One method that looks promising is to watch the bid and ask volume. When they diverge at my levels, it often times lead to a reversal. Today's trade was the first using this approach. I probably picked the wrong day to try this considering the low volume we had up until lunch. So far it's still a work in progress...
@ 11:14 ES trade ($5)
First trade using the Bid/Ask volume.
3 comments:
Michael, are you coming to any other conclusions from the action at your S&R levels?
why don't you just use price? Either wait for confirmation that your s/r level is working or just buy at your s/r level and let a stop take you out if you are wrong. The whole point of an s/r level is that there is a higher probability of a turn there.
Gump, You finally have a blogger account!
Anon,
Normally price is enough, that's how I prefer to trade,but the ES is fairly choppy, price alone doesn't tell the whole story. As far as just buying at those levels goes, that's a great way to destroy what's left of the account. I've never seen anyone do that and make money consistently.
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