Aren't you embarrassed that you played the 'spelling card' on an ineternet forum? Or that you actually counted the spelling errors? What a douchebag. This is why nobody comes to ET anymore. Asshats like you. OP is looking for insight.
I am 99.9% sure your will lose. You are no different than those more than 90% of small trader lose just by reading your post. More than 90% of small traders lose!! They Just Lose!!! Think real real hard if you want to pursue trading. Good Luck
Best advice ever. I read this kind of thing a lot during my frustrating, struggling, losing periods and never understood it. I thought you guys were either nuts, or that you didn't actually trade and simply enjoyed posting nebulous and useless information to keep the rest of us from making money. Follow this advice and it can be this easy. No matter what anyone tells you, it REALLY CAN BE THIS EASY. If you get to where you trade price action without bias, you will occasionally pinch yourself to make sure you're not dreaming, because despite the fact you thought there was no way it could work yet again, (but you're a pro now so you trade that setup like a machine), damn if it didn't just work AGAIN.
S/R is a chimera. It appeals to some players because of the 'certainty' provided by a specific line on a chart. It can be as right as often as its wrong. Price gyrations (eg CL) show swings exhausting themselves all the time when as always an opposite swing takes over. So price may coincidentally bounce off a so-called support or so-called resistence line or it may not. But better accuracy is rewarded as in any game. Lets cut to the chase. The mean average swing in points (CL) with the number of swings per day was, Thursday to Wednesday, March 31-April 6: 90x5, 86x8, 56x12, 77x4 and 90x5. Now in those groupings the lowest swing was 41 and the highest 163 - so you're going to be riding some good 'runners' of 70 points plus Now instead of S/R why wouldn't anyone want to work on and start identifying the exhaustion level of swings. Its not rocket science to use an on-chart indicator to help you.
I'm all for putting out some helpful hints but let's not just give away the farm Cheese... some of us worked very hard coming to some very simple conclusions...
Price action only, no indicators, no indicators but use a trendline, oscillators, S / R, wavecounts, ... There is no one singular answer. You can find successful traders using any particular indicator. You can find successful traders using absolutely no indicator. I am amazed by the common denominator that everyone seems to gloss over - don't trade the same markets as everyone else. Maybe go the road less traveled. How many hundreds of thousands of brave souls are chasing around the flat price ES contract ? There is a positive risk / reward expectancy in just doing things a bit differently than the bulk of humanity.