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Webinar: Support/Resistance and the Importance of Trading on "Closed" Data
It is my pleasure to welcome Christopher Gray and Earn2Trade for a webinar on Thursday, November 1st @ 4:30PM Eastern US.
The title for this event is "Support/Resistance and the Importance of Trading on "Closed" Data", and bullet points include:
- In depth look into one of the most reliable technical analysis methods known to traders
- Advanced anticipated reversal strategies
- Understanding the power behind breakouts
- The secret that can be had from only trading on "closed data"
Appreciate the content, but my only complaint is that the support and resistance levels were defined using all the data on the chart, but not tested on data that has not been seen yet. Would have been more interesting if a random position was taken, support and resistance levels defined, trade entry price set, target price set, and then scroll to the right to see what happens.
I've spent a lot of time working with support and resistance levels. I have code that automatically identifies them consistently. Problem that I have found is that, at least on day trading crude oil charts, they don't seem to hold up very well. When you set your stop loss a lot closer than your target, that means that there's a much greater likelihood that your stop loss will get hit before your target. Agree with the trailing stop approach as there's no guarantee that the target will get hit.
IMHO I do believe S/R levels hold the great value of interest for entry, stop loss, profit taking. Along with risk management and the trend as your ally, you should be okay.
