That's exactly what I've been trying to communicate to you since page 2 or 3. First of all, defining so called S/R objectively and accurately isn't necessarily straightforward. Admittedly, there can be some artistry involved unless you use objective levels such as prior/current day OHLC. Here, there's no interpretation. So, even if you're able to define S/R, you'll often end up more with a zone than a precise level to the tick. Now, assuming that we were able to define S/R and using your suggested approach, the next challenge is to differentiate between support/resistance holding or price breaking out. In some ways it's similar to differentiating between a reversal and a pullback. Not always easy either. The devil is in the details in this game...
Exactly right, and as you say, lots of artistry. I think Scat has me on block now, so I guess I'm only talking to you. But I already outlined earlier in detail how a break of support was very tricky to trade, and yet, no discussion. Now if I go back to his chart and look at the very last possible trade, he calls it a matched low, but that it turned early. So how on earth do we enter this trade? If we "front run" each entry, this means using even a much bigger stop. He says there is no way to know if a trade will work, so this means each trade has to be front run or else this can't be claimed as a possible trade.
Trade and consult (not on YouTube ) - his sons AFAIK just trade. Any teaching he has done is long in his past.
@Noah, if your setup filter works properly, today is a good day to apply S/R strategy. You probably won't be able to figure out why lol.
Nope, but I'm sure you will be able to tell me at the end of the day which trades I should have taken!
For those who don't understand TA and context....The spy cracked on interest rate fears a few days ago. It bounced into this mornings 50 day and 20 day Ema. I was long but got out quickly. Then knowing the context I shorted the break of the .618 I drew in on the hourly chart. That was my best trade in weeks. I don't comprehend how people can look at charts and not see support and resistance and or bounces at the big moving averages. Note I am not saying T/A will make you money but you do see statistically significant bounces.
Too funny. His post to you was after the AM was well underway. So apparently a trend day long was ruled out. Still, predicting day types is tricky even if your inference contains a complete data set. If you always bet on W or M, you are a hero 4 out of 5 days but that one day you’re off you give it all back.
Also note that all he talks about is support or resistance. His post didn't even mention direction. So with market dropping, its easy to say resistance held and support broke. And of course if we rallied, support held and resistance broke. Bravo!