Quote:
Originally Posted by TheRumpledOne
Attachment 62803
Sweetspots Gold will draw horizontal lines. I have set to draw lines at prices ending in 00, 25, 50, 75.
ALL YOU NEED TO TRADE IS A HORIZONTAL LINE
TRADING IS SIMPLE.
There is an entire industry built around making you think it is complicated.
All you need is a HORIZONTAL LINE on your chart to be a profitable trader.
I bet you doubt me, don't you?
Go long when the price moves UP to a price ends in 00, 25, 50 or 75.
Go short when the price moves DOWN to a price ends in 00, 25, 50 or 75.
IT IS THAT SIMPLE!!
Look at the chart and see how many pips you can make when you trade with the H1 candle color.
You can do this with stocks, currencies, futures, etc.
Oh when to take profits? Where to place stops? Just DON'T BE GREEDY and use COMMON SENSE! Learn some money management.
Indicator attached.
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Agree.Everyone including the marketmakers, has different opinions about drawing the channels, trendlines in order to spot the support and resistance.So your ascending channel might be somebody else's descending channel in different time frame.Horizontal lines are the only support and resistance lines which the marketmakers can not change or tweak and they dont change in different time frames.That's why fibonacci lines, murrey math lines ,camarilla lines work very well,they are all horizontal support resistance lines.I read this lecturer's work, who was also advising hedge funds.His research was about fibonacci numbers and Dow.His conlclusion was something like this:'' there is no scientific explanation why fibonacci numbers work well as support and resistance levels on Dow, take any decimal number instead of fibonacci number, it will work as good a fibonacci number.''