves by trying to do too much.

– Dollar Correlation: read the article on the blog

o Watch the video and read the article on the blog
o Negative correlation

– Trade Room Schedule

o Open Monday, Tuesday, Wednesday

 Moving next Tuesday 31st, early close next Tuesday

o Trade room closed as of the 2nd, and re-opens on the 13th, the Monday after the Holiday weekend.
o Support and Sales teams are open, and Joe will be on email.