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Is it all just noise? (Intraday technicals question)

  • Post #1
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  • First Post: Jun 4, 2008 9:24am Jun 4, 2008 9:24am
  •  forexAg
  • | Joined May 2008 | Status: Member | 4 Posts
Hi, long time lurker first time poster here!

My trading pattern is to make quick trades in the morning. I have to do this because:

1) I have to go to work
2) I trade with Oanda, so no Trailing SL

My general strategy is to "zoom out" on perspective to the 10 sec, 30 sec, 1 minute, ... charts and see where the market is generally trending. Then I zoom in to tick or a little higher and try to get in on what looks like a minor support or resistance level.

My question is: am I just deluding myself? Is it really possible that there are such things as "minor support and resistance levels" in the short intraday charts? Or is my mind seeing patterns where none exists?

Followup question: what types of technical approaches, in your experience, seem to work best in tick to 30 second charts?

Thanks so much in advance for helping out a newb!!
  • Post #2
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  • Jun 4, 2008 11:53am Jun 4, 2008 11:53am
  •  fxRichard
  • Joined Dec 2007 | Status: Elite Scalper | 339 Posts
Yes there are short term S/R levels and I actively trade off of them on the 1 & 5 second charts the only difference is you usually will not get the big swings you will get on higher timeframe S/R levels, you usually get small swings but buying in with high lots works very well when you collect only a few pips. Keep in mind the market has to swing 5 pips before it can swing 50, how many times a day do you think it swings 5 vs. 50?
 
 
  • Post #3
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  • Jun 4, 2008 12:11pm Jun 4, 2008 12:11pm
  •  good
  • | Joined Jan 2008 | Status: Member | 326 Posts
Quoting fxRichard
Disliked
Yes there are short term S/R levels and I actively trade off of them on the 1 & 5 second charts the only difference is you usually will not get the big swings you will get on higher timeframe S/R levels, you usually get small swings but buying in with high lots works very well when you collect only a few pips. Keep in mind the market has to swing 5 pips before it can swing 50, how many times a day do you think it swings 5 vs. 50?
Ignored
Agreed...every single tick and pip movement is significant.
 
 
  • Post #4
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  • Last Post: Jun 4, 2008 5:32pm Jun 4, 2008 5:32pm
  •  forexAg
  • | Joined May 2008 | Status: Member | 4 Posts
Thanks guys for your input! Somebody else on the forum said something to the effect of:

"People who don't understand a price action call it noise" (but worded better )

I totally agree.
 
 
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