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Is strictly trading support and resistance profitable?

  • #41
  • Feb 25, 2017 4:42pm Feb 25, 2017 4:42pm
Quoting tradel13
{quote} Are you gonna buy or sell? Or possibly what and see if a good set-up occurs?
What do you see before the pin bars occur in Earlroy63 chart ?
Never said I was Batman,all I'm saying is you'll never see us together.
  • #42
  • Feb 25, 2017 4:46pm Feb 25, 2017 4:46pm
Quoting headfake
{quote} What do you see before the pin bars occur in Earlroy63 chart ?
The upswing?
  • #43
  • Feb 25, 2017 5:14pm Feb 25, 2017 5:14pm
Quoting tradel13
{quote} The upswing?
There's a few things going on in the chart regarding price yes the upswing and what's happening and the swings after. There's also tick volume information.
Never said I was Batman,all I'm saying is you'll never see us together.
  • #44
  • Feb 25, 2017 5:27pm Feb 25, 2017 5:27pm
My strong Resistance was @ 1.2568 for the GBPUSD, So I was looking for Reversal at That level, Pinbars confirmed it.
  • #45
  • Feb 25, 2017 5:33pm Feb 25, 2017 5:33pm
Analyse EURUSD for Friday my Strong Resistance H1 Chart was 1.0614 , Pinbar occured so a SELL was triggered, so I sold EU. SEE TRADES taken.
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  • #46
  • Feb 25, 2017 5:36pm Feb 25, 2017 5:36pm
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So Support and Resistance works for me using PA of pinbar to confirm
  • #47
  • Feb 25, 2017 5:55pm Feb 25, 2017 5:55pm
Yes, it is. As long as you get the level right.
Risk comes from not knowing what you're doing.
  • #48
  • Feb 25, 2017 6:12pm Feb 25, 2017 6:12pm
Let me show a picture and you can decide for yourself.
This is pretty much support/resistance.

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  • #49
  • Feb 25, 2017 6:26pm Feb 25, 2017 6:26pm
Randomly picking any currency and selling at any random time can be profitable. The question is how often is something profitable(odds) and for how long? S&R levels can be more useful than having absolutely no knowledge of anything in the market. Of course; you also have to understand whether you should be buying or selling at a specific support level. Consistently doing one can give you an advantage and the other a disadvantage. The key is to discover as many advantages as possible and learning how they interact. Only then can you truly 'guarantee' profitability... and even then it will still depend on YOU.
 
Just remember that this is a zero-sum game. Not everything you will learn or be told is going to help you nor is any strategy going to work in all possible circumstances. There is a lot of false information or half-truths that float around. You just need a strategy that will 'probably' work enough to survive when it doesn't work... that involves risk management and sticking to the strategy. If you're willing to put in the effort and shoot for the moon then you'll have no problem reaching the mountaintop.
"The fun is in the hunt. Not the kill."
  • #50
  • Feb 25, 2017 7:02pm Feb 25, 2017 7:02pm
Quoting headfake
{quote} There's a few things going on in the chart regarding price yes the upswing and what's happening and the swings after. There's also tick volume information.
Oh yeah, that could be an indicator
  • #51
  • Feb 25, 2017 7:05pm Feb 25, 2017 7:05pm
Quoting AntiVi
Let me show a picture and you can decide for yourself. This is pretty much support/resistance. {image}
So you're using the MA for S+R. What one frame do you recommend for MA?
  • #52
  • Feb 25, 2017 7:07pm Feb 25, 2017 7:07pm
Quoting AntiVi
Let me show a picture and you can decide for yourself. This is pretty much support/resistance. {image}
And also I see you like doing smaller S+R lines compared to more long term
  • #53
  • Feb 25, 2017 8:04pm Feb 25, 2017 8:04pm
What do you guys think about this set-up. Idk if I should buy it when the market opens because it recently just hit the resistance or wait and see if it drops again and breaks the resistance. Also, let me know any good indicators for identifying S+R opportunities
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  • #54
  • Edited 9:19pm Feb 25, 2017 8:38pm | Edited 9:19pm
I wouldn't buy the USD/JPY right now. I would wait for it to break through that support and sell or wait for it to bounce a little then sell. But I am not thoroughly analyzing it right now.
Â
You drew a support line to buy... but why didn't you draw a resistance line to sell? You made a floor without a ceiling. Now, this isn't to say that you always must do both. I am just pointing out that you decided before you drew a line that you wanted to buy. You wanted an opportunity and you created one... but why didn't you look for the disaster to avoid? You haven't mastered yourself yet.
Â
Many traders lose money doing what you just did.
"The fun is in the hunt. Not the kill."
  • #55
  • Feb 25, 2017 8:43pm Feb 25, 2017 8:43pm
Quoting tradel13
What do you guys think about this set-up. Idk if I should buy it when the market opens because it recently just hit the resistance or wait and see if it drops again and breaks the resistance. Also, let me know any good indicators for identifying S+R opportunities {image}
Buy 113.8
  • #56
  • Feb 26, 2017 6:01am Feb 26, 2017 6:01am
Of course S/R trading works just so long as you put your zones in the right place: EURUSD 4Hr just think breakout/ backtest as price often break out to a level and then that level is retested limit order trades work best
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  • #57
  • Feb 26, 2017 6:07am Feb 26, 2017 6:07am
Idealised:
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  • #58
  • Feb 26, 2017 6:13am Feb 26, 2017 6:13am
works on all time frames: usdjpy 5min, of course sometimes price will fail to reach or overshoot these levels but thats fx
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  • #59
  • Feb 26, 2017 6:22am Feb 26, 2017 6:22am
Quoting tradel13
What do you guys think about this set-up. Idk if I should buy it when the market opens because it recently just hit the resistance or wait and see if it drops again and breaks the resistance. Also, let me know any good indicators for identifying S+R opportunities {image}
my SR zones would be here: works well in trends in ranges have to use a diff approach hope this helps and good luck
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  • #60
  • Feb 26, 2017 12:10pm Feb 26, 2017 12:10pm
Quoting Redeflect
I wouldn't buy the USD/JPY right now. I would wait for it to break through that support and sell or wait for it to bounce a little then sell. But I am not thoroughly analyzing it right now. You drew a support line to buy... but why didn't you draw a resistance line to sell? You made a floor without a ceiling. Now, this isn't to say that you always must do both. I am just pointing out that you decided before you drew a line that you wanted to buy. You wanted an opportunity and you created one... but why didn't you look for the disaster to avoid?...
Couldn't find the roof TBH
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