ha I just posted something similar then I saw yours..
and by the way - for the people in shock - the same goes for trend lines, moving averages, donkey channels, fib lines, gann lines... what not.
Resistance and support line
- Thread starter Painfultrader
- Start date
ha I just posted something similar then I saw yours..
and by the way - for the people in shock - the same goes for trend lines, moving averages, donkey channels, fib lines, gann lines... what not.
Almost true.
In reality, s/r levels are not DNA that categorically identify anything. That does not mean they are not useful. If you use rational and consistent rules to identify s/r levels appropriate to the rules of your strategy, and you apply the usual risk and money management discipline, you should make money. It doesn't matter if these levels are different to anyone else's since they are not working your strategy. They are guides for you to know what you should do, not guides for everyone else to know what the market will do.
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There's plenty in the TradingView public library:
[URL]https://www.tradingview.com/v/cDCNneRP/[/URL]
https://www.tradingview.com/v/RQnLfaNE/
https://www.tradingview.com/v/Ipl8KeB4/
https://www.tradingview.com/v/GCcUC752/
It is fun to experiment. Try drawing random lines and see how price reacts to it. Obvious support and resistance levels don’t need lines.
The random lines experiment kind of highlights this notion around whole numbers. Most people keep a grid up for time and price, the whole numbers get your eyes to see something that’s really not there.
The random lines experiment kind of highlights this notion around whole numbers. Most people keep a grid up for time and price, the whole numbers get your eyes to see something that’s really not there.
Right. Some great money managers never use technical analysis, but I am unfortunately not so smart. Let's try to code one. At least we need some tools to make decision.
Thank you.
Yes. The most difficult thing is definition. Here is a half product of my work today.