I have been working on a trading plan that so far has allowed me to profit in trending markets and to avoid big losses during congestions. But I still can't understand how to define my levels of S/R in order to take action regarding for example closing all my trade and taking action in the opposite direction.
because support or resistance is defined by the state of the market at that time...
if the market has not topped out or bottomed out, that S/R will be an illusion...
this is only logical.....a wall will stop a car moving at 5 miles an hour but a bullet train moving at 200 miles an hour will not know it existed.
the same thing with markets....
the markets will top or bottom out when they run out of steam in that direction....
that level then becomes the next S/R and traders will expect the market to honor that level.
S/R is a joke but a joke that traders do not find very funny see chart: I have marked all the tops with white lines: does even one top equal another.
so what is your resistance?.
pm me I will give you a 100 jokes that are funnier than S/R free
I would appreciate if you don't hijack the thread. If you don't think S/R works, then is of no use to contribute besides saying that in your opinion it doesn't work.
I would appreciate if you don't hijack the thread. If you don't think S/R work, then is of no use to contribute besides saying that in your opinion it doesn't work.
the one that i marked and the two big ones that some one else marked.....are in 5 min....there are so many time frames and each ones have their own S/R.
