Support & Resistance are a result of price action which is a product of simple supply & demand. Successful trading is not "predicting" per se but reading the immediate direction and strength of any occuring oscillation, based on the increment you are trading in; Intraday, Swing or Position. Objective thought and action is possible but only if you create an environment of non-variables to trade inside. Sorry for the late response to an early comment but it sticks in my side like a knife when young traders make such comments. Please give yourself 5 to 7 years of personal research before you venture out with statements like this. If you have an open mind you will prove to yourself that the markets are random but readable.
Let's take oversold for instance. What it means, it will reverse into overbought or will get more more oversold? You get almost a 50/50 chance. Statistics don't lie.
It's the new way to market TA so it can never be proved wrong. Because it's subjetive, it will never be the fault of PA, it's your fault; you still have to learn it well (and pay for courses, seminars, books, etc.). The new dogma.
could be - but the real question is - is it likely one directions will make you more more more quickly. Will one tell you are wrong sooner. Will that resistance give you enough information to make a good trade. that is all you really need to know. for instance if I get long in front of that resistance - will I make a buck if I am right and lose 10 cents if I am wrong. Is this the morning session or the afternoon. Do we have good volume or weak. Is the the first time up after an extended run or the third time up and the start of the afternoon session. Only traders who have not watched the market say that technical analysis is not useful.
TA works a little during trending markets. During choppy markets, TA works WORSE than flipping a coin.
It matters to you and there's nothing wrong with that. However, it does not matter to me if TA is science or art for some that prefer that debate... Subjective or objective for others that prefers that debate. Thus, worry about yourself...your profit level. That's what matters. I'll do the same. Therefore, my market experience, my markets and my profit level is none of your business. Simply, find someone else to compare penis sizes. Le difficile n'est pas de monter, mais, en montant, de rester soi. Bonne nuit Mark
That's all they do is lie . . . any great statistician will tell you that. Stats can be skewed to show anything the statistician chooses.