I assume again that chart is not showing what most would take from it, that it's more based on time not S&R?
Do you only use volume to track momentum on your chart ... ?Correct. That is not a chart representation of price but rather momentum. Nothing moves in a straight line and support and resistance in terms of a nice straight area on a chart are continually breached. But if you can recognise that the momentum comes and goes in waves while moving towards a higher time frame target S/R become more dynamic in terms of price and more static in terms of a time.
What I get from those simplistic charts TH posted is what all of trading is based on.
Oddly enough I've only come to realise it lately.
...
Second Trading range buy at support sell at resistance.
Do you only use volume to track momentum on your chart ... ?
Cheers
Not wrong at all barney... As for psychological damage, it is serious stuff, very hard to overcome. 9 out of 10 trades i still exit to early. Conquering yourself is the holy grail imho.
Do you only use volume to track momentum on your chart ... ?
Cheers
Only, he just said that's not S&R. Go back and have a think.
(Note well: I can't trade chop at all, so please don't think I'm being smug. Last night's EUR/USD in the Europe session is a prime example. I can't trade that. Can't do it. I sit out and go onto sim and try to find SOMETHING, but I've never cracked it. The only thing I can be proud about days like that is that I can see them at a glance and stay the hell out).
I've re-read last few posts and s and r is not what TH is talking about, +1 weatsop.
When I looked at the sinewave chart I thought TH was illustrating buy in supp sell at resistance but no.
This works most of the time BUT what I struggle with is when do you believe either will hold when your about to pull the trigger?.
I did ask this question earlier on post # 3633 page 182 but no replies yet.
Mate I don't worry so much about a hard line on the chart as support because I know that to get from point A to point B on a larger time frame there is going to be many zigs and zags on the shorter time frames to get there. Many of them will push through what looks like tradition S/R on a chart and then come back and push through ones on the other side, that is the market. It is designed to trap the obvious play. And yet it does move to support or resistance on a larger time frame.
So given these two things, smaller zigs & zags and larger moves between S&R, I trade with the larger S&R as the idea and try to make some ticks on the small zigs & zags by building and reducing my position.
anyone on IB got data issues? I've got like 600 lots traded so far in the cash session???
hahah doesnt open til 6 TGIF
out at 35 saw a familiar face.
Low volume rolling over.
[I have picked up two patterns that have amazing success rates. I mean it's so obvious they are just sitting there but everyone seems to be looking for the technically complicated or guaranteed answer.
Hi Tech,Just a bit of my observations on a 3 min chart.
Looking for this to re test the latest highs which
have been tested tonight.
Click to expand
DAX 3 minute right now.
Long 710 and a sell placed 750
stop at B/E---now.
View attachment 59888
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