razorboy wrote:If support and resistance exist in the minds of enough other traders - they manifest themselves in reality - that is really the only thing that matters - other people believe they exist - doesn't mean anything to me other than a good entry pointTheRumpledOne wrote:MightyOne wrote: Behold!
The truth behind support and resistance!
"THERE IS NO SPOON.
IT IS NOT THE SPOON THAT BENDS. IT IS ONLY YOURSELF."
THERE IS NO SUPPORT AND RESISTANCE, SUPPORT AND RESISTANCE EXIST ONLY IN YOUR MIND.
I am NOT JOKING!
The H1 chart people tell the M1 chart people that M1 is all noise.
The D1 chart people tell the H1 chart people that H1 is all noise.
The W1 chart people tell the D1 chart people that D1 is all noise.
H1, D1 and W1 are all CONCEPTS that exist only in YOUR MIND.
When I show you some thing I am only showing you how I see things and what things I consider before placing a trade.
If you think I use voodoo then don't pay any attn to what I say.
I saw some traders having trouble making money an I made an attempt to explain how I observe price action and combine it with TRO's methods.
Again, the main idea is not support and resistance.
The picture I want you to see is traders of different time intervals HOLDING onto their positions when they are in SIGNIFICANT PROFIT.
See the entries of the various traders in your mind
See see them sitting with a handsome profit.
Trade using TRO's methods to their "Zero Line" ie their "I gave it all back"
Or do none of these things! I don't care!
...This is just what I do!