Support and Resistance Trading

I have been trading for about 3 years now and have moved back and forth between fundamentals and technicals, trying to decide which suits my character better. I have looked at systems that are based heavily on indiors, to news trading egies to taking longer duration systems in a bid to not only remain profitable but generate enough of a profit to allow me to give up the day job and achieve common aim of living solely from my trading income.

What I have discovered is that there are a lot of progr out there that can make money in the long term, the issue is that most traders appear to over leverage their accounts and consequently cannot maintain the ineveitable losses that each trader experiences. This shows me that there's a critical lack of fundamental understanding on what is necessary to become consistently profitable. Your primary concern as a trader should be to safeguard your funds, if you are able to do so then the profits will follow.

Within this diary I plan to share my experiences of what it's taken to get to a stage of profitability. I will provide details on the trades I have taken as well as ones I did not (I think this is important too). I invite anyone who is curious to also add their comments on some of my articles and generally get involved:--RRB-

I hope this becomes a favorable diary where everybody has a opportunity to contribute, learn and even teach others. In the end of the day nobody is perfect ? So lets all try to help and learn from each other in a bid to makes those dre a reality.

I too like support and resistance nevertheless I do not agree you ought to use a empty chart. An individual must have the ability to use all of the available resources at your disposal to input to a high probability trade.

The machine I use is deadly accurate and stupendous. I am going to share some analysis I have going into next week with you about the USD/CAD.

According to my sound research this pair has SHORT written around it. I have a tough profit amount of over 500 pips for next week once all my trade confirmations are satisfied and my trade is triggered.

Enjoy the analysis. I will stop back by to provide more insight and assist you along your way to trading riches.

Master Tater

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Once I get the break I search for confirmation and then I input.

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We exchange in a similar way with the same tools from the sounds of it (not certain if that is a fantastic thing or not!) , with the exception of confirmation. Do not you find that awaiting confirmation often provides you worse entries, larger ceases, smaller targets, and missed trades? I am not saying jump in recklessly, it is just that waiting for all of the ducks to line up seems to wind up costing a few pips at end, and it does not increase likelihood enough to warrant it.

I am with you on risk management, preservation of trading funds to have the ability to exchange another day regardless of what happens to a few trades.

Hi pipriderFX,

I also commerce in a similar fashion for you, but also trade failures to split, or bounces of s/r, im just curious what you'd consider confirmation when your s/r was broken? Do you wait for a return to s/r then enter or do you wait for a couple candles to form in the direction you are looking at etc etc?

Hi People,

OK so before we enter next week and the beginning of the Journey I thought I would briefly explain my method of trading.

I have quite fundamental charts nothing on them. The only tools that I use are flat support and resistance lines, fib degrees and trendlines.

I search for easy to spot price action where you can definitely see price finding support or resistance on one of my degrees and then I wait to get a break. After I get the break I search for confirmation and then I input. I place my stops behind the previous swing point and my goals at potential levels of support or resistance.

I will try to add more as we go a very long but I thought it's best to start by offering a brief explanation on how I transaction and then we could go into more detail as we get further into the ribbon.

Please don't hesitate to ask any questions and lets look forward to a successful, vibrant future!