Exactly what i was talking about....looks so clear. Someone has automated this. i am going to keep searching and let everyone know what i find.
Anyone trading purely Support and Resistance get a 70% or high 60% win rate?
- Thread starter iamnewuser911
- Start date
Support and resistance as defined in a trading book? No. Overall my win rate isn't that high for these starts but profit/loss are so much higher. I know 1 guy that has a 60% win rate with S/R, but that's not a typical statistic for that type of strategy. If you put a "stop' close to S/R, you're hoping to be able to get out without slippage if it turns or huge profits otherwise. It's like being long volatility or credit. You have to structure the strategy for what it's best suited for based upon the logic behind it. Also moving averages are outdated and useless. So what does S/R mean to you and how should you measure it. Start by defining in it and then assume you have perfect information. What would that info tell you and why?
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What are you specifically talking about?
I have an excel file, that automatically works out your entry, stop and profit target for both 1 long and 1 short trade - for whatever symbol you plugin - it is easy create a table for a list of symbols to compare and pick the best candidates.
I could easily automate it, but you are much better waiting for the market to open and see what is happening - a real good programmer could do it right if he knew what to do, but as I said on this site before - most GOOD traders can't programme, and most GOOD programmers can't trade!
J_S
Long above 2174.75 with R @ 2176.75..Short below 2171.50 with S @ 2169.25
Currently in 1 of the 3 things that price will do!
If market reverses after you enter then you must decide to reverse trade or take a hit - only you can decide, and should not base your decision on just the level being broken - this is where experience with winning and losing comes into it - no substitute really!
J_S
Currently in 1 of the 3 things that price will do!
If market reverses after you enter then you must decide to reverse trade or take a hit - only you can decide, and should not base your decision on just the level being broken - this is where experience with winning and losing comes into it - no substitute really!
J_S