From support to resistance

SunTrader said:
Just a quick glance at SPX weekly shows a nice opportunity in June and then again in Sept. Sharper eyes than mine could probably find many more:
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to be fair to bone , he has a point...……...

if there is strong trend up ….then it is better to be looking to buy.

in historical charts it is easy to say..... you sell at this resistance and you close here.

it is also pertinent that all these trades would have needed to be scalps to be profitable.

it is a fact that among professional successful traders, only a tiny few are scalpers.

I think it is this that bone was referring to
 
padutrader said:
yes

if range is big

but it is not necessary to trade everything, every pattern......I prefer not to

because trading ranges turn into trends or trends turn into ranges ...and it is really difficult to be trading during the change over.....

I have learnt it is better not to trade difficult times, not to try to be perfect,
that by leaving some/ lot on the table, you do not get caught in the numerous traps the market lays for traders

even then I made 10 times in last 24 hours.....and I also managed to reverse a trade, something which is very difficult emotionally to do, and which I have not done I would have blown my account.

so I am very pleased.

this is not the kind of trading advised by books but I have developed my own style which over the years is getting better.

I have tried the advised by experts of not taking huge risks but that did not suit my psychological make up so I have tried to learn more and reduce risk that way.
knowledge reduces risk...…..

this is very high risk....but the reward for success is high.

I have found it is easier to be the animal I am.
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Hello padutrader,

Are you a scalp trader?
Do you prefer high probablity which required bigger risk? Or low probability , big reward and small stop loss.
 
my method is my method.

i am still perfecting it.



identifying leakages and stopping them.

my biggest leakage was trading eurusd.

i still blow accounts...…….that is why now i have stopped trying to follow market all the time.

i stay out of market more now.

my metod is more about watching the speed of moves closely, about keeping a close eye on time and price: both must not be divergent...….


that is helping me think clearly and helping me see what the market is doing.

there are signs when ranging is likely...…. i stop and relax and watch

when market is in between trend and range i do nothing.

i do not think about the traders equation because i do not trade all the time.

when the market is like in the blue box in the chart below i do not trade
s2.jpg
 
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SimpleMeLike said:
Do you prefer high probablity which required bigger risk? Or low probability , big reward and small stop loss.
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develop a feel for the market.

if you spend enough time trading you develop a feel for the market...….

i am not a big fan of things like probability risk......i have found human beings far more risky than markets....

but you need a feel for the market.....you cannot apply rules, formula....if the market is not acting as expected or is jittery, do not trade....

do not trade all the time...do not spend tooo much time with markets in a position.....a position makes you blind to what the market is doing....

stay free......to think..to OBSERVE...the market does not make a move in secrecy.....

if the market is jittery the probability does not change...
 
Try that exercise Selling at Weekly Resistance and Buying at Weekly Support for the past eleven years as was the intent of my post.

SunTrader said:
Just a quick glance at SPX weekly shows a nice opportunity in June and then again in Sept. Sharper eyes than mine could probably find many more:
View attachment 216195
More...
 
bone said:
Try that exercise Selling at Weekly Resistance and Buying at Weekly Support for the past eleven years as was the intent of my post.
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So what is weekly resistance and weekly support. Arbitrarily, the weekly and low?

Of course that would be a losing game for those going short overall. But so would buying support compared to just being a long term hodler, less overall return especially after factoring in weekly commish. Anyway my crystal ball did not tell me to do either option. Must be why I am a trader, and not an investor especially of the hodler type.
 
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