I appreciate your reply. I had wondered about this exact question I quoted before....so when I saw it answered this way in print, I was taken aback. Because I have not been DAY trading this way very long, I wanted to pass it by seasoned traders. Price, at least the S/R lines I draw now, do seem to stop on the lines I draw. Even if they blow through or momentarliy stall at the first resistance line, say on the way up, they seem most often stop and pullback at the next. That helps a lot.
Yes, thank you. That is how I have been using S/R. I just watch to see how price begins to react around these areas. Often, especially lately, they blow through the first and pullback at the second. My goal is to get out before the pullback, and get back in on the renewed upswing of the trend. I use trendlines to help with this too.
Please don't be shy. I am a big girl! I enjoy differing viewpoints. It is how I grow. If it works for me, I will be grateful. It it doesn't, then I am happy to learn that what I am doing works well for ME. But either way, I am appreciative of your time and assistance.
I get that each of the stocks has their own driving forces and that QQQ is an amalgamation of all these different forces. But people also trade the QQQ... I guess what you are saying is that I would be better served to pick a stock rather than an ETF? You are saying that S/R do NOT work on a "traded" index well, or at least not nearly as well as on a stock?
That was kind of the feeling I was getting....that I was either misinterpreting what he was saying (because people DO trade some indexes), or that I have just been extremely lucky in making money the way I was trading.
Indexes are driven by the longs or shorts that are forced upon the algorithm to track that index. This has nothing to do with ...fear or greed...indicators...S/R etc.
%% Good question; no such thing as luck.Welcome to the Uptrending bull market.Of 100 things to do, S&R is one of them; nor do all that profit, have a 100 point check list An ETF like QQQ, like any ETF ,has S&R, It bottomed under $20, bear market; i have the number-but no sense noting it here. Congrats on a months profit, 12 months per year, 120 months per 10 years.........................................................................................Hope this helps=it helped me,LBhere.