Support and resistance Question...

[lilboy716]

disagree

fibs can be different depends on the person believes on the high & low points of the chart, or a certain period of the chart. same holds true for trendlines.

whereas, lines can only be call S/R lines when there are multiple tests/retests of those lines.

FYI:
many low budget chart tools doesn't include fibs, gann, wave, b/c those are harder to implement, compare to a tool that allows users to draw simple lines. if you know anything about windows gui programming, you can allow users to click two points to draw a line with only 20-30lines of additional c code.

Quote from Wallace:

The belief that the fibonacci ratio doesn't work is rediculous, if only from the observation that every charting program has the tool included whereas there are no tools included to draw S/R levels.

 

[lilboy716]

"big/smart money" are the trends! they test the water to see if other "smart money" will climb onboard. while doing so, shake out other unfaithful traders/investers, that might go against them.

Quote from BSAM:

Apparently the "big money" knows where to properly construct them[trendlines].

 

[ProfLogic]

Quote from Osman:

How this 'new school of traders of the 22nd (!) Century' any different?

All traders have always wanted a system that was 'Perfect and Exact Consistency'; only the best traders realized that there is no Perfect system. No system is consistent in the long term.

Self discipline, trading plan and hard work is what we know that works. Its not all about the system, its about You

I love it when traders proclaim that a Perfect System of trading does not exist. These are the same individuals that are in a constant state of flux studying the thoughts and Methods of others and never bothering to study or verify the Market on their own and come to their own conclusions. They are sheep choosing to follow what is available instead of trying to find that which has not been seen. Fellow traders a perfect system does exsist. An exact science of trading is out there to be traded. Elliott was probably the closest to figuring it out but he still couldn't see the forest for the trees. You want perfection . . . think about the "Wave" or "Cycles". Now disregard any pattern other than the obvious and what is "perfect" in a "Wave" or "Cycle". I have just given you the foundation of the ONLY thing perfect in every Market. That bit of information cost me 2 years . . . your welcome. Now take that information and build a perfect trading system from a perfect foundation.

 

[BSAM]

Quote from lilboy716:

disagree

fibs can be different depends on the person believes on the high & low points of the chart, or a certain period of the chart. same holds true for trendlines.

whereas, lines can only be call S/R lines when there are multiple tests/retests of those lines.

lilboy.....

Don't mean to be cruel or hurt your feelings, but if you really, really want to make money in the stock market, forget everything you think you know. Study charts for a few years.

 

[BSAM]

Quote from ProfLogic:

I love it when traders proclaim that a Perfect System of trading does not exist......Fellow traders a perfect system does exsist. An exact science of trading is out there to be traded......

O.K., Prof. I'll go ahead and ask. Whatcha selling?

 

[lilboy716]

yes bsam,

i've been studying charts for a while... still working on it.

sounds like your reply was a bit off topic from my post. i was defining terms in a general sense.

Quote from BSAM:

lilboy.....

Don't mean to be cruel or hurt your feelings, but if you really, really want to make money in the stock market, forget everything you think you know. Study charts for a few years.

 

[ProfLogic]

Quote from BSAM:

O.K., Prof. I'll go ahead and ask. Whatcha selling?

BSAM . . . Absolutely nothing . . . I participate in free forums to get traders to start thinking for themselves. I want traders to start looking at the Market without being tainted by other's Methodology. I teach at a college level and get my satisfaction from seeing people use their brains for a change. Trusting themselves and not others conclusions.

 

[pspr]

But you list a commercial website in your profile.

Quote from ProfLogic:

BSAM . . . Absolutely nothing . . . I participate in free forums to get traders to start thinking for themselves. I want traders to start looking at the Market without being tainted by other's Methodology. I teach at a college level and get my satisfaction from seeing people use their brains for a change. Trusting themselves and not others conclusions.

 

[BSAM]

Quote from ProfLogic:

BSAM . . . Absolutely nothing . . . I participate in free forums to get traders to start thinking for themselves. I want traders to start looking at the Market without being tainted by other's Methodology. I teach at a college level and get my satisfaction from seeing people use their brains for a change. Trusting themselves and not others conclusions.

Sounds honorable enough. Are you not compensated in any way by logical market trends? You seem to be coming on quite forcefully for someone who registered on 5-11-2004.

 

[dbphoenix]

Quote from BSAM:

I can only come to the conclusion that you have dabbled with trendlines, but have never done anything close to an exhaustive study. I would easily bet the farm that if you (dbphoenix) really took the time, you would assume a different outlook towards trendlines.

You may want to look at the file I wrote on trendlines. As to an "exhaustive study", I've been using them for 15 years now and have a pretty good idea of what they are and what they are supposed to do.

If you want to believe that TLs provide S/R, nobody can stop you. But that doesn't make it so.