Son of If You Can Draw a Straight Line . . .

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Quote from desperados:

Hi guys,

I have a question .. maybe a little out off topic but...about the previous days high-low.This levels act often like support and resistence, nothing new about this, but how do you calculate it?
Which session templates do you use? 24/7hours or just globex hours or just 9:30 16:15 hours..You can see in some days depends on which you used you get different levels..:(
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Don't focus too much on what other people are doing since most are doing it incorrectly. There is no calculation involved, and the previous day's high or low are more often irrelevant than not.

How do you yourself define "support and resistance"?
 
Aww, don't you sleep, db?

Pre-market 6am - Location now : Ranging at the bottom of a trading range.

Question, should the gap down be considered a weakness too?

Anyway, have to see if this 3200 would hold. Great potential to go long from this support line. However, it's not my call.
 
Quote from dbphoenix:

Don't focus too much on what other people are doing since most are doing it incorrectly. There is no calculation involved, and the previous day's high or low are more often irrelevant than not.

How do you yourself define "support and resistance"?
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Hi Db,
Wel..If i have to give a definition of S/R i will say is en potential area where price can be halted and reverse an area where the balance between demand and supply off..
 
Quote from desperados:

Hi Db,
Wel..If i have to give a definition of S/R i will say is en potential area where price can be halted and reverse an area where the balance between demand and supply off..
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Okay, that's pretty general but it's a start. Set that aside for now.

Next question. You've been at this for six years, trying to daytrade even though you have a fulltime job, and you continue to fail. Why are you trying to daytrade when you have a fulltime job?
 
Quote from dbphoenix:

Okay, that's pretty general but it's a start. Set that aside for now.

Next question. You've been at this for six years, trying to daytrade even though you have a fulltime job, and you continue to fail. Why are you trying to daytrade when you have a fulltime job?
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Because i would like to change..don'like my full time job so much ..:)
 
Quote from wegotnthtodo:

Aww, don't you sleep, db?

Pre-market 6am - Location now : Ranging at the bottom of a trading range.

Question, should the gap down be considered a weakness too?

Anyway, have to see if this 3200 would hold. Great potential to go long from this support line. However, it's not my call.
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Alright, let's get something done on this straight line matter.

3200 broken? Most people are still sleeping, that's why the price is not dropping like a waterfall after a RET?

Edit : TZ difference again , 1800 = 10am GMT.
 

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Quote from desperados:

Because i would like to change..don'like my full time job so much ..:)
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If you want to change, then stop trying to daytrade -- or rather learn how to do so -- while you have a fulltime job. You've been trying for six years and you're still failing. Hello? Find a bar interval that will allow you to learn how to trade successfully even though you have a fulltime job. Otherwise you won't be any farther ahead in another six years than you are right now.

Stop sabotaging yourself and plot a new course.
 
Quote from wegotnthtodo:

Alright, let's get something done on this straight line matter.

3200 broken? Most people are still sleeping, that's why the price is not dropping like a waterfall after a RET?

Edit : TZ difference again , 1800 = 10am GMT.
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If you've tagged 3200 as support, then the short is taken at the first retracement after the break below support, i.e., here, now. Whether or not you want to take it at this time of night is entirely up to you.

0656: Supply line broken so trade is scratched. Watch for test from below. Incidentally, you may have noticed that 3200 is also a swing point and the halfway level of this downdraft.
 
Quote from dbphoenix:

If you want to change, then stop trying to daytrade -- or rather learn how to do so -- while you have a fulltime job. You've been trying for six years and you're still failing. Hello? Find a bar interval that will allow you to learn how to trade successfully even though you have a fulltime job. Otherwise you won't be any farther ahead in another six years than you are right now.

Stop sabotaging yourself and plot a new course.
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Thanks for your advice..I don't trade anymore with real money..just paper trading .When i will see some good result maybe i will do with real money..
 
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