Trading support/resistance

Discussion in 'Trading' started by superbull, May 6, 2009.

  1. Hi All,
    let's share ideas on how to trade near support/resistance lines more efficiently.

    I think first touch of support line is not very good change to buy. But what's the best time to enter? Second touch or some other reversal signals, which of them? Thanks.
     
  2. Guys,
    any ideas?
     
  3. "Fortune favors the bold." --Pliny the Elder


    I take 'em on the FIRST run. If I can score, cover & go back to the cookie jar....that's the best case scenario!


    You?
     
  4. NoDoji

    NoDoji

    Take small position on first support for the bounce, then move in full throttle for double bottom or higher low pivot.
     
  5. if it's a major s/r point and you're taking a position in front of it, get the fuck out in a hurry if and when it breaks
     
  6. GCSICLRBC,
    the first bounce can not be too big, so you earn not so much in this case, but you should, for covering loss trades.

    Yes, fortune favors the bold, but I sure you know that to be bold is not sufficient on the market.
     
  7. So you are talkng about having two positions, one short-term (for the bounce) and another long-term, opened when reversal pattern is formed, right?
     
  8. S/R doesn't work
     
  9. It really doesn't work always, but often.
     
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  10. I don't think about millions. I beleive it takes time to earn much money, but I hope it will be interesting for me.
     
    #10     May 7, 2009