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Trading for a living using price action @ S&R levels

  • #21
  • Jan 1, 2023 3:03pm Jan 1, 2023 3:03pm
Dow Jones Daily chart

Price tried to break to the upside the flip of support and resistance, but failed.

Price is almost 100% will continue lower, first to last swing low.
Attached Image (click to enlarge)
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  • #22
  • Jan 3, 2023 10:20am Jan 3, 2023 10:20am
Dow Jones Daily chart

Price tries to break that area again for the third time, but again failed to do so.

A very strong area which acts as a strong resistance to price.

Again, my assumption is for price to continue downwards.
Attached Image (click to enlarge)
Click to Enlarge Name: DJI_2023-01-03_18-16-06.png Size: 20 KB
  • #23
  • Jan 3, 2023 12:58pm Jan 3, 2023 12:58pm
Dollar Index (DXY) Daily chart.

Price had hit a major flip of support and resistance and now being stalled at that area.

We have next resistance just above price and support below where is last swing low, great areas to look for trades.
Attached Image (click to enlarge)
Click to Enlarge Name: #US$idx_H23Dailyx.png Size: 47 KB
  • #24
  • Jan 4, 2023 1:25am Jan 4, 2023 1:25am
Quoting TraderXL
Dollar Index (DXY) Daily chart. Price had hit a major flip of support and resistance and now being stalled at that area. We have next resistance just above price and support below where is last swing low, great areas to look for trades. {image}
We have a minor flip of support and resistance on yesterday's high.

Price might stall in that area or even hold and keep to the upside.

Let's see what will happen
Attached Image (click to enlarge)
Click to Enlarge Name: #US$idx_H23Daily.png Size: 6 KB
  • #25
  • Jan 5, 2023 6:56am Jan 5, 2023 6:56am
Quoting TraderXL
{quote} We have a minor flip of support and resistance on yesterday's high. Price might stall in that area or even hold and keep to the upside. Let's see what will happen {image}

what about your goal ( to trade for living) ? i hope you have done it.
  • #26
  • Jan 5, 2023 12:19pm Jan 5, 2023 12:19pm
Quoting Tylerz
{quote} what about your goal ( to trade for living) ? i hope you have done it.
I did it, it took me ~15 years to get to the point where I can make enough money out of the market to live the life I wanted.

By the way, I don't recommend it to any one, this is the hardest job that can be.
  • #27
  • Jan 5, 2023 12:27pm Jan 5, 2023 12:27pm
Quoting TraderXL
{quote} We have a minor flip of support and resistance on yesterday's high. Price might stall in that area or even hold and keep to the upside. Let's see what will happen {image}
Now... Look at the that.

MAGIC
Attached Image (click to enlarge)
Click to Enlarge Name: #US$idx_H23Daily.png Size: 6 KB
  • #28
  • Jan 5, 2023 1:35pm Jan 5, 2023 1:35pm
Quoting TraderXL
{quote} I did it, it took me ~15 years to get to the point where I can make enough money out of the market to live the life I wanted. By the way, I don't recommend it to any one, this is the hardest job that can be.
very nice, congatulation!!!
  • #29
  • Jan 5, 2023 1:48pm Jan 5, 2023 1:48pm
Quoting Tylerz
{quote} very nice, congatulation!!!
Thank you Sir
  • #30
  • Jan 6, 2023 11:02am Jan 6, 2023 11:02am
Quoting TraderXL
{quote} Thank you Sir
Sorry but can i ask some questions?

Can i ask how did u bulild your strategy? Did u learn by any mentor?
Can i ask what is your age? And what did u deal with when quit your job to trade?
  • #31
  • Jan 7, 2023 5:36am Jan 7, 2023 5:36am
Quoting Tylerz
{quote} Sorry but can i ask some questions? Can i ask how did u bulild your strategy? Did u learn by any mentor? Can i ask what is your age? And what did u deal with when quit your job to trade?
Sorry i ask only the age because now i am 39, and maybe i am to late to change my profession?
  • #32
  • Jan 8, 2023 2:03am Jan 8, 2023 2:03am
Quoting Tylerz
{quote} Sorry but can i ask some questions? Can i ask how did u bulild your strategy? Did u learn by any mentor? Can i ask what is your age? And what did u deal with when quit your job to trade?
Hi Tylerz,

Sure you can always ask me anything.

I was part of a group, I didn't have any private mentor and in the end, after many years of watching charts and price movement, I had developed my trading style.

What you don't being told is that technical analysis is a tiny part of a traders life, the most important thing is the mental part, If you don't have this, you won't be a trader, period.

How many times did you see people analyze perfectly but can't trade the position? How much time did you see 3 traders in a row negative and changed your strategy?

There is no holy grail, it's all in your head, that's why it took me so long to get to where I'm now.

For your second question, I'm 44. I tried to quit my job twice, first time failing cause I didn't know what it meant to trade for a living. it's a lonely job. you are all alone with the market...

Second time, I was more ready and knew what I have to face.

Hope that helps
  • #33
  • Jan 8, 2023 2:08am Jan 8, 2023 2:08am
Quoting Tylerz
{quote} Sorry i ask only the age because now i am 39, and maybe i am to late to change my profession?
It's never late to change things.

You just need to know what it will take from you doing that change
  • #34
  • Jan 8, 2023 5:35am Jan 8, 2023 5:35am
Quoting TraderXL
{quote} Hi Tylerz, Sure you can always ask me anything. I was part of a group, I didn't have any private mentor and in the end, after many years of watching charts and price movement, I had developed my trading style. What you don't being told is that technical analysis is a tiny part of a traders life, the most important thing is the mental part, If you don't have this, you won't be a trader, period. How many times did you see people analyze perfectly but can't trade the position? How much time did you see 3 traders in a row negative and changed...
nice story, thank you very much for your sharing it.
how many years since are you profitable?
can i ask what is the avarage R what do you produce per month? i dont car the money what do you earn i wonder only how many R do you have avarage in a month?

you mentioned position managment. Hod you do it? are u using traling stop, or TP or what is your concept of your money managment ? i think this the most important part
  • #35
  • Edited 3:11pm Jan 9, 2023 1:34pm | Edited 3:11pm
Quoting Tylerz
{quote} nice story, thank you very much for your sharing it. how many years since are you profitable? can i ask what is the avarage R what do you produce per month? i dont car the money what do you earn i wonder only how many R do you have avarage in a month? you mentioned position managment. Hod you do it? are u using traling stop, or TP or what is your concept of your money managment ? i think this the most important part
I'm profitable for many years but wasn't to a point where I was able to make a living, again, this sums up for placing big bets and then psychology kicks in.

As for the rest, it's hard to answer in text but it doesn't matter because every one will have his own results.

I can say you can make 3-4 percentage per month, if someone is telling you you can double your account in no time or make 10% a day, it's a scammer
  • #36
  • Jan 10, 2023 12:54pm Jan 10, 2023 12:54pm
EURCAD 2D chart

Sell limit triggered
Attached Image (click to enlarge)
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  • #37
  • Last Post: Jan 12, 2023 1:33pm Jan 12, 2023 1:33pm
your strategy is the same like in the first post?
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