The trouble I have trading with those lines is by the time I have figured out the direction I have chosen the wrong direction too many times to where I am lucky if I break even by the time I get the surge. Look at that chart and imagine an idiot like me...you can see where I would choose the wrong direction and need to bail...there must be a better way. ElectricSavant
That's where that instinct I believe you said you were looking to find again comes in handy. Also, price tested that level 3 times prior so the probabilities were more for a breakout than a bounce down. Price has gone on to test that high again, breaking slightly through and bouncing back. Take your pick-- long on the pullbacks or short at the highs. I don't think anyone discussed time frames prior in this thread. I'm a very short term guy, 30sec and 1min charts for entries so jack be nimble jack be quick is the name of the game for me.
ElectricSavant, The key for you is to determine what type of "price action trading" you want to do and then concentrate on one thing only because there are just as many ways to trade price action only as there are trading via indicators. Also, as noted earlier, you first need to determine if you want to learn price action only via chart analysis, tape analysis or both. Thus, as soon as you determine what direction you want to go with, I suggest you start a NEW thread about that one topic because this thread is already too messy unless someone plans on posting consistent charts every trading day to show the merits of a particular type of price action only trading. In addition, a word of caution about s/r levels or zones, make sure you're using the same tools as the person(s) you're learning it from (e.g. same data vendor, same charting program et cetera) especially if their being auto computed. Further, I recommend only using a few levels or zones per day instead of more to "keep it simple". Thus, too many lines or zones can easily be problematic for someone new to the stuff considering there's so many different types of methods involving support/resistance analysis. Last of all, avoid any type of "intuition" discussion when using s/r because you don't have the experience level to apply such. Mark
Mark...Good advice..you are correct on all counts...I hope others read your post and derive something positive from it too! ES
Illusions of course just because you chose them for being so. Next time it will not bounce and you will get the idea. As a matter of fact, 50% of the time it bounces and 50% of the time it goes through those imaginary r/r levels. Do you think someone will draw two parallel lines on a chart and make money? Even a monkey can do it. Yes, you can find many cases where it works and I can find many cases where it does not. You will show those that work because you insist on trading like a loser. For some trading is a recreational activity and they do not mind if they lose or not the margin for the micro-lot. Instead of playing bingo in their local church they do micro-lots.
It's obvious when you wrote this masturbatory piece of rubbish the illusion and bogus image you held in your mind, to bring you to such a state of ejaculatory ignorance, was yourself. Mark brought some good info to your attention earlier in the thread. Why have you failed to address them? We're all waiting with popcorn at the ready to hear how a monkey like you made it from the bingo halls:
the key thing is K.I.S.S. http://screencast.com/t/hG9j4IcE3gvC then http://screencast.com/t/ewe0yKy0ZYoK
Keep on micro-lotting. Also do not forget to show to to physchiatrist the piece you wrote above. He can subscribe the right meds, I did not insult anyone. You are a vulgar loser. People like you are the cause of the low participation in these forums. Only people with severe psychosis like you will stay at the end. Charts are illusions. Of course, people with severe mental problems like you are accustomed to illusions as it is a normal state to them. Now, plonk...
Oh really? The reason people don't contribute is because of pompous dweebs like you who show up professing your greatness at the expense of others. You've contributed nothing other than to dis anyone who doesn't trade like you because in your little world, what works for you is the only thing that works. Your intellect is the only illusion present here.
Folks...the intense focus that a trader must maintain is incredible. Consider this thread a gem ...or a treat ...read with humility. If you trade day-in & day-out and made a living from your profits...in your mind you would continue that focus and could say that you were one of the few that can make a living at trading. Read these posts as if they are from successful people that you can learn from. It gets a little strong from the pro's but they know what they are doing... es