Chaostrader my friend....
Who are these "pros". Are they working for someone else or do they own their own business? Think about this question. What more can they possibly know than the average trader like you and me. What is their edge?
Here is all you need to know about support and resistance...
I am going to give you something that could help you become one of the "pros"....one who owns his own business and doesn't depend on others for his wealth. It is up to you what you do with it...look closely.
Put up a long term chart of your favorite currency. Let's just use the EURUSD since we are in this thread. Plot 60M candles. We seem to be trading around 1.4296 now. On your chart plot these lines manually or better yet learn how to write some code to display them automatically.
1.4385
1.4350
1.4315
1.4285
1.4250
1.4215
1.3885
1.3915
1.3885
1.3850
Now look toward the left, study the chart very carefully and think about what you see. If you can back up a little and look from a distance it will help.
On your chart you have support and resistance, supply and demand, entry and exit targets, stop losses, you have identified where the major option players are and you can see the effect they have, you have identified where the big funds are plowing in and out, you have mastered psycology of the markets for you see why the minutia is occuring. You see why the market overshoots. You have a complete methodology for wealth. All answers are here. Doesn't matter what market you trade, beans or euros.
You don't need any indicators to help you. You know where value is located. Think of it as a battlefield and you are the warrior. You are trying to advance, sometimes the force is strong and you get pushed back, if you are trying to reach the next level then your next battle on the front line is 4315. You will very likely not succeed on the first try, you rarely do. Instead you will do battle between the new front and the recently overtaken level. You will keep getting pushed from 4315 to 4300 to 4285. using your individual strength to push through on the upside. It is a great enemy. It is the emotional minds of many. They will throw you around and beat you down. You will likely return to the previously taken front at 4285. You have lots of friends there to push you up and comfort you. If your friends at 4285 can't help you, they become your enemy and push you down to the big, ugly monsters down at 4250. These monsters are a formidable strength and they have lots of firepower. Not there own money mind you, but worldly money. Money that is of little use. The monsters on these stops will either rocket you back where you came from or you will be victorious attacking from above and slay the beast at 4250. So the battle goes and goes. Don't run out of ammunition and never think you are defeated, for if you do...well then you are!
Master this and you will master your skill.
DRT
Who are these "pros". Are they working for someone else or do they own their own business? Think about this question. What more can they possibly know than the average trader like you and me. What is their edge?
Here is all you need to know about support and resistance...
I am going to give you something that could help you become one of the "pros"....one who owns his own business and doesn't depend on others for his wealth. It is up to you what you do with it...look closely.
Put up a long term chart of your favorite currency. Let's just use the EURUSD since we are in this thread. Plot 60M candles. We seem to be trading around 1.4296 now. On your chart plot these lines manually or better yet learn how to write some code to display them automatically.
1.4385
1.4350
1.4315
1.4285
1.4250
1.4215
1.3885
1.3915
1.3885
1.3850
Now look toward the left, study the chart very carefully and think about what you see. If you can back up a little and look from a distance it will help.
On your chart you have support and resistance, supply and demand, entry and exit targets, stop losses, you have identified where the major option players are and you can see the effect they have, you have identified where the big funds are plowing in and out, you have mastered psycology of the markets for you see why the minutia is occuring. You see why the market overshoots. You have a complete methodology for wealth. All answers are here. Doesn't matter what market you trade, beans or euros.
You don't need any indicators to help you. You know where value is located. Think of it as a battlefield and you are the warrior. You are trying to advance, sometimes the force is strong and you get pushed back, if you are trying to reach the next level then your next battle on the front line is 4315. You will very likely not succeed on the first try, you rarely do. Instead you will do battle between the new front and the recently overtaken level. You will keep getting pushed from 4315 to 4300 to 4285. using your individual strength to push through on the upside. It is a great enemy. It is the emotional minds of many. They will throw you around and beat you down. You will likely return to the previously taken front at 4285. You have lots of friends there to push you up and comfort you. If your friends at 4285 can't help you, they become your enemy and push you down to the big, ugly monsters down at 4250. These monsters are a formidable strength and they have lots of firepower. Not there own money mind you, but worldly money. Money that is of little use. The monsters on these stops will either rocket you back where you came from or you will be victorious attacking from above and slay the beast at 4250. So the battle goes and goes. Don't run out of ammunition and never think you are defeated, for if you do...well then you are!
Master this and you will master your skill.
DRT
