From support to resistance

I trade mostly in CL / and Oil ETF's and higher time frame S/R levels are VERY accurate and almost always respected on first test. Trading without it would be trading blind basically.

Intra-day chart break out into a weekly resistance? FADE
 
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rather than think of S/R as walls, it is better to see how prices react to it, coming close to it.

does it race and then retrace by a larger amount?

does it race and retrace by a small amount and spend time around the level?.

does it crawl up and hang around the level ?

crawl and retrace by a large amount sharply?.

market usually gives you enough time to make decision because the big boys take a lot of time to do their work and because no movement gets traders impatient and make the wrong decision. most traders do not need help doing that,anyway.
 
_eug_ said:
I trade mostly in CL / and Oil ETF's and higher time frame S/R levels are VERY accurate and almost always respected on first test. Trading without it would be trading blind basically.

Intra-day chart break out into a weekly resistance? FADE
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usually the same instrument will do the same thing over time: you say it respects it.

some other instruments may also respect it but after overshooting a bit, trapping some before gleefully racing off in the opposite direction.

observing each one would be advisable rather than expecting something
 
padutrader said:
also I traded only eurusd for 13 years

that was my biggest mistake

especially since I was losing

I thought if I spent more time I would get to know it better. wrong.....

insanity is doing the same thing over and over and expecting different results.....

I hope you and others do not make that mistake
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Thanks padutrader,

I just noted to try trading on different strategies and methods on 3 other instruments. This is a good point. I trade crude oil now, but would test on NQ and RTY as well
 
trader1974 said:
I think you have to go to the product that offers the best price action.
Always ES think it is a mistake.
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the Bl$%dy thing has to move …..if it does not, then even the best trader in the world looks like an idiot.
 
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markets are total psychology.

when I started I was confident but did not know anything.

now I know a lot but ionically I am not confident.

I have been doing things in reverse......

and if there is any weakness the market will exploit it.

that is why I have been losing continuously even though my knowledges been increasing
 
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