Price action with Candlestick Analysis(No indicators)

I didn't get the meaning. Could you explain, what purpose this experiment might serve, other than fun.
When I did this small experiment, I found that each line that I drew anywhere on the chart was acting as a support / resistance line. These lines were drawn at random, yet they showed characteristics of S/R lines. This would force you to think how reliable it is to trade simply off S/R lines.
 
wow by looking at that chart i can tell in 2-3 weeks time it is going to come back to 98 atleast . i won;t be bullish anymore

it might go to 100.7 That will be my Bear attack point

..... tho i might be wrong me will be bearish after it crosses 100

it is suggested wait for one red candle to confirm and then trade bearish
 
When I did this small experiment, I found that each line that I drew anywhere on the chart was acting as a support / resistance line. These lines were drawn at random, yet they showed characteristics of S/R lines. This would force you to think how reliable it is to trade simply off S/R lines.
I had a feeling, you were referring to just that (reliability part) in your earlier post. I haven't done much research on S/R or indicators in general, yet, but I already get a premonition that some thing is amiss. There are infinite theories and fundas about what works and what doesn't, making it all the more complicated. It's like a quagmire and the more you try climbing out of it, the more you slip/sink. I don't know if there is some way/approach that makes this endeavor simpler. No wonder, it takes time/toil/agony/deep pockets/perseverance and heavens know, what all. Would I make it before time/resources run out. Only time can tell.:D
 
Last edited:

Similar threads