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Horizontal Support & Resistance

August 9, 2012

Horizontal support and resistance is not something that I really rely on for entries, as I’m usually aiming to enter in the direction of a trend, and a trend by definition means higher lows or lower highs. This is not to say that it’s not important, of course, and when trading the ES I use it for the vast majority of my exits. My final trade today was an attempt to short a pullback in the hope of a retest of horizontal support. In the latter half of the session nothing really shaped up, and the market became obviously range-bound.

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