Market lesson at this time...

Scataphagos said:
"Buy low"... AT SUPPORT. "Sell high"... AT RESISTANCE.

"Most useful and practical".

It's also technically correct to "buy high and sell higher" when appropriate.

So... if you're not going to trade off of support/resistance, just what motivates you to buy/sell?
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man...I've been chasing unicorns for years when a perfectly good horse has been right in front of me the entire time.

I believe what you are saying is 100% true...its embarrassing that it has taken this long.

There are many details to discover and refine around this strategy but it is a strong foundation to build upon.

completely off topic...I have been reading through a ton of old threads recently and came across a post of yours from 2019 that absolutely cracked me up, hilarious.

Scataphagos said:
One year a friend gave me a book about "pool legends". Fun read 'cause I knew almost every name.

Pool players have lots of stories, of course.... one was about a poker game that got crashed and robbed. While the robbers were collecting everybody's money, jewelry, wallets, etc... one of the players went up to another one and handed him $5,000. Said, "here's that 5 grand I owe you".

:)
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zghorner said:
man...I've been chasing unicorns for years when a perfectly good horse has been right in front of me the entire time.

I believe what you are saying is 100% true...its embarrassing that it has taken this long.

There are many details to discover and refine around this strategy but it is a strong foundation to build upon.

completely off topic...I have been reading through a ton of old threads recently and came across a post of yours from 2019 that absolutely cracked me up, hilarious.
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That pool/poker story still cracks me up.

And you're correct... about "perfectly good horse right in front of you all the time". We all see the same charts, but we don't all take from it what we could. One of my favorite quotes is from Sherlock Holmes... when asked, "Just what is it that you do Mr. Holmes?". He replied, "I observe and deduce". Applies as well to trading as to fictional crime scenes.

Today I read on a couple of websites about the "ES 3850 support hold" I mentioned yesterday. It's not just me, it's LOTS of traders.... and yet a couple of ETers go, "whaddayamean"? "There are none so blind as those who will not see."
 
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Scataphagos said:
"Buy low"... AT SUPPORT. "Sell high"... AT RESISTANCE.

"Most useful and practical".

It's also technically correct to "buy high and sell higher" when appropriate.

So... if you're not going to trade off of support/resistance, just what motivates you to buy/sell?
More...

First off. How do you define support and resistance? On which timeframe/s?

Second. You’re at support/resistance and price is wobbling. How do you differentiate between support actually holding or breaking?

Yesterday was a prime example of false breakouts and price overshooting.

I don’t negate the value of S/R, but obviously there’s much more to it than what you’re saying.

Finally, there’s nuances between markets, too. NQ for example isn’t as clean as ES.
 
Laissez Faire said:
First off. How do you define support and resistance? On which timeframe/s?

Second. You’re at support/resistance and price is wobbling. How do you differentiate between support actually holding or breaking?

Yesterday was a prime example of false breakouts and price overshooting.

I don’t negate the value of S/R, but obviously there’s much more to it than what you’re saying.

Finally, there’s nuances between markets, too. NQ for example isn’t as clean as ES.
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1. Support/Resistance on ALL time frames work the same. That is, support on the 1 hour chart will also show up on all shorter time frame charts.
2. You don't know whether S/R will hold THIS time... that's what stops are for. If they don't hold, you lose only a little.
3. "Yesterday.. false breakouts and overshooting".. sort of, but not really. S/R often holds "to the tic", but more likely is a bit messier. Instead of marking your S/R lines with a razor, suggest marking with a wide-tipped Hi-Liter. IOW... S/R are not always an exact price, but rather a tight little zone. I'd mentioned 3840-3850 as support. Market held after testing several times.. and that 10 point range is only 1/4 of 1%... well within risk tolerance level.
 
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Scataphagos said:
1. Support/Resistance on ALL time frames work the same. That is, support on the 1 hour chart will also show up on all shorter time frame charts.
2. You don't know whether S/R will hold THIS time... that's what stops are for. If they don't hold, you lose only a little.
3. "Yesterday.. false breakouts and overshooting".. sort of, but not really. S/R often holds "to the tic", but more likely is a bit messier. Instead of marking your S/R lines with a razor, suggest marking with a wide-tipped Hi-Liter. IOW... S/R are not always an exact price, but rather a tight little zone. I'd mentioned 3840-3850 as support. Market held after testing several times.. and that 10 point range is only 1/4 of 1%... well within risk tolerance level.
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Those small stops adds up quickly, though. Regardless, my point is there's a bit more nuance to it than simply buying S and selling R.

Then again, I'm not a market millionaire...
 
Laissez Faire said:
First off. How do you define support and resistance? On which timeframe/s?

I don’t negate the value of S/R, but obviously there’s much more to it than what you’re saying.

Finally, there’s nuances between markets, too. NQ for example isn’t as clean as ES.
More...
%%
THAT's real practical\ and WHY /SPY volume is much better than QQQ, most likely.
And i agree with that clean comment , even more so ,most likely on a Fed day...................
Problem with smaller time frames than 4 hours or days\= more slippage, more bid \ask+ less profit By less profit \ i mean few short term trading companies or funds that beat SPY, say 10 years\ or are even in business.
There are some short term profits + funds , S+R opportunities but that doesnt change my or your points.:caution::caution:
 
Scataphagos said:
You know, it's such a sense of satisfaction... THRILL even... when you come to the conclusion that you've "figured it out yourself". I wouldn't want to deprive you or any trader of that "Ah ha" moment.

It's all the same I've been saying for years...

Buy Support
Sell Resistance
Chase Breakouts
Trade with stops

KISS, baby!

I don't mind showing you where the good fishing hole is, but I'm not going to bait your hook and cast your line for you too.

If you don't understand or can't identify support and resistance, there are plenty of books.

(I'm no guru... it's Chapter 1 in "Technical Analysis 101". Seems new traders are in such a hurry to "get to the good stuff" they skip over Chapter 1... but I do like that Uberstomphfuhrer though... the "stomp" part really makes it!) :)
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Good Man, at least you did not get mad at me!! That's a big plus :):D

Here's the thing Mein Fuhrer ............. Theory + Practice go together. Ask the fellas at Darmstadt University, MIT, CALTECH., Princeton, Harvard, Stanford etc., now you might be inclined to sh*tcan these names and I would not blame you, they are all a screaming failure nowadays - in MBA for example they do not even teach TA. GG University is the first of its kind in America to have a graduate course in TA.

With that introduction:

Forums = NO Driver License, no photo ID., no visual, no eye contact, no documentation, no nothing. Take such into real life and try to do stuff ................. :) you will be told, "get outta her, you friggin ghost"

What is the ONE thing, that one and only thing, that stellar thing, that magnificent thing dispenses with the liability of carrying anything in your wallet for ID etc., as mentioned above




The date/Time stamp of a Live trade


You, Herr Hauptmann Schroder is terrified of putting a real time trade at ET. It is self-evident that it is a catastrophic fear here, more like Terror really. In your case you've been at ET (a 2-bedroom aprtment) for 13 years (a Fibo number). Its time you placed your c**k on the line.

Don't argue. Just do it. You know its the right thing to do.

You have no Live trades you are worth zip. A good father? I don't give a f**k. A good husband? Go Home and cry to your wife and tell her your troubles. I don't give a f**k. YOU wanna be a contender for a MAN of Substance, put your c**k on the line in a live trade and face the high odds of humiliation and loss and/or the pleasure of real true winning.
 
Scataphagos said:
You know, it's such a sense of satisfaction... THRILL even... when you come to the conclusion that you've "figured it out yourself". I wouldn't want to deprive you or any trader of that "Ah ha" moment.

It's all the same I've been saying for years...

Buy Support
Sell Resistance
Chase Breakouts
Trade with stops

KISS, baby!

I don't mind showing you where the good fishing hole is, but I'm not going to bait your hook and cast your line for you too.

If you don't understand or can't identify support and resistance, there are plenty of books.

(I'm no guru... it's Chapter 1 in "Technical Analysis 101". Seems new traders are in such a hurry to "get to the good stuff" they skip over Chapter 1... but I do like that Uberstomphfuhrer though... the "stomp" part really makes it!) :)
More...




Mein Beliebt, ausgezeichnet, sehr freundlich Fuhrer, do your preps now for next Monday market action. :)

Then post your analysis on Sunday nite no later than 8:00 PM.

Place Live action trades all week starting Monday using your system outlined in this thread. If you lose, you will not get any static from me. You will be consoled and allowed to drink with the Live Action Boys. It will be a welcome to the Club sort of thing. Losing is not a problem for us. Losing guaranties success.

If you win for the week don't stop, keep going on, I will personally cheer you on to win win win.

You get top marks for intraday commentary on Elliottwave application in your counts to your trades.

Do it.
 
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