My question was "where are majority of orders placed", not anything about trading DOM. Anyway I'll cut to the chase to save dragging out toing and froing. Majority of sitting orders are on major round numbers, not support and resistance levels or fib numbers. However, major round numbers create S/R levels, ie you'll notice in the majority of instances S/R are at major round numbers. Possibly 90% of ET may dispute this claim, the problem is that like trend lines, don't nitpick the numbers. A chart may show a S/R @ 4012, well actually its 4000 because like always, price will over or undershoot which is another discussion. Therefore my suggestion, round numbers are far superior to fibs and its simpler, there is nothing to calculate. Now one other thing I noticed about your example of copper chart. Why use Copper Futures? Futures are a derivative, it is not copper price! Why use levels speculators use when you should imo use the cash. Futures prices bounce around overnight and day due to traders playing silly buggers, hence you are being fooled by randomness.
Someone asked to see my 64 stocks so I have attached two TOS 32 grids showing them. If anyone has suggestions for replacements let me know.
I watched the video you posted or at least until he got into trading by astrology then I dropped it quickly but I did watch his June 4th posting and I think he has something to offer but he seems to be concentrating on futures and primarily uses the 15 and 30 minute charts. I liked his guest on June 4th so I will keep watching him for a while. Thanks for introducing him. PS: the commercial breaks are like 5 minutes long so I will have to watch the archives postings.
UNH ---- This charts shows what I am trying to do: it broke the 38.2% retracement line (today June 7) so I went short. The problem is that I when long on Thurday's green bar because I wanted to see a rejection of the 38.2% support when in it actually was just an up-day in a forming down-trend. I have to get better in my judgments if this is going to work.
Attached is my spreadsheet for Monday June 7th. I will post TOS cash sheet when I get to a full sheet so all trades are documented. I am falling more behind the SPX and NDX and will make a decision at the end of June if I want to continue this experiment.
This experiment has a Lot of variables. Setting up a record keeping and tracking system, and trading real money puts you in the top 5% immediately. imho, at end of month if not where you want things, Consider modifications to parameters before throwing the babe out with the bathwater.