martinguitar

Keep that grail secret. The whole idea is that once the level that the longs entered positions at is broken, they are still in losing trades or had their stops taken out. Now, some of these longs will want to get out at break even, so they exit once price returns to the broken support, creating resistance. Also, the shorts who missed the first wave enter on a retest and some prior shorts add. Either way, the only thing that causes support to become resistance (and vice versa) is traders. They can act as buyers or sellers.

Good idea, thank you.

I want to form a group for beginner traders. We will all watch similar markets and trade price action. We will help each other learn and share our findings. We'll do this is a chat room and a yahoo group type deal. Anyone interested in doing this then private message me. Again, the idea is to help each other. We can learn a hell of a lot faster if we do it as a team. Most don't have access to a mentor, so we will help each other. I respectfully ask people to leave this thread alone if you only want to put down such an idea. I think working together in a constructive manner has merit. P.s. I am 100% serious about this. If you are not 100% committed to becoming a full-time trader, then don't bother sending me a message. I'll be posting this message on several forums.

Starting tomorrow i will be posting my Pnl. I have a basic idea of my strategy - entry, stop, exit (sort of). I'll just be sim trading support and resistance. My ego is a HUGE hurdle for me to get over, so win or lose, my Pnl will be posted after every day that i took a trade. I`ll be trading the 6E mainly and i might be watching the NQ and the 6B as well, but this could change if it becomes too much to look at. I`ll be watching/trading the markets from 9 am to 4 pm every single day. School is now over for me, so i have a lot of spare time. Most of my days will be negative so don't expect to see anything else as i test, observe, record and correct. This is the beginning for me.

So support and resistance levels/zones are based on past price action. Just plotting levels that have been touched a few times by swing points, there was a line at about every 5 ticks. Then i tried to plot them according to volume at price, but i had no idea what the hell i was looking at and the extremes did appear to be important. Then i tried to find the trading ranges and plot their extremes, this has been working, but then i fail to understand how they can be traded. I looked for double bottom/top patterns at the extremes, but there have been more failed patterns than successful patterns and now i am lost. Sure the idea is to enter one extreme and target the other, but this rarely works out (at least for me). Can someone who is trading support and resistance successfully give me a boost? How do you identify important support and resistance levels? What timeframe should i look at to find support and resistance levels and what timeframe should i look at to find entries? As in, which timeframes do you look at?

Yes sir, I do. DX1, she's my baby.

15 minute NQ, Feb. 25