Support and Resistance

TraderZones · Dec 23, 2009

Quote from bighog:

There are more than a single Joe Williams in the world. I would assume there are quite a few guys named Joe Ross, maybe a few women also. Where do you guys have proof this is the same guy from http://www.tradingeducators.com/

For all we know this guy could be using "JOE" as a comeon for free advice from the ET clowns.

PS: In years past i did purchase books from Joe and to make a long story short those books were expensive but did pay me back with enough tidbits to use.

Personally i have serious doubts this guy is the real deal. Lets see who can prove me wrong.

PS: These days i would not advise a raw rookie to spend about a grand on Joe's books because most if not ALL what a new trader needs to build a winning profession in trading is available for FREE on the internet. Anyway you slice or dice the trading game.....................it will not be a easy task. Be warned.
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It is him.

GCSICLRBC · Dec 23, 2009

Quote from Joe Ross:

One week ago I received a couple of emails questioning whether or not I believe in support and resistance. In fact, one subscriber said if I didn't believe in support and resistance, then I couldn't possibly believe in trend! Why? Because in all cases the situation ends.

Here's what I believe: The trend is your friend until the end. The swing is the thing until it goes "ding."

What is support and what is resistance? Are those not simply convenient terms to describe an area of fair value? Prices bounce off of those areas of so-called support and they bounce off of areas of so-called resistance. Why? Because temporarily no one is willing to sell for less than "support" and no one is willing to pay more than "resistance." "Support" and "resistance" are equally as mythological as "trend." Why do I say that?

Every market is in a trading range between the highest price it ever achieved (resistance) and the lowest price it ever reached (support). So what is all that stuff in-between? Can we call the junk in between "support" and "resistance?" What are trends and swings? Are they not simply connectors connecting the temporary areas of fair value? So-called support areas fail to support, are broken, and are connected to a lower fair value area by a swing or trend. So-called resistance areas fail to resist, are broken, and are connected to a higher fair value area by a swing or trend.

Trend lines and swing lines are also broken, and lead to areas of fair value, where prices chop sideways for awhile. So, what's the bottom line of all this clap-trap about support, resistance, swings, and trends?

As far as I'm concerned, the only thing that counts is whether or not you have found a way to make money from any of this. If you are able to make money when prices bounce off of so-called support and resistance, then congratulations, you have probably made it as a trader. If you have found a way to make money from trends or swings, or have found a way to make money from broken trend or swing lines, then you deserve praise and are well on your way, or have already succeeded as a trader. The rest is just a mincing of words -- semantics. Support, resistance, trend, swing -- all are nothing more than ways to identify what prices appear to be doing. Any one of them can see the beginning of the end with the next price bar. If you tell me prices are at support, I will probably know what you mean. That is all the word "support" is good for! If you tell me prices are at "resistance," I will probably know what you mean.

Do I believe in support, resistance, trends, and swings? The answer is no! I do not believe in any of it. What I do believe, most of the time, are the numbers on the statement of my trading account. If they are getting bigger, then I am winning, unless, of course, the broker's back-office has made an accounting error, giving me your winning trade or, Heaven forbid, one of your losing trades.
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This is the stupidest thing anyone has ever written on ET.

Saying you don't believe in S/R is like saying you don't believe in gravity.

I can see how it's a marketing gimmick (irreverent provocation) to entice people to visit your site but it's a poor idea on your part.

PM ME! MAYBE I CAN BUY YOUR BOOK FOR $150. lol

Redneck · Dec 23, 2009

Quote from GCSICLRBC:

This is the stupidest thing anyone has ever written on ET.

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Damn - That is saying something right there

RN

BSAM · Dec 23, 2009

Quote from GCSICLRBC:

This is the stupidest thing anyone has ever written on ET.

Saying you don't believe in S/R is like saying you don't believe in gravity......
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Pretty sad actually. But watch the suckasses defend him.

paperboy · Dec 24, 2009

bighog · Dec 24, 2009

Ok, i looked at his name in the bio.
Ok, lets say it is him. TACKY, very tacky Joe. You should be ashamed of yourself posting such rubbish about support/resist.

Spent all of your money in the Honky Tonk and now to cheap to pay ET a little? Shameful.

HEE HAW!!!!!

I wonder if Joe and Jack Hershey are considering a merger. :eek:

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Support and Resistance

TraderZones

GCSICLRBC

Redneck

BSAM

paperboy

bighog Guest