Yeah, European session was a mess, daily had double inside bar so it was apt to breakout and Bernanke started it. Managed to take part of the run. Thursday, 11:20AM here right now. Spring already started for us here in Siberia.
Just curious. Aside from immediately preceding price action, how often have you found more distant ("key") S/R levels to have useful informational value? I well understand the theory behind it, but for every instance where a past S/R level apparently has an effect on immediate price action at around that price level, I can find another, equally "valid" example where it does not. And so, I question its usefulness.
I use protective stops in case setups fail. The setups I trade reach a minimum profit target more often than not (60% or more of the time). There is no way to predict where price will go with certainty.
I have no argument with any of those statements. I'm only suggesting that most "key" S/R levels don't seem to pass the balance of probability test.
I know, you asked NoD, but this matter is interesting, so I decided to join the discussion. Levels are basically the only 100% objective points on chart, where we know for sure, that supply/demand balance changed. Levels on big charts (daily+) for sure are watched by many eyes, including eyes of someone moving big money. Less so intraday levels, but that's still the case. And final note: for me personally, price action around level is the key factor, not the level itself.
I think the 5% are able to predict, or have some kind of sense to the markets. Obviously if your a algo trader you are already part of the 5%.
or the whole notion that 95% win and 5% lose is total bullshit. Just another myth propagated by emg and other losers. more likely, it is 50/50 depending on what time frame you are using.
2 whole trades? Slow down, Big Guy. You're gonna break the bank. Tell us more of your "paper account". I just want to make sure I got all the "facts" straight....
No, no. You're wrong. YOU GOT IT ALL WRONG. Lucias knows some of the top guys at the biggest firms. A certain Wall Street market maker (don't ask him which one), offered to buy his C2 "crack pipe" algo for a cool 10K, but DR Steenerburger said given his unnatural talent could easily fetch 60K after making a couple minor tweaks (...like upping the Sharp ratio by a couple points.. and what not). There's a rumor going around that Traders Monthly plans to back Lucias in the next Robbins Cup! He'd blow away the competition, that I'm sure of