Where are the next support lines on the market indexes (Dow, SP500 or Naz)? Anything in site? Or is it just a giant freaking look out below situation? Bleh.
Where the heck are the support lines in this market?
- Thread starter SoyUnGanador
- Start date
What support lines? When you go shopping and decide on your spending do you first look at support lines? When you make a car purchase decision do you first check support lines? If you were a business owner and decided on capital expansion or hiring, do you first check technical support lines in the market? If you thought about those questions for just 1 minute you would come to the logical conclusion that neither the economy nor the market gives a rat's ass about support lines. Anyone who believes otherwise has zero clue about how economies work and impact financial markets.
The important one right now is SPX 3636.87
Perhaps "look out below" if 3636 gives way.
What timeframe are you trading?
Weekly?
Daily?
Monthly?
240m?
30m?
5m?
1m?
Range Bars?
Volume Bars?
What are you doing?
On the grand scale of things, think everyone gets your point. But we also don't have a centralized place for a lot of those things where the entire world is directly competing and almost anyone has access at any time to buy or sell in such a competitive and timely manner. Point is on a smaller scale there becomes imbalances in the market, even if only temporarily which in those situations you can find actual support and resistance levels that mean something or at least give you some type of probability.
So, just to be clear not disagreeing with you, unless you're saying every price point is essentially equivalent and there's never any value in using support or resistance levels of any type.
Doesn't matter... same support zone shows up on all charts regardless of time frame. To be clear... ie, support on the 1 hr chart will show up on all charts of shorter duration... but not necessarily vice versa. That is, support on the 5-min chart may or may not show up on the hourly chart because of how compressed the hourly chart is.
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Call 1-800-SUP-PORT
today's message:
today's message:
You're essentially asking the crystal ball...Billion dollar Question.....What is the Future for the market?
No One is a complete Prophet, but there are semi-prophets in existence,
Trading off support lines...a roller coaster or mountain range.....when it goes up, bet down.....when it goes down within a range, bet up.
BOOM. Become a Millionaire automatically for Everyone. YAY
That is of course false logic. It only works and sounds great, awesome, in hindsight in a book or video trading course for only $995, or special VIP couching for a weekend of $6,995.
Everything works in trading, until the market decides it hates your great, magical, trading system and dumb self.
I can only speak from a day trader's perspective, but it helps to establish a reasonable, general, loose, semi-accurate market hypothesis, framework chart image for the day. and wait for tells and signs of when to strike, when to place that trade....then from that point...just patiently sit back and watch the market, ....deviations can occur, so F what you generally know and assume and expect about Support/Resistance lines, and trading can be part art, part science,
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Sometimes you come off as pretty smart. This post calls that into question.