From support to resistance

Discussion in 'Trading' started by trader1974, Dec 31, 2019.

  1. _eug_

    _eug_

    I trade mostly in CL / and Oil ETF's and higher time frame S/R levels are VERY accurate and almost always respected on first test. Trading without it would be trading blind basically.

    Intra-day chart break out into a weekly resistance? FADE
     
    Last edited: Jan 1, 2020
    #51     Jan 1, 2020
  2. padutrader

    padutrader

    rather than think of S/R as walls, it is better to see how prices react to it, coming close to it.

    does it race and then retrace by a larger amount?

    does it race and retrace by a small amount and spend time around the level?.

    does it crawl up and hang around the level ?

    crawl and retrace by a large amount sharply?.

    market usually gives you enough time to make decision because the big boys take a lot of time to do their work and because no movement gets traders impatient and make the wrong decision. most traders do not need help doing that,anyway.
     
    #52     Jan 1, 2020
  3. padutrader

    padutrader

    usually the same instrument will do the same thing over time: you say it respects it.

    some other instruments may also respect it but after overshooting a bit, trapping some before gleefully racing off in the opposite direction.

    observing each one would be advisable rather than expecting something
     
    #53     Jan 1, 2020
  4. Thanks padutrader,

    I just noted to try trading on different strategies and methods on 3 other instruments. This is a good point. I trade crude oil now, but would test on NQ and RTY as well
     
    #54     Jan 1, 2020
  5. trader1974

    trader1974

    I think you have to go to the product that offers the best price action.
    Always ES think it is a mistake.
     
    #55     Jan 2, 2020
  6. padutrader

    padutrader

    the Bl$%dy thing has to move …..if it does not, then even the best trader in the world looks like an idiot.
     
    Last edited: Jan 2, 2020
    #56     Jan 2, 2020
  7. trader1974

    trader1974

    I don't understand you, I don't understand English very well
     
    #57     Jan 2, 2020
  8. padutrader

    padutrader

    that may be good thing......I do not say anything useful.
     
    #58     Jan 2, 2020
    trader1974 likes this.
  9. padutrader

    padutrader

    markets are total psychology.

    when I started I was confident but did not know anything.

    now I know a lot but ionically I am not confident.

    I have been doing things in reverse......

    and if there is any weakness the market will exploit it.

    that is why I have been losing continuously even though my knowledges been increasing
     
    #59     Jan 2, 2020
    SimpleMeLike likes this.
  10. trader1974

    trader1974

    I can only give you some advice.
    Get carried away by the river.
    Do not fight.
     
    #60     Jan 2, 2020
    Nobert, birdman and murray t turtle like this.