Anyone trading purely Support and Resistance get a 70% or high 60% win rate?
- Thread starter iamnewuser911
- Start date
Are these your custom levels or standard pivots?
i log in and pull up the chart and see the market hitting the pivot points alot, i wish i could find an autotrader that uses them.
i log in and pull up the chart and see the market hitting the pivot points alot, i wish i could find an autotrader that uses them.
Thank you J_Smith,Use excel to work out your averages and be prepared for what the price actually does when the market opens.
Automatically generated levels - as you can see the long levels were not far out, which is the reason why I use averages!
I have but one major decision to make - long or short - after that it is just a matter of managing the trade.
Experience is used to fine tune entries and exits using market internals - but overall the averages are what makes you the money.
Can you do it - sure you can, anyone can, but WILL you do it - that is the BIG question that only YOU can answer
J_S
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I only want to trade S and R. What do you mean by use excel for "averages"?
I will open my private communication line later and send you a PM - too many Gobshites on these sites and I have no intention of showing anything of value in public anymore.
J_S
No - purely marked on the chart by looking.
Autotrading is bad idea - you would need to be a very good programmer to get all the variables put in - the brain is far superior to any computer and the eyes can pick up more things in one glance than the most complicated programme can ever work out.
J_S
I agree. A simple alarm at the spot you waiting for is easy and quicker.
The problem with automating is this - every moment is unique, like today for instance when the news was released - you can not foretell what reaction there will be until the news is released, as it all depends on the conditions that currently exists and what has happened over the last few days.
To automate blindly on positive or negative news releases, is, well, a little bit thick!
A real good programmer would have to take all the variables into consideration, and, my gut feeling is that this would be a very complicated and sophisticated programme to write.
When you take that very few programmers even structure their programme into logical blocks that are easy to follow and understand (never mind the code behind the logic), this is why I say it would take a very good programmer to automate trading for consistent profits.
To really make it work, the programmer would have to fully understand how to read charts across different timeframes, how they relate to each other at different times based on the bar formations, and the significance of some formations over others, based on time and volume.
Charts are just a visual representation of buy and sell orders - to try and predict what buyers and sellers will do next, based on current "news", is a tricky business at the best of times - but if you are there for when the "news" is released, then it makes it much easier, as you now only have to worry about what is actually happening now, and not what might happen!
Once you know what is happening now, you can make better trading decisions based on what has happened in the past - but you must know what is happening NOW
As mentioned, the brain can "see" more in one quick glance, than the fastest PC with a very sophisticated programme running will ever see - maybe someday it will be possible to easily transfer your billions of years evolved complicated thought process into executable code, just like maybe someday man will live on Mars, and grow "spuds" (aka potatoes, for those of you who are not Irish) from his own shite
J_S
Thanks, but I would need an autotrader, i was trying to get one for TT ADL so i could login from my phone during the day and watch it...but i can not find one. i am guessing too simple for TT.
When you say no auto trader, why? if you see the levels the point is not to over think it. either buy support with a % stop loss or sell resistance with a % stop loss or if you want to get crazy buy/sell in the middle of support/resistance levels - and trade to them, again with % stop loss or use the opposite S/R level as the stop out.
i have to think that all these professional bank traders have all this fancy market reading algos so our best bet is to keep it simple. that is my hopes