If you have been studying the technicals of any timeframe in the last month and if you wish to ever profit in the future you have better forget every single chart you have ever studied in the last month. The reason is because the movements you have seen do not translate to realistic trading but rather convert into fundamental manipulations that ignore regular market characteristics.
Interesting comment. But you might have more credibility if you had spelled the word characteristics correctly.
No detail needed. In order to profit you need to be able to find probable signs of profitability. When you study signs of profitability that are only probable during these economic times than your probable results of profitability will only last as long as these economic and volatile times last.
Oh, I see. Yeah, I agree, that makes sense, but you could say that charts like these are somewhat typical of panics - so the next time there's a panic...
I don't know. It would be interesting to compare monthly and daily charts of panics that lasted more than a day or two. Imagine only having a profitable strategy when the whole world is panicing lol.
Of all the daily charts I watch and trade, (grains, energies, metals and dow futures) all have performed as I had expected with respect to S&R with the temporary exception being the Dow during the week that congress went socialist with the bailout headlines. As soon as THAT was done it has been business as usual. There have been some great short opportunities if you know how to look for them.
Yes of course they will perform the same if your scalping or looking for minute to minute fluctuations. My thread is for the inexperienced trader looking to learn the market by looking at the bigger timeframes such as daily and weekly.
Go back and read my post again. I said "of all the DAILY charts I watch". Daily charts ARE my shortest time frame that I watch. I also keep the weekly and monthly open on my screen. I position trade and have no use for intraday noise.