Sure, but the quote was "ALWAYS be fading". Not "fade selectively into strong support/resistance" or "fade at overextended extremes, with the major trend in your favour" - but ALWAYS be fading.
Meaning every single time price does a second test of support or resistance people rush to the masses thinking double top/bottom. NN
You have to be able to identify them correctly. The setup must confirm by breaking the previous High (for Bottoms) or Low (for Tops). They are two (actually one, just inverted) of the most mis-understood pattern setups around. I don't trade them as such, but I do see them after the fact.
Ahh, OK. I used to think the same looking at charts below 15m, the greater the time frame, the greater the opportunity, how you tame the beast is another matter. I have a journal going dedicated to that. Always a learner (borrowed quote).
Whatever you (the individual trader) uses, I've found that confluence is where it's at ... and if you spend enough time in the seat, you will begin to see some very interesting things. Ciao
There is an extremely thin line between hindsight & real-time participation, if we learn how to take advantage, then we learn how to make mega returns vs losses. It's about belief in oneself & risk control. It's just a game to screw with out minds.
Here's what I'm talking about. Someone posted an indicator with buy and sell signals. I coded it and realized that if you faded it you would do much better. I attached two charts: http://www.elitetrader.com/vb/showthread.php?s=&threadid=131870