I only use regular support and resistance when I day trade (nothing fancy). Horizontal, channels and trend line support. I day trade the futures market mainly crude oil. I look at the 4-5 min for the bigger view and use the 1 min to enter.. I don't take every signal off support and resistance.. A lot of days my winning percentage is low but I will still come out with a green day for the most part.. and that's because I let my winners run. That's my secret.. But you can't look for a runner on every trade.
Your key to success is going to be detecting how the market transitions from a range-bound state to a trending state, and vice-versa. What you really need to do is develop a trading strategy that will allow you to trade each market condition, and then spend all the rest of your time and effort thinking about how to detect when and how the market is transitioning between range-bound and trending states. If you can do this, you can become a good trader.
Your key to success is going to be detecting how the market transitions from a range-bound state to a trending state, and vice-versa. What you really need to do is develop a trading strategy that will allow you to trade each market condition, and then spend all the rest of your time and effort thinking about how to detect when and how the market is transitioning between range-bound and trending states. If you can do this, you can become a good trader.
