No where else to turn

Discussion in 'Technical Analysis' started by cashmoney69, Feb 24, 2006.

  1. The question I am about to ask has been asked before in an much earlier post on s/r. I have been following apple and have their 1 year, 3 month and many intra-day candle charts with a 50/200 MA with an RSI and volume indicator in my database.

    However, I dont feel like I know any more about s/r than before, while I can get a sense of where support and resistance are, i'm <b>having trouble</b> drawing them.

    I did place a few real trades, but I stopped. I dont even paper trade any more because I feel like:

    1. If i dont understand s/r, i wont know when to enter/exit

    2. S/R will give me a better sense of price movement, although from following apple, price does not seem to go much higher than 72.45 or lower than around 68.00


    My family does not support me in this activity and my friends think I am wasting my time taking notes on candlestick patterns instead of going to night clubs. I have no one else to turn to except the experts on this forum.

    Maybe this stuff is common sense and could be why the only questions of s/r seem to come from me, lol, but NihabaAshi and trader273...if they remember me, can tell you that I'm trying my best here.

    Here is my chart with a few s/r lines (apple feb/22/06)

    please tell me what you think, what I did wrong, and where I need improvement.

    <b> if any expert stock traders want to take me under their wing and help me with future T/A questions, please let me know, I'd be most grateful</b>

    - Nathan
  2. I am far from an expert but S/R in its simplest form can be found by using Pivot Points and Moving Averages. Search the web on these subjects and there is a plethora of informations out there. Here are the PP and 2 main MA for AAPL today:


    50-day MA....73.74
    20-day MA....70.80

    S/R is not always the definite line in the sand. Sometimes it is like glass to be broken and other times it's like a rubber band to be stretched ;-)

    Hope this helps.
  3. thanks ragun
  4. ==============
    Looked studied AAPL,your charts & first off, would try to get along with Dad/mom if still living at home. If you have your own home its different but still would try to get along with Mom & DAD, if applicable.:cool:

    Could be some resistance @ about 75 area,[ as noted on your charts];
    studied 1,2 year daily weekly also . Pretty fair uptrend;
    probably wouldn't long swingtrade it soon,
    stock not staying much above 50 day moving average, nor is QQQQ.

    Semi confidently , probably wouldn't want to repeat this, if your Dad or MOM disagrees ;
    banker DAD told me & my brother to ''stay out of night clubs because thats where people go
    who don't know ,
    how to have any fun,son''

    Also my Dad didn't support me in my home business for years, but fortunately DAD, Mom are clients , so kindness pays in long term trend/family relations.

    These are probabilities , not predictions;
    CSCO rocketed , uptrend thru sideways slop/chop, against all odds!!!!

    Believe you could get better in S&R as years go buy;
    also would ask Mom & Dad for work suggestions, cause they know your personality, if applicable.

    XLE related sector has excellent uptrends;
    coolweb noted a stock I found out Carl Icahn invested in .Not a tip.

    Let us know if applicable ,Dad or moms work suggestions;
    my Dad doesn't write me like he used to ;
    but Mom gave me a thick red chinese pencil, good tor tek analysis work.

  5. Excellent post, Murray.
  6. I get the idea that you are looking for "certainty" in your entries AND are terrified of taking losses. Instead of forecasting and mathematically-guessing where support & resistance are likely to be, let the market show you where they actually are and then adjust your trades accordingly. You'll also learn more from trading a cheaper stock with real money. For now, go out to a club tonight and start with a clear head Monday morning.
  7. i also think that if you are a beginning trader, there are plenty of "small name" stocks to trade on an intraday basis that are superior to big names like AAPL, INTC, etc.

    if u trade the big name stocks you are competing with the best traders in the world. get a list of a few smaller name stocks, one with decent floats and trading volume, and concentrate on those. study the intraday charts. pull up 30-40. start from the left and draw the S/R where you think they are being established, then see how well those predictions held up.

    also, imo on an intraday basis, in order to have an edge, S/R is gonna need to be supported/rejected with another measure, such as tape reading, etc. to really get an edge on what levels will hold and what won't.
  8. whitster

    define a "small stock" in terms of volume?

    plus, the smaller stocks are more volatile..right?


    starbucks SBUX
    kraft foods KFT
    blue nile inc NILE

    be a better choice?
  9. Cheese


    You are wasting your time.

    Best advice: jack yourself off thoroughly or at least get out with your friends to night clubs .. to clear your thinking and connect with reality.
    #10     Feb 25, 2006