Supports, Resistances, and Doji

wxytrader said:
It's frustrating trying to explain to somebody how they are wrong when they don't have a basic understanding of how price moves. It's like trying to explain the weather to somebody who thinks thunder & lightening comes from Zues. :)

Hey is this how P feels when he's trying to explain options to people???
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Yeah it has been hard explaining to you just how wrong you are as any dipstick can see you have no clue about the markets. I will let this rest and you can continue meandering around in darkness concerning trading.

And I don't believe you have actually shown anyone how you understand and trade. Nor do your posts elucidate, that I have seen.
 
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volpri said:
Resistance is a level above the market where there has been indications of more supply or traders selling than buying. It is a point to watch what happens as price approaches it. Will it be turned back or continue. Resistance lines can only be drawn after the fact. It has nothing to do statistics. It has to do with what (tendency) has happened at price in the past at that level. All resistance cannot continue. It will always be broken at some point. It is at that point that the bulls (i.e. bullish institutions) overwhelm the bearish institutions). Retail traders don't bust through it with follow through unless they are trading 100 contracts or more. You nor I can know when that will happen but when it does we will see it and know what to do. At least I will. It has nothing to do with fibs or random lines drawn. Nothing to do with statistical retracement. It is not and cannot be measured mathematically. You cannot know when an institution will act. Resistance and support levels are where they have acted in the past and there is a good chance they will act again as price gets close to it until THEY decide price needs to be at a higher level for some reason that cannot be known to you or I. Same concepts apply to support levels except in reverse. It is avpoint at which buying institutions overwhelm bearish institution. The line can only be drawn after the fact and and extrapolated out into the future and then observe what happens as price approaches it.
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Finally a post in this thread that actually makes sense.
 
volpri said:
Yeah it has been hard explaining to you just how wrong you are as any dipstick can see you have no clue about the markets. I will let this rest and you can continue meandering around in darkness concerning trading.

And I don't believe you have actually shown anyone how you understand and trade. Nor do your posts elucidate, that I have seen.
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I have made the most legendary calls on this site...not a huge brag considering the company around here when it comes to TA...
 
Support and resistance levels don't exist,but Fib projections have merit???Makes zero sense

You have shown 3 positions with drawdowns ranging from 30 to 60 percent.You admittedly believe it is imprudent to realize a loss.

In the words of Ray Liotta,"You're a Funny guy"
















wxytrader said:
Here we go again schooling people. Support and resistance levels don't exist.
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Let's all just pick a symbol and have a chart off? Let's use IWM and pick where price will be x amount of days from now. :)

Here I'll go first. I suppose instead of a chart off this could be called a Wyckoff :)

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Darc said:
"Accumulation Schematic #1"


The plot thickens!
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What do you think I'm a one-trick pony? :)

In TA, as in chess you need to understand and recognize all the patterns to be able to adjust to them accordingly. Cup and handles, cyphers, Elliott wave, Wyckoff, stage analysis, order blocks, candlesticks, chart patterns, sr7's etc. Etc.

I just opened up IWM and immediately recognized the Wyckoff accumulation schematic #1!
 
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wxytrader said:
What do you think I'm a one-trick pony? :)

In TA, as in chess you need to understand and recognize all the patterns to be able to adjust to them accordingly. Cup and handles, cyphers, Elliott wave, Wyckoff, stage analysis, order blocks, candlesticks, chart patterns, sr7's etc. Etc.

I just opened up IWM and immediately recognized the Wyckoff accumulation schematic #1!
More...


BNF said trading became like muscle memory. Until your reach that level you won't understand that level. :)
 
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