A chart ...
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Started by carlberky - Aug. 2, 2018, 4:43 p.m.

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.

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Re: A chart ...
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By silverspiker - Aug. 2, 2018, 5:32 p.m.
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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...  

By carlberky - Aug. 3, 2018, 8:48 a.m.
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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


By 7475 - Aug. 3, 2018, 9:20 a.m.
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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

By metmike - Aug. 3, 2018, 11:34 a.m.
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Thanks much Carl!

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By bluchev - Aug. 3, 2018, 4:58 p.m.
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Thanks that confirms some of my recent thinking.