I intended to post a chart with support and resistance lines here, but I believe most of the posters here are fundimentalists.
If anyone would care to receive a short pdf file, contact Mike for my email address.
Better yet, if permitted, I'll edit this post and add my email here.
I thought that this forum was made for charting.... No ?!?!?!?
... please post file
... it took me quite a while to figure out how to do it Berky... but it is worth it to ask Mike if you are having troubles...
http://icecream.me/5c84fab624fd193b643215f24aa4147e
while no longer a trader, I would like to share the sum of my "career", in hopes that others may profit.
The chart, while old (2014), was not cherry picked and pretty well illustrates the most important thing I've learned as a chartist.
Price Action is all you need as a tech. Moving averages and COT were distractions along the way. What I've learned is not an invention of mine, but was taught in many books I've read and owned ... and pretty much ignored most of my life.
Support and Resistance and it's logic is not a great mystery. In my simplistic world, all you do is draw a line from a high to a lower high and that is a resistance line. A support line is drawn from a low to a higher low.
Because investors with a loss are happy to breakeven, Support lines can become Resistance lines, and visa-versa.
Also. a Support/Resistance line is drawn at a price level for significant highs or lows .
If this post makes any sense to you, I urge you to study the penitration of lines and the price action that follows
Thanks Carl,
And when you play a S/R, the important thing I keep disciplining myself to do (Im getting better) is to get your stop to break even as soon and as "safely" as you can.
In the mean time keep your lumps small.
John
Thanks much Carl!
Thanks that confirms some of my recent thinking.