Trading Emini Support Levels $ES_F
September 7, 2012 at 11:26 PM (QQQ)(DIA)(SPY)(GLD)(FB)
The ability to identify important Support and Resistance levels are critical to your success as an Emini Futures Trader.
Trading Emini Support Levels
Using our Weekly Trading Zones as well as following our Twitter Feed @CFRN are both excellent ways to be aware of key areas of Support and Resistance in the S&P 500 and other Emini markets. Once a major area is identified it will in most cases offer multiple trading opportunities. To learn more about this concept, read Why Important Prices Are Almost Always Tested .
We issued the following TWEET this week ahead of the ECB Conference -
Markets appear hopeful Super Mario will attempt to save the world. Consider being long above 1409 and flat ahead of the speech. #emini #es
— DeWayne Reeves (@CFRN) September 6, 2012
The idea is that while being long above 1409 on the ESU2 was good for a trade, we must also keep in mind other factors that may both help or hinder our potential profits. If 1409 turns out to truly be a key support level, it will most likely be challenged. Each time it is challenged creates a new trading opportunity. Here's the chart -
(ES) S&P 500 Emini Futures $ES_F
On the initial break above 1409 price ran to 1413. As you can see on the chart above that was the top of the next available Weekly Trading Zone and good for a 4 point move. We expect the WTZ to act as resistance when approached from below at least on the initial move up. Price did in fact pull back to 1409 setting up trade #2 which bounced back to to the top of the WTZ for another 4 point move. Trade #3 saw price pull back once again to 1409 for a bounce right back up to the bottom of the WTZ for a 3 point move. At this point the importance of 1409 has become quite obvious.
It is on Trade #4 where price makes its final pullback to 1409 before beginning a spectacular rally. I will use a larger time frame chart below to highlight the complete move -
(ES) S&P 500 Emini Futures $ES_F - Hourly Chart
The final push off of the key 1409 support level ran for a total of 29 points. If your goal is to become a successful Emini Trader, you need to learn how to identify these areas. As a CFRN Partner we not only provide these areas to you, but we teach you the very basics of identifying them for yourself.
If the only tool in your Emini Toolbox was that ability, chances are you could go far. Before you go chasing more magical indicators and mystical time frames, I encourage you to spend 1 Week with us as a guest of Burt & Leslie from Daniels Trading and allow us to show you exactly what you can learn. We will trade live markets with real money and answer all your questions.
We even allow you to download our Proprietary Emini Indicators and try them out for 1 Full Week. We are that confident in what we have to offer. I know of no one else who hands you their tools for an entire week at no charge. Do you?
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