Actually, your statement in the opening post was "If you have been studying the technicals of ANY timeframe in the last month". You said nothing about bigger timeframes such as daily and weekly. And it was ridiculous. All the stocks and futures I track and trade are still adhering to normal support and resistance, and I am trading the same way I have over the past 10 years. You sound like someone who has lost money in the past month. Sorry about that, but no need to start inaccurate threads.
And you sound like one who has no other strategy other than his pitiful intraday strategy that probably yields around 10-20% a year who also after trading for 10 years still has no ability to empathize about the entire market in general rather than your own little view of it. And no i have not lost any money, i have made money and more than you most likely based off your comment. Also I don't see how you could possibly argue that the characteristics of charts haven't changed when all you do is just robotically stare at the screen from support and resistance.
you start a thread with a vague statement because you want to help, and then quickly devolve into throwing out baseless insults. you can do better than that.
price action is the only way to play this insanity...I short intraday rallies and buy intraday selloffs...Short time frames...when i see a buy or sell wave peetering out i put on the trade going in the opposite direction. I dont hold overnight.Nothing makes sense.Today was the biggest head fake i think ive seen throughout the last 2 months...A very strong rally from a selloff and then a massive,disappointing tankage.I was almost convinced by the earlier rally that it was trend changer for the next week or so that would result in a dow 10k or more.Almost got suckered in.Almost.I shorted off the open several times and then became paralyzed with uncertainty.Same thing yesterday.
Making 10-20% a year is very respectable...at 20% you are doubling your capital in 40 months. Making any money when the market is down 40% is superstar status. Beginners shouldnt be trading this market.There is nothing to learn except insanity and how the rules arent working out here...Anybody who is playing this beyond daytrading is just gambling on huge unknowns. Look at cramer.How any wall st broker can recommend stocks in the last month is wreckless.They are merely trying to catch a falling knife.
Well... this maybe an idiotic comment but there is one chart you may want to pay attention to. And that is Dow Nov. 1929. If history repeats itself you would know that Monday will gap up but close a down day and that Tue, Wed and Th. will be such a crash that you will want to forget you were ever born, making new dramatic lows only to recover on Friday and start a bounce on the week of Oct. 27th to rally into March next year. What can trigger the sell off ending on Th? Werent claims on credit default swaps on WAMU scheduled for Oct 23rd? So far, charts look eerily identical. http://www.nakedcapitalism.com/2008/10/another-reason-for-cash-hoarding-big.html