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See that's where it gets interesting...On an individual basis the players are making their decisions where to get out based on their own criteria, thus obvious and popular levels of support and resistance are not really a factor for them. The question is whether there is ultimately a pattern here as seen on a collective basis, as exemplified in the Wisdom of Crowds video a few pages back...but perhaps in a slightly more complex way.
Again, I never said just slap one retracement down and call it a day...
The issue is whether there is, to quote @ratfink's artful description, "a mathematics of fear and greed"?
the whole fear and greed thing is a tad overplayed and anachronistic. machines don't have feelings. a different game is being played everyday, sometimes intra-day. as soon as you figure what's going on, the game changes. if it stayed the same no one would make money.
Currently at least, the machines are just an extension of the people that program them. They can do things faster and more precisely, and maybe overall with less emotion, but humans aren't completely out of the picture...yet, at least.
Anyway, maybe I will give my hand at trading correlations soon. I have a feeling that between me and you, we will make a fortune
I'm thinking they're the same. Whether you use indicators or just price. It can provide a non-subjective criteria. e.g. Price is either > $100 or it isn't. Price either touched $101.25 or it did not. etc.
Finding the right level of detail to suit a person's mentality is probably the biggest factor