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Is strictly trading support and resistance profitable?

  • #21
  • Feb 25, 2017 1:39am Feb 25, 2017 1:39am
Quoting tradel13
{quote} Then what strategy do you prefer?
I use a map, based on where the bankers take our money out of our pockets and put them right into their pockets. They leave fingerprints at those criminal zones.

With other words I only examine how I lose money when I do trade the way they teach anyone. Like in a pig farm, pigs get grown do die, not to live happily ever after. Same in trading. They grow us as pigs. Teach us how to voluntary give our money to them. Don't risk more than 1%. THEY DO NOT WANT US TO LOSE OUR MONEY FAST. So, you can have MORE HOPE the next time you top in MORE MONEY. And again. And again. And again.

So, examine how they rob us. And you will sync with their next move. That is the system I do recommend. How to sync up with them? Examine the losses. This excludes everything they ever taught you. Delete all that crap. Re-start from an empty/blank white paper...
Maadik Hugiis. IQ 69.
  • #22
  • Feb 25, 2017 1:51am Feb 25, 2017 1:51am
Hey guys, so just did this drawing for EUR/USD. I was thinking if it bounced off the gray area, then I would buy. But if it started to rise and was rejected by resistance, then I would most likely sell. Keep in mind that this plan will mostly likely change, just like the markets lol. I also started to use the RSI to help me. The lines are correlated when the RSI hit around 70. Let me know what you think about the trade set-up as feedback is always encouraged on this thread
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  • #23
  • Feb 25, 2017 1:53am Feb 25, 2017 1:53am
MoneyZilla, what do you mean regarding 'flips'? Do you mean when an EA strategy turns from positive to negative values?

The best I've managed was a 20-to-1 Reward/Risk ratio with ~80% monthly returns and 0 Drawdown. That's what the backtesting said at least. When I've actually used the strategy for alerts it's always provided instant profits but I prefer to perform the hunt personally. The game is too enjoyable to play for me to leave it to an EA. Besides... EA's don't know when D-Day is.
"The fun is in the hunt. Not the kill."
  • #24
  • Feb 25, 2017 2:17am Feb 25, 2017 2:17am
Also, remember to vote on the poll guys
  • #25
  • Feb 25, 2017 7:18am Feb 25, 2017 7:18am
This thread, almost ten years old, could be useful: http://www.forexfactory.com/showthread.php?t=86429
  • #26
  • Feb 25, 2017 7:31am Feb 25, 2017 7:31am
Of course, that's what trading is all about at the end I think. But you need to find out the future support and resistance areas and don't rely on the ones from the past.
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #27
  • Feb 25, 2017 7:41am Feb 25, 2017 7:41am
Quoting tradel13
What indicator would you guys recommend to help me identify and execute trades based on S+R?
It's not as simple as using an indicator and done, but if you learn how to use RSI, Stochastics, in combination with S + R, you have a nice set up....in time, you will learn how to make it reliable.
The Pips man cometh
  • #28
  • Feb 25, 2017 7:53am Feb 25, 2017 7:53am
Quoting Redeflect
MoneyZilla, what do you mean regarding 'flips'? Do you mean when an EA strategy turns from positive to negative values? The best I've managed was a 20-to-1 Reward/Risk ratio with ~80% monthly returns and 0 Drawdown. That's what the backtesting said at least. When I've actually used the strategy for alerts it's always provided instant profits but I prefer to perform the hunt personally. The game is too enjoyable to play for me to leave it to an EA. Besides... EA's don't know when D-Day is.
Yeah sure and I'm Santa Claus.
  • #29
  • Feb 25, 2017 12:28pm Feb 25, 2017 12:28pm
Quoting michisuperfr
Of course, that's what trading is all about at the end I think. But you need to find out the future support and resistance areas and don't rely on the ones from the past.
How would you do that?
  • #30
  • Feb 25, 2017 1:46pm Feb 25, 2017 1:46pm
Quoting tradel13
{quote} Do you think that S+R is created by a huge amount of money being put or withdrawn from a particular pair? I always thought that it was because huge firms and banks would keep selling or buying at a certain point to create this but I could be wrong.
Ok the answer your looking for isn't as simple as big money will turn markets but I will touch briefly on a few points to get you started or I'll just confuse you. Yes there are big banks and firms trading but some of these traders can often be on the wrong side not so much the bank traders as they will understand order flow, so the traders who do understand order flow I prefer to call pro's and having an understanding of what the pro's and non pro's are doing (where they are positioning) will help you no end as the pro's are always right time right place. So regarding your question you have part of it correct but the pro's are more interested in completing their business they are not interested in turning a market. The 'opening' of enough new positions at a certain point in time can turn a market and it doesn't necessarily require 'pro' or 'bank' participation.
And another point I need to make is higher time frames and the importance of having an understanding of the order flow and where the pro's are positioned...If the higher tf pro's (daily tf) are say open long and your trading the 15m and selling res then your going to be taken out at some point.
Never said I was Batman,all I'm saying is you'll never see us together.
  • #31
  • Feb 25, 2017 1:55pm Feb 25, 2017 1:55pm
Quoting Redeflect
MoneyZilla, what do you mean regarding 'flips'? Do you mean when an EA strategy turns from positive to negative values?
Flips are when you switch directions, from buy to sell or the other way around. Try to find turning points with a positive pips value in between the last two. On average, I get 50% positive flips. I do not see any more space for improvement...
Maadik Hugiis. IQ 69.
  • #32
  • Feb 25, 2017 2:20pm Feb 25, 2017 2:20pm
Quoting headfake
{quote} Ok the answer your looking for isn't as simple as big money will turn markets but I will touch briefly on a few points to get you started or I'll just confuse you. Yes there are big banks and firms trading but some of these traders can often be on the wrong side not so much the bank traders as they will understand order flow, so the traders who do understand order flow I prefer to call pro's and having an understanding of what the pro's and non pro's are doing (where they are positioning) will help you no end as the pro's are always right...
Thanks for the detailed response. To sum it up, you think that to be profitable most of the time, you must master the order flow?
  • #33
  • Feb 25, 2017 2:30pm Feb 25, 2017 2:30pm
it is very profitable
  • #34
  • Feb 25, 2017 3:05pm Feb 25, 2017 3:05pm
Quoting tradel13
{quote} Thanks for the detailed response. To sum it up, you think that to be profitable most of the time, you must master the order flow?
There's really plenty of ways to be profitable in the market not necessarily using order flow techniques but most people have little knowledge and no discipline and constantly change methods . Trading supp res like anything else has to be proven to work, you have to test it then a strategy implemented with rules and discipline or else your just gambling and wasting your time . To understand supp res you will need to understand order flow. I know a few full time traders (they're not on forums) and they trade and understand order flow techniques,I don't know any full time indicator traders but that's just my experience.

So yes mastering order flow and putting that knowledge into a strategy will without a doubt get you there. It's hard work in the beginning though.
Never said I was Batman,all I'm saying is you'll never see us together.
  • #35
  • Feb 25, 2017 4:07pm Feb 25, 2017 4:07pm
Don't be afraid to post your own charts on this thread too
  • #36
  • Feb 25, 2017 4:20pm Feb 25, 2017 4:20pm
I use S and R with PA Pinbars on H1 Timeframe works well.
  • #37
  • Feb 25, 2017 4:23pm Feb 25, 2017 4:23pm
GBPUSD Fri Feb 24
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  • #38
  • Feb 25, 2017 4:23pm Feb 25, 2017 4:23pm
İ ise momentum for support and resistance , Not working %100 but good for my strategy.
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  • #39
  • Feb 25, 2017 4:30pm Feb 25, 2017 4:30pm
Quoting earlroy63
GBPUSD Fri Feb 24 {image}
Are you gonna buy or sell? Or possibly what and see if a good set-up occurs?
  • #40
  • Feb 25, 2017 4:36pm Feb 25, 2017 4:36pm
I sold at the Pinbars on Friday.
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