What you believe to be true, is true for you.
Support & Resistance levels , and moving averages are just meaningless lines on the chart.
- Thread starter wxytrader
- Start date
What you believe to be true, is true for you.
speedo's most favorite reply
Channels are typically ABC, WXY single or double corrections. The news will align with the wave or visa versa like a self fulfilling prophecy, so basically you can just ignore external factors. You could almost predict the news from the fed wouldn't be good because the wave needed to fulfil this extension. ...I mean I didn't even bother looking for resistance lines because they are meaning less.
I see all these proprietary trading firms bragging on YT about their traders but I am not convinced because from what I see they are basically just trying to scalp the vwap...or play break outs or break downs. This is a very reactionary, and rudimentary form of trading.
Without knowing the wave count you are not seeing the big picture. It was clear (statistically) that xsp was going to blow through all previous support zones on its 3rd wave extension.
View attachment 323841
Anyway, charting is one thing, but its no holy grail, especially when it comes to options trading. This place is home to some of the most knowledgeable options traders around. You know who you areWith options you can be totally right directionally and still lose money so it is an entirely different animal.
As with all natural phenomenon, the "effect" is observed first, then a "cause" is attributed to it. News falls in the searching for a "cause" bucket.
LMFAO HAHAHAHAHAHHAHAHAH
I ALWAYS laugh so hard when you respond with "ET lol"
LMFAO HAHAHAHAHAHHA
LMFAO HAHAHAHAHAHHAHAHAH
I ALWAYS laugh so hard when you respond with "ET lol"
LMFAO HAHAHAHAHAHHA
The effect in search of a why.
You created a new thread with 5 pathetic words.
Obviously, you are not a Subject Matter Expert.
You have to do much more research.
Then learn to write a few thousand words about lines, triangles, rectangles ... on the chart.
Last edited:
.Anyway, charting is one thing, but its no holy grail, especially when it comes to options trading. This place is home to some of the most knowledgeable options traders around. You know who you are
wxy, glad you added this 2nd post to clarify & show the first one wasn't just a hit-and-run.
My experience with moving averages is opposite yours... I improved my success rate when I began using two-colored medium-term (~ 40 - 70 period) moving averages, primarily EMAs. Their slopes determine the direction of the trades; they don't provide actual buy and sell signals, rather they simply make it more likely that my real buy and sell signals get me into the market in the direction of the current trend. Lots of backtesting and real world trading data have convinced me of their usefulness.
In the charts below, my systems only permit buying when the MA is blue and only selling when the MA is red.
In a longish downtrend, MA's will work against you, they only sort of work in longish uptrends..
wxy, glad you added this 2nd post to clarify & show the first one wasn't just a hit-and-run.
My experience with moving averages is opposite yours... I improved my success rate when I began using two-colored medium-term (~ 40 - 70 period) moving averages, primarily EMAs. Their slopes determine the direction of the trades; they don't provide actual buy and sell signals, rather they simply make it more likely that my real buy and sell signals get me into the market in the direction of the current trend. Lots of backtesting and real world trading data have convinced me of their usefulness.
In the charts below, my systems only permit buying when the MA is blue and only selling when the MA is red.
View attachment 323846
On downtrends you'll get false signals and your exits (stops) will be much lower than entries.
In an uptrend, even monkeys can make money, so MA's are an illusion they work correctly. Besides the fact they lag too much.
Some people just want you to do the hard work for them and they will use what you have put time and effort into. I do not think they will find many saps on ET. Other ET trolls will gladly mislead you and give you information.