1 Hour Chart Trades

As well as my 5 minute chart trades I also monitor the 1 hour charts, occasionally a trade will come up. These tend to require much larger stops as the stop still needs to go one tick above the high, even so they are very reliable. In the example shown two PINs appear at our 1170.50 level that I mentioned earlier. Both of them provided a chance to take good profits.

Divergence

I mentioned earlier that I also look for divergence, I didn't trade this one as I was away from my computer but it is a good example. Personally I'd also like to see a PIN on the 5 minute chart but this would have been a very good trade.

You can see that price hits our 1170.50 level for a second time, as price is hitting this level both MACD and stochastics are making lower highs giving us very good divergence.

Important resistance

1170.50 level held well, however no PIN bar was present so no trade.

Short trade

Lots of news today so the market was not easy to trade, only one setup so far which was a short at 1535 UK time. False breakout of 1167 level, PIN bar on 5 minute chart, stoploss 1 tick above the high of that bar, target the next area of support at 1165.50 (I set my order one tick above in case we get a bounce). So limit order to enter at 1168, stop 1169, take profit 1165.75

Levels for 31 March 2010

Little bit late to post them but here are todays support and resistance levels.

1173.75
1171
1170.50
1167
1165.50
1163
1160.25
1156.25

I've set up this blog to post some of my analysis and trades. I trade mainly the E Mini S&P futures contract based on price action, mainly PIN bars, along with support and resistance, fib retracements and divergence. I will be posting important support and resistance levels each day including some levels based on market profile.

I will also post trades that I made trading off the 5 minute chart on the ES (e mini S&P)