There appears to be a huge tribe and mindset immersed in s/r which is just a diversion. This is excellent. That leaves nothing much to get in the way of the very few seriously taking money out of the market professionally.
I refer you to "The Stock Trader" by Tony Oz. The gentleman took only longs in a shitty downtrending market using primarily support and resistance to find entry and exits. I myself have been using support and resistance for slightly more than a decade....Retired last year....no need to work again... My mentor used support and resistance for a period of 40 years, retiring with an estate valued at approximately 70 million.... So I am pretty sure I have said this before but what the hell.... Support & Resistance only "work" to the extent that the trader understands the concept of "tests". Traders who know how to wait, and watch and evaluate how price acts as it "tests" support & resistance, are able to make decisions that result in profit....Those that don't have the skills or the judgement, well no one is going to stop them from making decisions, but the outcome tends to be more or less random...
intraday emini trader using support and resistance will be disappointed more times than not......otherwise it works well on longer term stuff i suppose and will take other's comments as correct for stock trading, longer term trading etc.......emini's have not been around forever......emini futures trading is not stock trading ........actually all other trading experiences wont' help much with emini daytrading except maybe chart reading skills and that can be biggie but most don't have those skills as they use the crutches of s/r macd bb's etc......... errors made when emini daytrading using stock trading experiences........news, s/r, volume, squawkbox {big joke}, gut feel, macd, %R, RSI, bb's, gann,etc.....if u think your emotions can handle a 50 or 60 % emotional killer emini daytrading system go for it ..the old losses cut short let profits run sounds very nice, so does all u have to do is simply hit the ball when it is thrown in the strike zone........ ..get ready for bigger emotional problem when spouse asks you where did money in trading account go.....it can be done by anyone, but is brutally difficult to get to higher level of success ... ..if u trade emini's intraday stock trading experiences are usually a big problem to overcome and set aside as you trade emini's during the day.....best wishes to all traders....i wish no harm to anyone....only success....porgie
follow up point and remember this is weekend boredom stuff but true for me........emini daytrading and stock trading are not close kin......different mindset.......steve46, i know i talk way too much and say some things out of line.......if you are for real i mean no offense or disrespect to you personally......i hope u have retired from trading and i think that is wonderful....but what a wast e if u haven't passed on knowledge to others such as family etc....i would say u have.......not forum members....most are seeking something for nothing ...... ..my original boss/mentor/ made his big money in another business and never figured this one out.....as he threw big money at it gambling the intraday emini"s.......bigtime........his programmers and genius who was my trading partner didn't figure it out either..finally quit and wen tback to original business in steel industry......i am very slow and sometimes very ignorant as u can see if u r what u say, but i am tenacious x infinity........so 5 yrs later i have what i have been seeking........all the forum talk is for grins, but built on a lot of realmoney/realtime and not realmoney studies......... wish u the very best.......mr steve46
porgie......you...talk too fucking much.....must of it is meaningless shit..... hurry up and have a fucking heart attack already...you old dirty bastard.....fuck I love putting all these dots everywhere ..... this style of writing is so much better .... good thing I don't have to contstruct proper sentences and paragraphs ..... and good thing I don't have to work at mcdonalds anymore ....... at 65 I was getting a little too old for that.......god bless myself
ripley, have u ever tried to trade stocks at the open? openin' range is one of the most profitable time frames, pick up any stock that's in the news and as soon as it opens check out if the first candle is red or green, then play in the direction of the bar itself...most times the stock continue to go up if the candle is green and viceversa...gains can be monstrous and they materialize in matters of min if not seconds. i know now openin' orders and openin' ranges breakout strategies dont milk much no more but that's only because u have to be more selective...pick up anythin' that gaps and increase the odds; me thinks u'll be surprised how well u can do. cut your losses in a flash tho if the stock reverses or you risk to turn an expected 1-2% gains into a 4% loss. give it a try man it could really be worth it, this was [and still is] one of my main and most profitable strategy...worth a try, innit.
in my strategy I don't even know where support and resistance is Because we all know... There is no such thing as resistance when a 500 lot flies across the screen. Only when there is a failed test below that price point does it mark "resistance"