Can you write your system up so that a non-trader could understand it? Can you put it into bullet point or numerical sequence, such as if 1 is met then go to 2, etc?
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DislikedCan you write your system up so that a non-trader could understand it? Can you put it into bullet point or numerical sequence, such as if 1 is met then go to 2, etc?Ignored
How far am I from success?
Today, success seems far away again. Those methods I used before seemed to have a high hit rate in the past. But today, the market did not response as what I observed before. A number of S/Rs seems too weak to hold. Is it because of the narrow sideway market of today or what? I don't know.
DislikedCan you write your system up so that a non-trader could understand it? Can you put it into bullet point or numerical sequence, such as if 1 is met then go to 2, etc?Ignored
Disliked
The discretion of fading S/R is actually not my own development or intuition. Rather, it is a manageable number of scenerioes for decision that I learned mainly from an experienced trader on a forum thread here.Ignored
DislikedThe labeling of any point on a chart as S/R is purely subjective, there isn't anything objective about it.Ignored
DislikedCouldn't agree more, Dopey.
Since I read Brian Marber's book on this I have been a changed man as I realise that all these points (fibs, S/R, round numbers, trendlines etc) are purely potential areas of interest and have no value unless you react to how the market responds when such an area is reached.
Trading blindly at these points, ie going long just because the market has reached what you think is support, reduces trading to nothing more nor less than a gamble.
I only trade horizontal S/R now but I treat each level that I...Ignored