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That's the ignorant people's fault not the books fault.
The themes were clear, if you want to blown yourself up by not having a proper approach like the book says you should (plan,risk control, capitalisation, etc), it's your own fault.
I see straight line s/r as the root of all i do. If there is logic in drawing a straight line to describe a level where people have in the past ( for instance) refused to pay more for something, then a graphical representation of price data holds water. If that is true, then it follows that trendlines must also have some meaning ( tho not absolute!) from that point its a matter of trying out other graphical methods to see if they work in any apporach
Trading between levels is suicide. Taking a shot where buyers or sellers are hanging out increases your chances of success greatly...think about it.
Tim
Im simplifying my scalp trades by using this principle too, avoiding placing my entries inside of congestion as they form on my 1m chart, especially during volatile conditions. All my longer timeframe trades are based on supply/demand areas too, and I find them to be a lot less stressful, give a higher risk/reward and have a higher chance of succeeding than my scalps. I give a lot more weighting to trading off the DOM when things are quiet but when things pick up trading off supply/demand and chart patterns is more effective for me.
Understanding yourself is just as important as understanding markets.
You must look past what doesn't make sense and see what does. If the market doesn't respect support/resistance why not test a plan that trades through it as if it's an attracter and not a deflector. If that doesn't work look for other reasons why the market would prefer one over the other. Look at different time frames and ask yourself which support and resistance is most important. You have to understand the people trading have been playing these games for years and it's evolved past the point of simply buying at support or selling at resistance.
Use the force young Jedi
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
This is just a thought, but would anyone really go into this business if they didn't have a dream? The only real distinction is whether you can take the path through reality, or you jump on the cloud and it drops you in the sea.
The market is always changing. There's no need to over-mystify what it does. Pick a time frame. Trade what you see. Look for higher highs, higher lows, or lower highs and lower lows. Note key levels on bigger time frames that could mark turning points. Sometimes you'll be wrong. So you pay attention to the price and pattern, not the immediate movement, and be sure that winners are always more than you risk on average. Never lose more than you intend to risk, and be comfortable with that risk so you sit there and are doing nothing but trading price - no need to fight yourself. Everything else is just extra data. Sometimes erroneous, sometimes an even that can cause a random loss or win. But if you think too much about it, you just chase your tail.
Depends on what timeframe the level is (i.e. its strength) and how volatile the market is. Shorter time frame levels tend to not get respected when volatility picks up and get chopped around; they dont really give you direction and sometimes during these conditions you need to adjust your levels and see them form as the day unfolds.
Understanding yourself is just as important as understanding markets.