Thanks RC. Any time you'd care to post a chart, even if it were just one potential setup a day, I'd love to see it. I do feel like I understand the principles, but (this week at least) I've just seen nothing I'd say was "obvious" -- by which I mean, nothing that is jumping out at me, which I had the impression was the guiding light of this method.
Part of it is undoubtedly that I am still guilty of tunnel-vision and almost entirely concentrating on previous support expected to become resistance or vice versa. Using a previous resistance spike as resistance again, as in most of Shermenator's trades, still seems shaky to me -- I don't have enough knowledge/experience with the other factors that might indicate a second reaction at the same point a high probability. I have been tracking some of those kinds of setups this week and saw many potential pips to be made, but have not yet seen what differentiates the winners from the losers; nor have I yet figured out what kind of SLs and targets would be suitable. Most of those that I saw didn't go very far at all.
Anyway, I'm not worried. I've definitely seen enough to know that this method is highly workable and capable of producing some impressive profits with very little stress, so it's just a matter of time and accumulation of experience.
Part of it is undoubtedly that I am still guilty of tunnel-vision and almost entirely concentrating on previous support expected to become resistance or vice versa. Using a previous resistance spike as resistance again, as in most of Shermenator's trades, still seems shaky to me -- I don't have enough knowledge/experience with the other factors that might indicate a second reaction at the same point a high probability. I have been tracking some of those kinds of setups this week and saw many potential pips to be made, but have not yet seen what differentiates the winners from the losers; nor have I yet figured out what kind of SLs and targets would be suitable. Most of those that I saw didn't go very far at all.
Anyway, I'm not worried. I've definitely seen enough to know that this method is highly workable and capable of producing some impressive profits with very little stress, so it's just a matter of time and accumulation of experience.