Why support becomes resistance

Quote from tradingjournals:

Do you still trade CL? If so why didn't you just trade gold on short side over the last year?
More...

I trade CL all day long and am flat at the close.

As for trading gold on the short side over the past year, since I've never traded gold I must've missed the post last year where you told us to do that.
 
Quote from Trader.Fighter:

Agree, which is why I got the sick prick on ignore, I suggest the same.
More...

I can't, the entertainment value of his posts is priceless :D
 
How about melt up behaviour. Cant be a panic squeeze here. Daily limits on ES seem
about 6-10 handles. Disruptives tricks and traps that all traders are expect do not happen. Support and resistance on a daily bar time does not apply(all time highs daily).
180 to 185 once it starts will be a low volatility melt up. With low volatillity big money(or any money) can lever up into the year end to "catch up".
I know all the above hints at conspiracy( must be a maestro somewhere) but i look at the sp500 individual stocks daily and i am
Surprised at the mirco rotation that seems to occur when a leader fails and "nets out" to accomplish a meltup.
Energy is due to take us into the New Year ramp job if retail fails. Ha.
Off topic but you have to admit that a melt up is interesting market behaviour.
 
BD,

I trust this exercise has, at a minimum, been eye opening

==================

btw; It frustrating to share, only to then have it bastardized

===========

Fact;

“Support” is breached and converted to "Resistance" because / whenever;

Buyers are not present in sufficient number – to defend/ maintain support - drive price’s advancement

AND

Sellers are present in sufficient number – to stop / reverse price’s advance - drive price’s decline

Barring shocks – transfer of control is made in advance of a breach/ conversion – albeit S2R or R2S

The footprints are there for the reading

Now;

Accept the above… or not…

But no need to complicate it (or bastardize it)

RN
 
Self-fulfilling prophecy. It's good that such a thread appeared in "psychology" area, cause technical levels are actually psychological in my view.
 
Quote from cmb:

my personal stats. <B> However this last 2 weeks were abysmal!</B> usually I'm around %50 winning. I imagine better traders would be around 60% or more.
More...

Aren't you the same guy who is in community college but claimed you would turn down a 300k job on Wall Street because you took out 2 points everyday on the ES ?
 
Quote from Grandluxe:

Aren't you the same guy who is in community college but claimed you would turn down a 300k job on Wall Street because you took out 2 points everyday on the ES ?
More...

Community college yes. Never claimed to take out 2 points a day on the ES, although if I did I wouldn't take the job. And I don't think I ever said I wouldn't take the job...i actually beleive I said I would take the job even though I would not want to work that much.
 
There are plenty of guys that would turn down 300K on the street to stay independent. I don't think there was ever a point in my life where I would have been tempted by that type of 300k offer ... even 30 or 40 years ago when that was awfully big money. BTW ... a consistent net 2 points a day on a 20 lot can also be a good deal of folding money.

I don't get why that some people prefer making their own rules rather than playing by someone -- anyone -- elses seems to surprise people.

Quote from Grandluxe:

Aren't you the same guy who is in community college but claimed you would turn down a 300k job on Wall Street because you took out 2 points everyday on the ES ?
More...
 
You must log in or register to reply here.
Back
Top