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Is strictly trading support and resistance profitable?

  • #61
  • Feb 26, 2017 12:12pm Feb 26, 2017 12:12pm
Quoting 107
{quote} Buy 113.8
Why is that, do you see resistance there?
  • #62
  • Feb 26, 2017 12:17pm Feb 26, 2017 12:17pm
Quoting dkrock
What do we know about most traders? 1. Most traders lose. 2. Most traders trade support/resistance. S/R is built on historical pricing. The market is alive and doesn't care what happened yesterday. It moves mostly from pending orders placed by big banks using a lot of money. They are moving client's money, whether business or government, and secondarily placing trades against you as they move it. Nearly all of it is pending orders. They attack you by stop hunting, if there are opposing pending orders to grab along the way. How? Because your stop...
If S+R does not work, then what do you recommend?
  • #63
  • Feb 26, 2017 12:17pm Feb 26, 2017 12:17pm
Quoting Ren1058
works on all time frames: usdjpy 5min, of course sometimes price will fail to reach or overshoot these levels but thats fx {image}
Thanks for the detailed drawing, I never thought of using zones like that
  • #64
  • Feb 26, 2017 12:25pm Feb 26, 2017 12:25pm
Wanted to get your guys opinion about this one. Pretty skeptical about the support because of the breakthrough. Also, I feel like the resistance is off. Let me know guys
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  • #65
  • Feb 26, 2017 12:44pm Feb 26, 2017 12:44pm
Usual disclaimer: haven't read any of the answers.

The problem, or actually the raised counter question, is "what do YOU understand under trading S/R?". If >I< say I trade S/R it doesn't strictly mean I go long on a support level and go short on a resistance level, it means I look for reversal price action at those levels - ultimately some sort of confirmation. If that is what you mean, then yes, it works quite well (it does for me, short term, 1m chart, high precision & high leveraged trading).
  • #66
  • Feb 26, 2017 1:03pm Feb 26, 2017 1:03pm
Wow, the poll is telling a different story as Yes is killing it
  • #67
  • Feb 26, 2017 1:05pm Feb 26, 2017 1:05pm
Quoting tradel13
{quote} Why is that, do you see resistance there?
Rsi above 70 and momentum going down 100 , buy stop above Prince 
This is not perfect strategy 
İ usualy trade  daily High or low price break out major pairs tight stop loss with trail stop .
İ hope you will find good strategies for you .
 
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  • #68
  • Feb 26, 2017 2:14pm Feb 26, 2017 2:14pm
Don;t think you can trade anything on strictly one criteria, having said that, R + S is a MAIN one
May the pips be with you
  • #69
  • Feb 26, 2017 3:21pm Feb 26, 2017 3:21pm
Even I voted 'yes'. Because 'no' isn't true and it is possible to trade with no indicators if you understand the market. It is a leveraged poll asking an arbitrary question.
 
Can you do it with just S&R? Yes. Can you do it well? If you need to ask the question then probably not yet.
"The fun is in the hunt. Not the kill."
  • #70
  • Feb 26, 2017 4:00pm Feb 26, 2017 4:00pm
Quoting tradel13
{quote} Why is that, do you see resistance there?
 
He is saying that because it was the most recent resistance line. But I highly doubt it is going to break that line any time soon. You can't find the resistance lines because the ceiling is collapsing. You are looking for a straight line but there isn't one. It's a soft ceiling made of thousands of fingers pressing SELL at different times because they have other reasons to sell than just S&R levels. If you want to 'buy' on that USD/JPY chart then invert the chart, look for a support line, and then tell me if you'd want to 'sell' on the inverted chart. As soon as you do that you should look at it and exclaim 'HOLY SH*T!'... I think that's when you'll realize why you couldn't find the ceiling. Lol
"The fun is in the hunt. Not the kill."
  • #71
  • Feb 26, 2017 4:08pm Feb 26, 2017 4:08pm
Just bought NZD/JPY at 80.74 hoping it will bounce off resistance
  • #72
  • Feb 26, 2017 4:17pm Feb 26, 2017 4:17pm
Do you watch calender ? İ think volatility and volume importent for it. 
  • #73
  • Feb 26, 2017 4:22pm Feb 26, 2017 4:22pm
Quoting JediJones
Don;t think you can trade anything on strictly one criteria, having said that, R + S is a MAIN one
Ultimately I always thought about decision making as a points based system with a bounce at a S/R level scoring pretty much towards "get in now, you won't get a second invite to the party".
  • #74
  • Feb 26, 2017 5:22pm Feb 26, 2017 5:22pm
Quoting JensG
{quote} Ultimately I always thought about decision making as a points based system with a bounce at a S/R level scoring pretty much towards "get in now, you won't get a second invite to the party".
Starting to think that way too
  • #75
  • Feb 26, 2017 5:23pm Feb 26, 2017 5:23pm
Quoting 107
Do you watch calender ? İ think volatility and volume importent for it.Â
Yeah, didn't see anything big for NZD/JPY though. I try to stay away from trading big news because I don't have that much experience with it right now
  • #76
  • Feb 26, 2017 5:25pm Feb 26, 2017 5:25pm
Wait, do you guys think that so many traders lose money because so many of them base their trades off S+R?
  • #77
  • Feb 26, 2017 5:29pm Feb 26, 2017 5:29pm
Anybody see any good setups currently?
  • #78
  • Feb 26, 2017 5:33pm Feb 26, 2017 5:33pm
Quoting tradel13
Anybody see any good setups currently?
İm watching AudUsd for scalping .
  • #79
  • Feb 26, 2017 7:08pm Feb 26, 2017 7:08pm
Many traders lose their money for many different reasons. Basing trades entirely off of S&R without understanding how to use them is probably one of the more simple ways.
 
Yes, bouncing off a S&R level is a way of saying 'Get in now, you won't get a second invite to the party'. But are you certain that you're joining a party or are you getting trampled as everyone's rushing out the backdoor?
 
You want to join a party after a bounce off a support/resistence level only after you know which direction the party is going... and it's come back to invite you for a second time.
"The fun is in the hunt. Not the kill."
  • #80
  • Feb 26, 2017 7:17pm Feb 26, 2017 7:17pm
Also, yes, thank you... you showed us all a good setup. I just scored a few dozen pips going short on the USD/JPY after it bounced a little off the support line and resistance started to shove it back down. Basically, I profited off of the traders who saw what you saw and thought it was a good time to buy.
"The fun is in the hunt. Not the kill."
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