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Let's rephrase the question: Is anyone here really succesful (extracting significant amounts of money from the market) using S/R?

Sure is. :) So, random after all...? However, most days aren't outside days, so you're left with either the high/low of the prior day. The Close should always be watched though. It is statistically significant.

There are however some lines that seem to hold some significance and either slow down price or reverses off it. Prior Day High/Low/Close/50%. Possibly the pivot point. You could also plot the daily Open and the rolling 50% level of the day. It could help as some kind of guidance in combination...

Or because they're random? I've seen people with so many lines on their chart that price simply doesn't have a choice but to bump into one of them. :)

You don't need to remember. If you look at daily ranges, there's been several periods with an average 10 day range of 10 points give or take. March/April 2010. Late 2010/Early 2011. February-April 2012. August 2012. Early 2013. Summer 2014. Volatility cycles.

From the thread title I was expecting that you had turned profitable or had some kind of results, but it seems the only thing you're telling us is that you're better at playing the guitar and that indicators are useless (are they?). Anyway, I have similar experiences taking breaks. It can be...

Generally, it's not a good idea for day trading. I've tested it some for the ES. This instrument typically retraces and backfills a lot, so you're better off entering with a limit order on the retrace. It's rare that this instrument picks up momentum and don't look back, although it can happen...

Correct. Regarding successful businessmen and entrepreneurs who never went to school or dropped out. We all know they exist. But I'm curious how many of all successful businessmen and entrepreneurs did go to school? Just because success has been possible without school doesn't make it a bad...

I disagree. If you go to a good university and take a science related degree or economics, you will have to apply yourself and work extremely hard to get good results. It will teach you work ethics and analytical skills. You also have deadlines to adhere to. There's plenty of people who fail at...

The only way you could answer this is by putting together the data and testing it.

You should stick with "long term hold" and give up on day trading. :)

You sound like a dreamer. :)

I remembered this thread this morning when my very curious 7 year old nephew came over to my computer and was curious about my charts. I told him it was a money game that could make you really, really rich if you're able to predict what will happen next. After a moment, he blurted: It's a...

Thanks, everyone. Appreciate it. I think I'll give this brokerage a shot! Regards.

Hello, I tried searching ET, but didn't seem to find much. Does anyone have experience with this broker for futures trading? They seem to partner with Dorman Trading and PhillipCapital. Never heard of the latter, but I've read good things about Dorman on this forum in the past. If I'm not...

Thanks, guys. I ordered it.

I think most days are fine to trade, but not all days are equal. So, you'd need a way to recognize what kind of day you're trading and trade accordingly.

Ranges have contracted lately, with the exception of a 22,50 point range last week. In comparison, August last year was fairly volatile.

It's worked out in advance in the system's logic?

You pretty much always need to use 'human interpretation'. It's just that when you use a methodology and tested system, whether that's automated or manually traded, your decisions are made and planned in advance. You enter/exit based on rules/signals. Discretionary traders seems to be more...