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Why does Support and Resistance doesn't work
Started: by sharmas Views / Replies:2,248 / 30
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Why does Support and Resistance doesn't work

  #31 (permalink)
Trading for Fun
San Diego California
 
Futures Experience: Intermediate
Platform: ThinkorSwim
Broker/Data: InteractiveBrokers
Favorite Futures: NQ
 
Posts: 122 since Oct 2015
Thanks: 22 given, 43 received

To answer OP's thread: other traders. It really is subjective based on skill level, ability to read market, etc.

Take a look at this chart: I had white line marked as a support area..when TF was coming down.
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Zoomed in:
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5min zoom. Initially pierced level by a few ticks....but then I saw a reversal candle formation there, so I thought other traders agreed with my level and I went long....but then it chopped up and down like a maniac around that level.....I started to question the long validity.
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The next day: It chopped exactly at white line area overnight and on morning open......then took off
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So with the examples, I guess you can say....when the democracy as a market agree as well as other traders to supply or support a certain level, it becomes a key level. It really is in eye of the beholder....That being said....I should stop fading alone after your question. My resistance level to sell into, isn't exactly where the market as a whole agree to be a supply area....

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