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Hi Everyone
This is a very useful thread, no doubt. Hoping to learn more from experienced traders and thanks a lot to the contributors.
Seems we have some confusion here.
One trading way is pattern trading. And another and completely different is support and resistance.
Pattern trading is based on line break being the line support or resistance. There is lovely work of Arthur Merryl on late 70's about this. He identified 12 common patterns as possibility trades. Then there is the subjective factor becuase you can have many patterns as trader's eyes.
Support and Resistance is based on values/figures and is always an horizontal line or level. Higher highs and lower lows works perfect, as well daily high or lows, etc, combined with some indicator to measure the strong movements.
Them when combined with market knowledge about tips and tricks, this technique works perfectly for timing. And I recommend to anybody learning trading to time his trades using support and resistance.
Is the best way to stay without being butchered before the full move is performed.
This is a common error of newcomers: entering too soon and exiting too soon. Mostly by fear.
Once you learn the phases of test, broke, retest and real move you got the timing to enter and exit. Then you'll learn about fake moves and how to prevent being cached by pit traders.
Once here, you have the knowledge of sit and wait. You will forgive bands, OB/OS, pivots or any. It's only you with bar chart.Lux
I'm not sure where to ask this, but do you still favour Demark TLs, do you still use this in trading? I am still very new to trading, looking at Demark, Mouteki and Zup harmonic patterns. I have downloaded some of the Demark Indys that you posted many posts back, do you have a Demark indy that you prefer as I recall reading that you preferred the older Demark indys.
Many thanks
I personally like to combine support and resistance with price action setups in the market.
I personally like to combine support and resistance with price action setups in the market.
I also trade in that manner. I like to watch for "areas of confluence" and then wait for a solid price action signal to form there.
Support and Resistance
hi all..
To understand about support and resistance you can use highlow zigzag indicator with parameter set to 1![](https://c.mql5.com/forextsd/smiles/regular_smile.png)
Trend and consolidation and support and resistance are just random paterns and have nothing to do with buyers or sellers.
You don't need to take my word on this. I had also difficultys to believe this. Even after 10 years trading.
But sudenly when I got this spreadsheet then it convinsed me that their is no such thing as support and resistance that could be used in a way that it is giving you an edge more then 50% reliability or flipping a coin...
Open the spreadsheet and turn macro fuctions on. Push on the flip a coin button and see if you can start to recognize trading patterns as support and resistance and up trends and down trends in this random price generator.
I certainly did and made even some images from it and placed them also in the zipfile. I even saw head and shoulder formation with retesting of neck lines.... etc....
BTW no buyers and sellers were involved in that spreadsheet![](https://c.mql5.com/forextsd/smiles/wink.png)
Friendly regards....iGoR
PS. I gave already many webinars and showed this zipfile to people who are convised about chart paterns. This zipfile was a real big eye opener to them and they don't think the same way anymore after they saw it.9 months since you posted the above,I only realized now...I really should check the free sections more often.
SR and trendlines give a trader an edge
...Looks like a baby song beginning
...When you say " see if you can start to recognize trading patterns as support and resistance and up trends and down trends in this random price generator."...I would like to remind you that a couple of years ago,I showed you ,by using Hurst Exponent,that a random price generator time series was easily spot ...I did it and posted it at the thread .
Show me a real price series of at least 3k bars with Hurst exponent at 0.5,then I will agree THAT market WAS random at THAT bar.
Markets are like water,3 states,solid,liquid,gas...Trending,Reversing to the mean,random..Yes,they are random,just not 100% of the time.
Welcome (come) back Bubble
Hello Bubble,
Before few years I got some extracts from previous thread "How use support resistance effectively" but at the time all your posts was deleted here. So I'm really surprised and happy that you started talk about S/R in new thread and I want say big thanks, because your ideas help me, thanks a lot for sharing your wisdom!
In first post of this thread you mentioned, you will post a couple of charts to clear up all confusion.
I'm sure that screenshots of your live trades with little description will be usefully for lot of trades, including me.
Your last post in this thread was posted before 1,5 year so I hope that you will try to send more info.
DarkMan
Possible way to have some kind of support and resistance. This is a variation of the transient zones (left the name though). Also, left the possibility (which is a real possibility) that both "zones" are active at the same time (that happens in times of very high volatility). It is a multi time frame indicator already
Possible way to have some kind of support and resistance. This is a variation of the transient zones (left the name though). Also, left the possibility (which is a real possibility) that both "zones" are active at the same time (that happens in times of very high volatility). It is a multi time frame indicator already
Dearest MLADEN
Thanks for creating an regular and continues SR.it is really amazing and new approach of a creative idea.
as per my since long old pending request,if some thing can be made in any shape/style,for to detect previous low in up trend and previous high in down trend for trailing stop loss.i always get remember when i see some thing close to it :)
regards