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You have to realize when your're an exception. Most day traders fail. Most day traders have to define if a trend exists...most are trend followers...most try to play support/resistance levels. I don't buy into the reason that most traders fail because they can't follow rules to excellent trade...

Love this...so true. You can assume a previous RESISTANCE level was involved as well. Market did/does a great job of leaving many left behind before the breakout!:sneaky:

You ask that like there's nothing else left to use, but a very good question to ask. Let's just say I do use use charts and the DOM. When I use charts I pretty much eliminate Support and Resistance from my visual perspective (how is proprietary). How many traders have tried to do such a thing...

I just have to say it and I'm not trying to be an ass. So many of you have a fairly strong opinion about Support and Resistance and it's effectiveness. I'm getting a sense that a lot of traders on ET trade using S/R levels. It's been said that most traders lose (85%-99%). Is there a correlation...

L-L...I'm surprised. That's a lot of words coming from you.:wtf:

I'd like to add something to your fight analogy. I see a fight between two teams and one of the teams is going to win in the end, but as always there will be individual players on both sides that will feel like losers...beat up...injured...or benched!

YES, that's has to be the reason to a degree. Too many people trying to outmaneuver each other at the same place. Yes...bigger players also play games at these "levels" when they deem advantageous. The S or R may look like it worked on a chart, but many will be left behind because of all the...

They also DON'T work because people are looking at the same thing.

L-L...I think your're correct. I've tried too hard to be a therapist for struggling traders and it's just too difficult to tell a "story" or get psychological without writing a messy essay. Whats the alternative? There's too many one sentence assholes on this site as well...sometimes saying the...

When you say "knowing what is high and what is low"...it always makes me think of the VOLUME PROFILE TOOL.:D

IronFist...I remember you from years ago. Back then I didn't write much, but would read as much as I could late at night...life was too BUSY then. Anyways, I remember you being very frustrated. Frustrated at your own personal experience with trading and also at the responses to your questions...

Paddy...thanks for your response. You said "KNOWING odds of price moving a certain range are very high=edge"...this is the part of trading that I believe isn't as easy as ABC...yes...no? Not everyone can develop this "edge" and if one is fortunate enough to have one...it may have to be adjusted...

J SMITH...how have you been? Does your trading require any INTUITION to make money at all? If yes, intuition is DIFFICULT TO MEASURE OR DUPLICATE, therefore one could say trading with any element of intuition would make trading in the markets complex/difficult to some degree...not "EASY". Point...

That's the problem on expiration day...my risk will be more like 6 points and the reward about the same, yet my high win rate always disappears because of weird chopping price action. When expiration day is trending more, my setups tend to not kick in at all. So, I give myself a holiday.

Agree, but what if your method describes only "passing" up a matched low when RSI isn't oversold, only on option expiration day?

I can't remember the last time I did this...maybe 2008 when the VIX was 80!

I must ask the question...how many of you disregard your "book of setups" and still enter the price action momentum sometimes because it's too irresistible? I haven't done this in many years. I consider myself a grinder.

Sure, life is opportunity...bit some of us live more strictly than others...just like trading.:D

That's what I've been trying to tell Scat. It's all part of the method and has been for a long time. Thanks.

OK...my non-trading day criteria is part of the methodology.