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| Discuss Daytrade with Support and Resistance. at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hello, For all the newbies here. Quite clearly, Support and Resistance levels (SnR) that any ... |
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#1
2nd December 2005, 11:22 AM
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Daytrade with Support and Resistance.
Hello,
For all the newbies here. Quite clearly, Support and Resistance levels (SnR) that any site gives you cannot be accurate to the dot. Due to the inaccuracy of SnRs, newbies must be pulling their hair trying to accomodate them into their trading, especially intraday fellas. I have come-up with several ways to tackle this, but one works miraculously in intraday. Our first and foremost concern at any time is to deceide the trend, especially when price is near SnR. We look at the 10 min chart tick listing. If any bar closes below the DLNs posted S/R, then we conclude the crossover of the same and enter accordingly. To the new guys I strongly recommend trading ONLY at the SnRs. Do not venture into the wild. Any remarks will be appreciated, ATTN: Traderji. PS: I have also posted this at DLN and am receiving good response through emails. I hope this helps here too. 
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