Oldareg, do you trade NRB breakouts then? On which markets and what time frames do you use? Also, what does PE stand for? I assume it's not Price/Earnings Ratio...
Interesting , Ive never really thought about s/r lines that much in depth. On a side note, I dont see any of those numbers as s/r. Did I miss something? I'm with you on the RR, apprx 50 cent profit, cost of business. These 3 questions I do not have an answer to other than a guess. --------------------------- How do we look and come up with different numbers to most? --Choose the most obvious lines on the most used timeframe-- Who else is looking at the numbers we are looking at? --Level 2 watching?-- How do we confirm that they are looking at those numbers? --A hard rejection or breakout of that line--
In trading there can be many "rights" or "edges" not just one TE portrays. None can be dismissed until personally tested, again, contrary to what TE portrays.
Those that must digress to foul mouthed gutter language in a discussion have already fallen to the bottom of the intelligence pool and have eternally lost any argument they step into. I've forgotten more of the intricacies of price action than you have experienced but please continue to post your colorful language and openly display your substandard IQ.
95% of TA is worthless to trading in my opinion. But learning the mathematical/logical skills of problem solving is priceless in trading. You nailed it when you said, "things are either true, false or not yet known". And by self testing and self validation the "not yet known" part can become "known".
IMO both; man because they don't wish to use their brains and are only looking for an easy way to consistency. They think TA, in itself will give them an edge, which is false. And tools because people will grab anything and try to force fit it into every situation. You can't use a screwdriver to pound a nail into concrete. One has to begin at the beginning, "the product" and take the transition of price, one step at a time to fully understand the ongoing flow.