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Advice from traders with 5+years experience
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Advice from traders with 5+years experience

  #61 (permalink)
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Rad, you have to draw your lines thicker. thicker = stronger

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  #62 (permalink)
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Massive l View Post
Rad, you have to draw your lines thicker. thicker = stronger

Actually, there may be some truth to that. If you draw your s/r lines using several different methods, and you end up with an area where multiple lines from various methods cluster together, most will consider that a stronger s/r confluence area.

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  #63 (permalink)
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Massive l View Post
Rad, you have to draw your lines thicker. thicker = stronger

Sir Massive care to show me thru skype, ole buddy ole pal. Bc I'm slow I cant figure it out on my own

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  #64 (permalink)
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Massive l View Post
Rad, you have to draw your lines thicker. thicker = stronger


OK, I probably should not share this secret here, but since you are sooooooo close....

When you draw support and resistance, always do it with THREE lines. Of course the last one is thickest, and obviously you understand why. But I find it helps tremendously to have the other two in front of it, to slow the market down.



Last edited by GaryD; March 20th, 2012 at 05:07 PM. Reason: what is wrong with me and my typing ability
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  #65 (permalink)
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Rad4633 View Post
Sir Massive care to show me thru skype, ole buddy ole pal. Bc I'm slow I cant figure it out on my own

guess my joke sucked


Gary, you've said too much!

I don't have 5+ years experience so I better leave before I get my butt kicked.

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  #66 (permalink)
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Massive l View Post
guess my joke sucked


Gary, you've said too much!

I don't have 5+ years experience so I better leave before I get my butt kicked.


Just trying to help.

Be sure to add a REALLY thick line in front of your stop.

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  #67 (permalink)
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Massive l View Post
guess my joke sucked


Gary, you've said too much!

I don't have 5+ years experience so I better leave before I get my butt kicked.

Nah actually u made me smile and laugh so much I couldnt wait to get back to my pc to respond,,, read it while on road...

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  #68 (permalink)
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@Big Mike or other Advanced

Hello all,

Advanced and Big Mike.....since your a channel trader maybe you will chime in and answer my post #60 in this thread. Ive attached a chart that has channel lines in red, yellow are old res/support looking left. Whats your thoughts on my question in my last post. Many thx I understand they will be alot of different views on this but I am open to all

R

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  #69 (permalink)
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Jura View Post
I don't mean this disrespectful to the contributors in this thread, but I have to ask:
Is a subjective, and at times personal and verbal-aggressive, discussion about AIAO really the "best advice" experienced traders would give to beginners?
I really liked this thread, but the last few pages are going further and further from the original question from the topic starter:



Shall we go back on topic?

As a beginner myself, I know I can use all of the advice experienced traders are willing to share here, so please let's continue.


waste precious trading capital and resource time and endeavour on those paid services, and software(s) packages

I would have been better off not having gone down that road.

best piece of advice


Last edited by kronie; March 21st, 2012 at 03:46 PM.
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  #70 (permalink)
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Rad4633 View Post
@Big Mike or other Advanced

Hello all,

Advanced and Big Mike.....since your a channel trader maybe you will chime in and answer my post #60 in this thread. Ive attached a chart that has channel lines in red, yellow are old res/support looking left. Whats your thoughts on my question in my last post. Many thx I understand they will be alot of different views on this but I am open to all

R

I've posted a lot of charts in the SP500 thread.

The time frame you draw channels and TL's on is going to be dependent on the time frame you trade. For example I am mostly trading the ES off 60 minute charts these days (as my smallest chart), and I use a 240m (4H) and Daily chart in addition to draw channels and TL's.

With regards to post 60, I do not use any moving averages whatsoever any longer. Not even VWAP. I do not use any Fibs whatsoever. I do use support/resistance where I find it, basically you can use a nice sized ZigZag and where the market turns you can extend a horizontal line to the right until price penetrates that area. Sierra Chart has an indicator that does this for me, so I use it, but you can do it manually.

I do have Volume Analysis on my chart to see the value area, volume point of control, and the volume distribution of each day. I tend to be a support/resistance trader, so I am always looking for a reason to enter or exit in terms of prior support/resistance. You can use prior zigzag, you can use channel TL, you can use VPOC, or whatever works best for you (or all the above) to find these areas.

But keep in mind, it will be very dependent on your trading style, and even more dependent on your trading time frame. If you are trading a smaller chart than me, then you will likely have a much harder time holding the trade to one of these S/R areas that I hold for. So you would need to adjust the methodology for your own style, and of course you would then need to extensively forward test it to find out if it works well for you before trading it cash.

Mike

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