Well CE, as I said before, never listen to anyone else, as all it will do is cost you money That said, some people are very good at explaining things clearly, and they charge for same. Some write a book to charge money, but one of the biggest problems with books these days is that they can easily be copied and put up on the internet - moral and legal issues - lol On this site we have too many looker on's - so, previously I would have posted a lot of detail, whereas now I am not posting any detail that is of real value - truth is that it will not matter anyway, as most will never realize that the main problem is YOURSELF - but, as there is no "thank you" from people these days, I will stick to my decision from now on. Futures lead Cash - ignore Futures at your own pearl. If you trade Futures, then it is wise to look at the best way to trade them, and avoid the common trap that the markets are chaotic - the markets are not chaotic, they are nothing but buyers and sellers trying to make money, and when one makes it, the other loses it! J_S
I am currently using XTrader - anyone know of any ADL strategies that uses S/R? Floor Trader Pivots still one of my favorites.
Anyone trading purely Support and Resistance get a 70% or high 60% win rate?" No one should trade "purely" on Support and Resistance, or any one or two variables only. Traders should constantly think about, or consider, the ever-changing holistic picture of things. And second, asking for "win rate" is kind of meaningless as well...that's only one part of the picture. A trader can have a high win rate, but still have average or even a negative net; Trade management is equally just as important.
Being dumb can be an asset, and so can being slow. Smart people, or people who like to think they're smart, often complicate things unnecessarily thinking their edge in being able to handle complicated stuff. In business, doing the hard simple stuff is often where there's untapped value, but often non-obvious except hindsight being 20/20. To be slow means you've got time on your side, and may avoid psychological damage or blowing up accounts. Totally not necessary to learning any business. What you may need to do is read up on expectancy formulas and how win/loss-probabilities mean absolutely nothing for your overall expectancy, without average returns and losses. What you don't need is people spoonfeeding you, because different people trade different strategies and tactics, have different opinions and generally are a little assholes as well. So listening to all these people for content, will eventually lead you astray into all other directions than finding your own focus. You yourself need to be that mountain in your life you're looking for. I don't know how people daytrade or how they overcome all the negative expectancies and risks without first learning the basics. Two days won't be alike and the market have no obligation to give you anything. Part of edge is probably to find out when to anticipate movement and when to anticipate more range, and properly anticipate/deal with facts. If you need other people to tell you how, then it's like driving a car on the road blindly. How can you expect to drive and steer safely without seeing anything? If the roads were the same every day, it could work. But they're not, and that's what you're missing - how much possibilities there are, having intimate analysis from all kinds of market conditions and finding something tangible, even if just an opinion or perspective on the markets. Analysis should follow understanding, which is best simplified as much as possible. The basis of all TA is often just: Price. Can truly only go up or down. Sideways is a loss of time and generally less profitable, so why bother? Volatility. Says something about how violently or peacefully price changes over time. One man's trend is another's pullback, which is another's flag, part of another's doji, so get some perspective/context. Volume. Says something about how efficiently the market trades in time and price. Not always easy to use, but provides some context for future prices. OHLC. Statistics on how the lower timeframe traded. You might find PA-tricks here, though benefits will be small as it's often just part of a trading signal. Reading too much into just one bar is a mistake. That's basically all there is! TA is analysis on these data only. Start with the basics, and don't be arrogant thinking the markets owe you anything. Getting one setup right might take months or years. Exceptions are of course tick, range and volume charts, which may be helpful especially on shorter timeframes. Not mentioning derivatives here either. Main point is find out what works for you, disregard the rest (for now) and make it work in your favour. About support and resistance, this is entirely irrelevant to your trading unless part of your trading plan, and then you know why you included it in the first place!
We wrote these two articles and I hope this would help you guys with the support and resistance research. http://www.optimusfutures.com/tradeblog/archives/why-support-and-resistance-is-not-exact-science/ http://www.optimusfutures.com/tradeblog/archives/draw-trade-support-resistance/